TOKYO — Samantha Thavasa Japan Ltd. said it will establish a joint venture in South Korea with Lotte Shopping, a subsidiary of Lotte Group, in order to establish a network of stores in the country and accelerate its expansion in Asia.
The new venture, called STL Co., Limited, will have a capital of about 2 billion won, or $1.84 million at current exchange rates. The company is due to be set up in June and opened in August.
In a release, Samantha Thavasa Japan cited “an increase in Chinese tourists who visit South Korea to purchase luxury brand products, and Korean department stores and brand shops have seen a favorable transition in the market.”
A spokeswoman for Samantha Thavasa in Tokyo noted that the company is aiming to open its first South Korean store this fall, and plans to open a total of 30 shops in the country over an initial three-year period.