Lotte Corporation is a South Korean multinational conglomerate corporation, and the fifth-largest chaebol in South Korea.[1] Lotte was founded on 28 June 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 3 April 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.[2] Lotte runs additional businesses in China, Thailand, Malaysia, Indonesia, Vietnam, Cambodia, Uzbekistan, India, the United States, the United Kingdom, Kazakhstan, Russia, the 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[3]).
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.[4]
Name
The source of the company's name is 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 in the novel.[5][6] ("Charlotte" is also the name of premium auditoriums in movie theatres run by Lotte.[7]
Operations
Lotte Corporation – is located in Songpa-gu, Seoul and Lotte Holdings Co., Ltd. in Shinjuku, Tokyo. In 2013, as Shin Kyuk-ho, the founder of Lotte, faced declining health due to Alzheimer’s disease, a dispute arose between his two sons over the control of the conglomerate. Although Shin Kyuk-ho had designated his eldest son, Shin Dong-joo, as his successor, leadership was not transferred immediately. The conflict over ownership culminated with Shin Dong-bin emerging as the leader of Lotte.[8]
On December 9, 2024, Appetite Equity Partners took over when it decided to buy a 56.2% stake in Lotte Rentals owned by Lotte Group.[9]
Business
Lotte Group's major businesses are food, retail, chemical, construction, manufacturing, tourism, service, finance, etc.
Controversies
Treatment of beluga whales
Lotte Corporation has received negative press attention due to treatment of a captive beluga whale named Bella, currently held in the Lotte World Aquarium Attraction in Seoul. In 2016, Lotte Corporation announced that they would no longer acquire new beluga whales after two of Bella's companions, Belli and Bellu, died in their care.[13] In 2019, Lotte Corporation pledged that they would release Bella from captivity.[14] As of 2023, the Lotte Corporation has come under increasing criticism for keeping Bella in solitary captivity for an extended multi-year period following their announcement.[15] The corporation has also been criticized by civic groups for a lack of updates or cohesive plan for retiring Bella to a sanctuary.[16]
2016 embezzlement scandal
See also
- Lotte World Tower
External links
References
- Chaebol rankings seesaw over 2 decades Yonhap, retrieved 2017-12-19^
- Lotte Group founder Shin Kyuk-ho dies at age 99 Yonhap News Agency, January 19, 2020^
- Lotte Duty Free expands into Australia and New Zealand Inside Retail, 2019-03-26, retrieved 2021-02-15