REUTERS/Paul ChildsSummarySummary Companies Lotte Shopping becomes Ocado's 12th partnerOcado to build six robotic warehouses by 2028Ocado shares soar 34%LONDON, Nov 1 (Reuters) - Ocado (OCDO.L), the British online supermarket and technology group, has entered South Korea, one of the most mature e-commerce markets in the world, through a partnership deal with Lotte Shopping (023530.KS), the companies said on Tuesday.
Lotte, South Korea's second largest grocer, becomes Ocado's 12th partner across 10 countries.
Ocado's in-store fulfilment technology will also be rolled out across Lotte stores from 2024.
Lotte Shopping, part of South Korea's Lotte Group conglomerate, operates department stores, hypermarkets, supermarkets and e-commerce, with more than 1,000 stores nationwide and an annual revenue of 9.5 billion pounds ($10.9 billion).
Ocado Group's shares have been hurt this year by the performance of Ocado Retail, its retail joint venture with Marks & Spencer (MKS.L).