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Lotte Duty Free Successfully Completes 3rd LDF STARUPS Demo Day for Young Startups

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 - Accelerating program for five young startups in Busan for three months
 - Total sales increased by 147% and resulted in new jobs for 20 people

Lotte Duty Free (CEO Lee Kap) announced on Nov. 24 that it had held the third LDF STARUPS Demo Day on Nov. 23 at FRONT1 in Gongdeok-dong, Seoul. 

LDF STARUPS is Lotte Duty Free’s representative social business launched in 2019 that fosters young start-up companies to create local jobs and revitalize the economy. Third-round selection of five startup representatives from Busan participated in LDF STARUPS Demo Day along with officials from Lotte Duty Free, Busan, Creative Economy Innovation Center and Lotte Ventures. They had time to share their achievements and experiences obtained from the three-month accelerating program.

In May 2021, the 3rd LDF STARUPS project recruited startups that can thrive with the local communities of Busan, where the five companies were selected through a competitive rate of 12:1. Lotte Duty Free will provide support up to KRW 40 million of business expenses, and give them the opportunity to participate in L-Camp, Lotte Ventures' startup incubating program.

Additionally, an agreement was made with Busan Metropolitan Government so that young startups of Busan can receive practical support from local communities, which provided coaching programs by the Creative Economy Innovation Center and provided opportunities for presenting attraction of investment at Busan Startup Week (BSW) Bounce 2021. Lotte Duty Free made an active effort to strengthen the competitiveness of the participating companies with one-on-one customized programs. As a result, the five participating startups saw an increase in total sales by 147% YoY, and led to creating about 20 local jobs.

CEO Lee Hyo-eun of Yacht People, a company that makes upcycled products with discarded yacht sails, said, "Participating in the third LDF STARUPS was a great opportunity to objectively evaluate the competitive edge of our product in the market." In addition to Yacht People, other startups included: TNG, a company that manufactures shoes from waste tires; Cosmile Corporation, a company that manufactures eco-friendly cosmetics using local ingredients of Busan; Return Box, a company that provides round-trip delivery service of carriers for travelers; and Malanghoney, an e-commerce company that manufactures baby products.

CEO Lee Kap of Lotte Duty Free, who sent a greeting via video, commented, "It was a meaningful time to have participated in the journey of passion and challenges of youth companies that participated in LDF STARUPS. The best part was that we grew together as business partners." He also added, "Lotte Duty Free will continue to thrive with local communities and endeavor to grow as a partner of young startups.”

Meanwhile, Lotte Duty Free plans to strengthen their corporate social responsibility (CSR) activities under the slogan of "LDF Impact" since 2020 in three major directions: co-prosperity with local communities; the environment; and women. The company is now also practicing social value by continuing various activities, such as "Cheer Ups," which contributes to revitalizing the local economy with the support of small business owners, implementing smart receipts and solar technology, and "Easy Mom Healing Time" for migrant women of multicultural families.

Category Startup Business model
1 TNG Upcycling scrap tires to manufacture casual shoes
2 Return Box Round-trip delivery service of carriers
3 Yacht People Recycling and developing yacht sails into fashion items and planning experiential products
4 Malanghoney Manufacturing baby products using real-time online keyword analysis
5 Cosmile Corporation Manufacturing cosmetics, eco-friendly amenities and tour kits using local ingredients

[Table] Five young startups that participated in the third LDF STARUPS and their business models