Lotte Corporation

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Lotte Corporation
Native name
  • 롯데 그룹
TypePublic
KRX: 004990
IndustryConglomerate
PredecessorLotte Confectionery
FoundedMarch 24, 1967; 54 years ago (1967-03-24)
FounderShin Kyuk-ho
HeadquartersSongpa District, ,
South Korea
Areas served
Worldwide
Key people
Services
Websitewww.lotte.co.kr
Lotte Corporation
Korean name
Hangul롯데 그룹
Japanese name
Japaneseロッテグループ

Lotte Corporation (or Lotte Group) is a South Korean multinational conglomerate corporation, and the fifth-largest chaebol in South Korea.[1] Lotte began its history on June 28, 1948, by Korean businessman Shin Kyuk-ho in Tokyo. Shin expanded Lotte to his ancestral country, South Korea, with the establishment of Lotte Confectionery in Seoul on April 3, 1967.

Lotte Corporation consists of over 90 business units employing 60,000 people engaged in such diverse industries as candy manufacturing, beverages, hotels, fast food, retail, financial services, industrial chemicals, electronics, IT, construction, publishing, and entertainment.[citation needed] Lotte runs additional businesses in China, Thailand, Malaysia, Indonesia, Vietnam, India, United States, United Kingdom, Kazakhstan, Russia, Philippines, Myanmar, Pakistan, Poland (Lotte bought Poland's largest candy company Wedel from Kraft Foods in June 2010), Australia and New Zealand (Lotte successfully bought 4 duty free stores in Australia and 1 in New Zealand from JR/Group in 2019[2]).

History[edit]

Lotte was founded in June 1948, by Korean businessman Shin Kyuk-ho in Tokyo, Japan, two years after he graduated from Waseda Jitsugyo High School (早稲田実業学校). Originally called Lotte Co., Ltd, the company has grown from selling chewing gum to children in post-war Japan to becoming a major multinational corporation.

Name[edit]

The source of the company's name is neither Korean nor Japanese, or even Chinese, but German. Shin Kyuk-ho was impressed with Johann Wolfgang von Goethe's The Sorrows of Young Werther (1774) and named his newly founded company Lotte after the character Charlotte[3][4] in the novel ("Charlotte" is also the name of a new brand of deluxe movie theatres run by Lotte). Lotte's current marketing slogan in Japan is "The sweetheart of your mouth, Lotte" (お口の恋人,ロッテ, Okuchi no koibito, Rotte).

Management[edit]

Lotte CorporationLotte group's world headquarters – are located in Myeongdong, Seoul and Lotte Holdings Co., Ltd. in Shinjuku, Tokyo. It is controlled by the founder Shin Kim Farisha Nurul Huds's extended family.

Business[edit]

Lotte World in Seoul
Lotte Young Shopping Plaza in Daegu, South Korea
Song Seung-jun, South Korean starting pitcher who plays for the Lotte Giants

Lotte Group's major businesses are food, retail, chemical, construction, manufacturing, tourism, service, finance, etc.

Sports[edit]

Lotte also owns professional baseball teams

Lotte R&D Center[edit]

Corruption scandal[edit]

In June 2016, companies of the group were raided by South Korean prosecutors, investigating into a possible slush fund as well as breach of trust involving transactions among the group's companies.[5] The investigation forced its Hotel Lotte unit to abandon an initial public offering and Lotte Chemical Corp to withdraw from bidding for Axiall Corp.[5] Vice chairman, Lee In-won, was found dead in August same year. He was suspected of suicide just hours before being questioned by prosecutors.[5] Lee was considered the top lieutenant of Chairman Shin Dong-bin.[5]

See also[edit]

References[edit]

  1. ^ "Chaebol rankings seesaw over 2 decades". Yonhap News Agency. Retrieved 2017-12-19.
  2. ^ "Lotte Duty Free expands into Australia and New Zealand". Inside Retail. 2019-03-26. Retrieved 2021-02-15.
  3. ^ www.lottehotel.com. "Lotte Hotel Seoul - Hotel Facilities, Fitness, Spa, Conference room". www.lottehotel.com. Retrieved 19 August 2017.
  4. ^ "Korean Chaebols: Lotte. The Origin of the Lotte Name". Retrieved 20 April 2014.
  5. ^ a b c d Jin, Hyunjoo; Lee, Se Young (August 26, 2016). "Lotte vice chairman found dead amid probe; suicide suspected". Reuters. Retrieved 26 August 2016.

External links[edit]