Korean retailer Lotte has unified its fashion businesses, including NCF, into Lotte GFR, the initials standing for Global Fashion Retail.

The group says it hopes the move will help it become more competitive in the local fashion industry.

“We will be able to create synergy by combining the capabilities of a retailer and a fashion company,” says Lotte GFR head Seol Poong-jin.

Lotte GFR aims to generate KRW1 trillion (US$928 billion) in revenue by 2022 through label development, brand imports, mergers and acquisitions.

Current sales are around KRW200 billion with about 300 stores open at Lotte’s outlets.