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We Root for the Rising Stars of Busan! LOTTE DUTY FREE Holds the Third Launching Ceremony of LDF Starups

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LOTTE DUTY FREE (CEO Lee Kap) announced on the 1st that the final five teams of the third LDF Starups have been selected and the launching ceremony to celebrate it was held online on the last 31st.

LOTTE DUTY FREE has selected the final five teams through three deliberation processes including application screen, online business introduction, and presentation. LOTTE DUTY FREE will not only support up to KRW 40 million to the youth companies, but also provide accelerating program that includes 1 on 1 customized coaching and mentoring for around three months with Korea Productivity Center, Busan Metropolitan City, and Busan Center for Creative Economy and Innovation Furthermore, the benefit to participate in the L-CAMP—the startup incubating program operated by LOTTE Ventures, the company-led venture capital of LOTTE Group—is offered as well.

Youth companies selected as the third LDF Starups due to their brilliant ideas and business models are as follows: TNG, a company manufacturing casual shoes by upcycling the scrap tires that are hard to recycle; Malanghoney, a company manufacturing baby items using the online keyword analysis; Yacht People that develops fashion items with sails on a yacht thrown away as marine wastes and plans experiential products; Cosmile Corporation, a company that manufactures eco-friendly cosmetics using the local ingredients of Busan; and Return Box that provides round-trip delivery service of carrier for travelers. 

Yoo Joon-sung, the CEO of TNG, commented “I’m looking forward to Starups project as it will greatly help our brand to grow and become widely known.” Yoo mentioned about his further ambition that “We are expecting to enter into B2B and overseas market by collaborating with shoes factory in Busan.” In addition, Yoon Ji-geun, the CEO of Return Box, said “I will try to invigorate the tourism industry in Busan and generate the mutual benefit for small business owners.”

LDF Starups is LOTTE DUTY FREE's representative social contribution activity that has been carried out since 2019 with the aim to create local jobs and boost economy through fostering of youth startups. A total of 20 teams of youth companies in Busan and Jeju were supported through the first and second project, respectively. Along with the increase in sales by 400%, LDF Starups achieved the creation of over 80 jobs in local community. In addition, it has marked the great achievements in the aspects of promoting local tourism and developing experience-type tourism products in Busan and Jeju as well as improving travel convenience service.

Lee Sang-jin, the head of Marketing Department of LOTTE DUTY FREE, commented “I hope this third project can be a new wave to the local economy, local tourism market and the aspiring youth companies in Busan. We will make various social contributions for the sake of mutual cooperation between LOTTE DUTY FREE and local community in the future.”

In the meantime, LOTTE DUTY FREE has tried to extend corporate social responsibility (CSR) activities under the slogan of "LDF Impact" since 2020. It has shown various and continuous activities under the three major directions—Coexistence with local communities, environment and women—while spreading virtuous influence to the local community.
Category Participating team Business model
1 TNG Upcycling the scrap tires to manufacture casual shoes
2 Return Box Round-trip delivery service of carrier
3 Yacht People Recycling and developing yacht's “sail” into fashion items and planning experiential products
4 Malanghoney Manufacturing baby items using the real-time online keyword analysis
5 Cosmile Corporation Manufacturing cosmetics, eco-friendly amenities, and tour kits using local ingredients
[Table] LOTTE DUTY FREE has selected the final five teams in the third LDF Starups through three deliberation processes. The table above shows the business model presented by youth companies