Lotte Corporation

Lotte Corporation (Korean: 롯데 그룹 lotte geurup) is a South Korean multinational conglomerate. 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 eventually grew to become South Korea's fifth largest business conglomerate.[2]

"Lotte (conglomerate)" redirects here. For the Japanese company, see Lotte Holdings.
Lotte Corporation
Native name
  • 롯데 그룹
Public
Traded asKRX: 004990
IndustryConglomerate
PredecessorLotte Confectionery
FoundedMarch 24, 1967 (1967-03-24)
FounderShin Kyuk-ho
HeadquartersSongpa District,
Seoul
,
South Korea
Areas served
Worldwide
Key people
Services
Revenue₩67,418,470 million[1] (2011)
  • ₩3,639,000,000,000 (2014)
  • ₩5,626,487,000,000 (2011)[1]
₩3,289,570 million[1] (2011)
Subsidiaries
Websitewww.lotte.co.kr
Lotte Corporation
Korean name
Hangul
롯데 그룹
Japanese name
Japaneseロッテグループ

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. Lotte runs additional businesses in China, Thailand, Malaysia, Indonesia, Vietnam, India, United States, United Kingdom, Kazakhstan, Russia, Philippines, Myanmar, Pakistan and 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). Today, Lotte is the largest confectionery manufacturer in South Korea.

History

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

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

Lotte Corporation – Lotte group's world headquarters – are located in Myeongdong, Seoul and Lotte Holdings Co., Ltd. in Shinjuku, Tokyo. It is controlled by the founder Shin Kyuk-Ho's extended family.

Business
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 products, shopping, finance, construction, amusement parks, hotels, trade, oil and sports.

  • Food Products: Lotte Confectionery, Lotte Chilsung, Lotteria, E Wedel, Lotte Food, Angel-in-us, T.G.I. Friday’s (South Korean franchise), Swiss Boulangerie, Lotte Cool, Lotte Fresh Delica, Lotte Pharm., Lotte Shopping Food Division, Lotte Kolson (Pakistan)
  • Shopping: Lotte Duty Free,[5] Lotte Shopping,[6] Lotte Mart, Lotte Department Store, Lotte-Assi Plaza[7]
  • Entertainment: Lotte Cinema, Lotte Entertainment (investment and distribution of domestic and international films)
  • Finance: Lotte Card, Lotte Capital
  • Housing: Lotte Castle High Rise Apartment Complex
  • Amusement parks: Lotte Cinema, Lotte World in Seoul, one of the world's largest indoor theme parks.
  • Hotels: Lotte Super Tower 123, skyscraper in Seoul, South Korea, 2014 and Busan Lotte Tower skyscraper in Busan, South Korea, 2013, Lotte City Hotel in Daejeon, Lotte New York Palace in New York City
  • Trade: Lotte International[8]
  • IT / Electronics: Korea Fuji Film, Lotte Canon, Lotte IT, Lotte.com, Mobidomi
  • Heavy chemicals / construction / machinery: Honam Petrochemical,[9] KP Chemical,[10] Lotte Engineering & Construction, Lotte Engineering & Machinery, Lotte Aluminum
  • Car rental: Lotte rent-a-car [11]
  • Transport service: Andi Mack-Lotte Transport Corporation (tourist transport service in partnership with Andi Mack)

Sports

Lotte also owns professional baseball teams

Lotte R&D Center

Corruption scandal

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.[12] The investigation forced its Hotel Lotte unit to abandon an initial public offering and Lotte Chemical Corp to withdraw from bidding for Axiall Corp.[12] Vice chairman, Lee In-won, was found dead in August same year. He was suspected of suicide just hours before being questioned by prosecutors.[12] Lee was considered the top lieutenant of Chairman Shin Dong-bin.[12]

See also

References
  1. "LOTTE". www.lotte.co.jp. Archived from the original on 12 May 2013. Retrieved 19 August 2017.
  2. "Chaebol rankings seesaw over 2 decades". Yonhap News Agency. Retrieved 2017-12-19.
  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. Chevalier, Michel (2012). Luxury Brand Management. Singapore: John Wiley & Sons. ISBN 978-1-118-17176-9.
  6. "Lotteshopping.com". Archived from the original on 27 February 2012. Retrieved 19 August 2017.
  7. "About Us: Korean Market in Maryland & Virginia".
  8. "LOTTE TRADING". www.lotteintl.com. Retrieved 19 August 2017.
  9. "LOTTE CHEMICAL". english.hpc.co.kr. Retrieved 19 August 2017.
  10. "KPchem.co.kr". Retrieved 19 August 2017.
  11. "lotterentacar.net". Retrieved 19 August 2017.
  12. Jin, Hyunjoo; Lee, Se Young (August 26, 2016). "Lotte vice chairman found dead amid probe; suicide suspected". Reuters. Retrieved 26 August 2016.
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