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Ministry of Trade, Industry and Energy and KOTRA Help SMEs Enter Japan's Largest Variety Store 'LOFT'

  • Written Language: Korean
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  • Economy

Created: 2024-05-17

Created: 2024-05-17 11:07

One-on-one consultation sessions for companies hoping to enter Loft (LOFT) in Japan will be held starting on the 16th.

Approximately 40 companies from 5 domestic consumer goods sectors will participate, seeking to enter the Japanese major distribution network.

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yoo Jung-yeol) will hold a ‘Loft (LOFT) One-on-One Store Entry Consultation Session’ at the KOTRA headquarters in Yeomgok-dong, Seoul for two days starting May 16th. This initiative aims to support the entry of domestic premium consumer goods companies into the Japanese market by leveraging the consumption boom of foreign tourists in Japan due to the record-breaking low yen and the 4th Korean Wave boom.

Loft (LOFT) is Japan's largest variety store with over 163 stores nationwide. Loft's sales in 2022 reached 93 billion yen, recovering to 2019 levels before the COVID-19 pandemic, thanks to the increase in inbound consumption due to the influx of foreign tourists. The number of stores in Japan also increased from 133 in late 2020 to over 161 in late 2023.

A total of 43 companies from 5 consumer goods sectors, including △beauty, △stationery, △household goods, △fashion accessories, and △character products, will participate in this consultation session. Loft will bring along purchasing managers and Ooyama, Japan's largest beauty vendor, to visit Korea to directly examine domestic products and select companies for entry into Loft's online and offline stores.

Prior to visiting Korea, Loft held a pre-emptive and limited-edition sales promotion event, the Korea Beauty Festival (K-COSME Festival, KOSFES), focusing on Korean cosmetics. It is scheduled to expand to include a wider range of Korean consumer products in October this year. This is the third event where Loft is hosting a promotional event specifically for Korean products, starting from last October and continuing until the latter half of this year.

A Loft purchasing manager stated that they are actively seeking outstanding products in various consumer goods sectors in addition to Korean beauty products, and they expect to achieve the successful entry of excellent Korean products into the Japanese market through comprehensive collaboration with KOTRA in the future.

Kim Sam-sik, head of KOTRA's Japan Regional Headquarters, said, “Due to the 4th Korean Wave boom in Japan, major Japanese distributors are actively seeking high-quality premium consumer goods from Korea.” He added, “With the recent surge in foreign tourist spending, our companies are facing the best opportunity to enter the Japanese market. We will actively support more of our companies to expand into the market.”

Website: http://www.kotra.or.kr

Contact
KOTRA
Public Relations Team
Lee Eun-hwa
02-3460-7025

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