Ocado shares surge after inking South Korean deal


Ocado Group PLC OCDO, +33.62% said Tuesday that it and Lotte Shopping Co. have signed a partnership to develop Lotte’s online business in South Korea with the Ocado Smart Platform.

The online grocer and retail-technology specialist said six customer fulfillment centers will be developed nationally by 2028, the first of which is expected to go live in 2025.

In addition, Ocado’s customer-fulfillment center solution will be rolled out across Lotte’s store estate, the company said.

“With this new partnership, our unique, proprietary technology will now power the online businesses of twelve major retailers across 10 countries worldwide,” Ocado Chief Executive Tim Steiner said.

Write to Ian Walker at ian.walker@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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