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2021.08.25

Lotte Duty Free Overcomes COVID-19 Crisis with Young Entrepreneurs

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- Delivered financial aid for the young entrepreneurs who joined the "LDF Starups" project in Busan and Jeju 
- To encourage young entrepreneurs to overcome financial difficulties in the COVID-19 crisis


Lotte Duty Free (CEO Lee Kap) announced on December 10th that it held a ceremony on the 9th to deliver financial aid for the young entrepreneurs who joined the "LDF Starups" project.
 
During the event, Lotte Duty Free delivered a total of KRW 40 million (KRW 2 million per team) as support funds for young entrepreneurs who are suffering from a prolonged COVID-19 crisis and shared words of encouragement. The young entrepreneurs are the participants of "LDF Starups Young Entrepreneurs & Local Economy Win-Win Project."
 
The LDF Starups project is one of Lotte Duty Free’s major corporate social responsibility (CSR) activities to foster local young entrepreneurs under the objectives of creating jobs and promoting the tourism industry. It is a social value creation project held as a 100% donation type instead of a for-profit equity investment or loan. The project provides one-on-one mentoring on business acceleration, as well as business expenses of up to KRW 40 million per company and customized training centering on Lotte Duty Free's capabilities and marketing know-how.

After the successful performance in Busan last year, the second project targets the tourism industry and young entrepreneurs in Jeju. So far, 20 young entrepreneurs were benefited by the project. The first and second batches of the project successfully increased their sales by 250 to 400%.
 
At the ceremony attended CEO Lee Kap of Lotte Duty Free and CEO Kim Dong-hee of "Yeosim" to represent the 20 young entrepreneurs selected for the "LDF Starups." Yeosim is a company that assists domestic small and medium-sized enterprises (SMEs) to advance into the Vietnam market. The ceremony was held with a minimum number of participants to comply with the government's quarantine and social distancing regulations.
 
CEO Lee Kap said this day, “I hope the funds will for encourage the young entrepreneurs to follow their dreams and passion in the wake of the COVID-19 crisis. Lotte Duty Free will continue discovering and supporting young entrepreneurs to contribute to the local tourism industry development and job creation.” Lotte Duty Free plans to continue its “3rd LDF Starups" project next year to support the young entrepreneurs who are eager to follow their dreams despite the aftermath of the COVID-19 pandemic.