Korean retailer Lotte Duty Free has marked its expansion into the Oceania region acquiring five JR/Duty Free stores: four in Australia and one in New Zealand.
A grand opening ceremony was held at one of its new Australian stores at Brisbane Airport.
As the second biggest travel retailer in the world, Lotte Duty Free has set its goal to be the leading operator in Australia and New Zealand by 2023.
It is also aiming to achieve sales of USD 200 million in the region in its first year.
Australia is one of the most favourable international travel destinations for Chinese tourists during the New Year period according to the '2019 Spring Tourism Trend Forecast' published by China's largest online travel agencies Ctrip.
Lotte Duty Free recognised the potential from growing numbers of travellers to Australia.
The international travel retailer now operates in seven countries outside of Korea and stocks likes of Chanel, Dior, Gucci, Prada and Givenchy.
Lotte Duty Free CEO Kap Lee said that moving into Australia made sense as the retailer's next step in global expansion.
"Successfully entering into Oceania is the next step in Lotte Duty Free becoming the world's number 1 travel retailer and the most influential in the region.
"We have almost 40 years of retail excellence that is being introduced to Australia and New Zealand, working side-by-side with our local colleagues to better understand the unique wants and needs of people travelling through the region from all nationalities."
There are also plans to improve its online business in Australia by introducing technology upgrades.
Further to its growth strategy, Lotte Duty Free is expanding its downtown business, actively participating in airport concession tenders and accelerating its global expansion to meet its target of international sales of USD 1 billion by 2020.
The ceremony at Brisbane Airport saw more than 100 guests enjoy a ribbon cutting, tour of the new store and official proceedings to celebrate the retailer's entrance into Oceania.