TRBusiness Interview: Jeffrey Davis, Lotte Duty Free

Lotte believes it is really the driving force of an exciting new era for the global duty free & travel retail, according to Jeffrey Davis, Managing Director International Beauty Brands; a man who really is instrumental to the execution of some the industry's most ambitious projects to date. Following a challenging 2017, Lotte Duty Free has seen its fortunes change dramatically in 2018, according to Davis, who reveals that sales improvement has been so significant that the company has struggled – at times – to keep up with demand. Davis says the company’s recovery and growth has been so significant that stock has been difficult to replenish. “There are very few manufacturers that actually make the bottles, the packaging and the labels. So they are trying to keep up with capacity, but they just can’t. So that’s where the issues are coming from.” Davis also talks about Lotte’s ambition to become the No 1 global duty free & travel retail operator and the company’s keener focus on its downtown and online businesses, following its exit from Incheon Airport contracts. “We’ve actually exceeded our numbers…Our business is still positive without Incheon Airport. It’s just a lot more comfortable now. So now we have a lot more money to actually renovate our stores and really make our customers’ experience in our stores more exciting.” Watch the video to hear more about Lotte’s acquisition and expansion strategy in duty free & travel retail; how the company is setting itself apart from other retailers with its immersive live-streaming events for KOLs and other VIPs and how it sees the future of duty free & travel retail.