Lotte Group
Native name
  • ロッテグループ
  • 롯데그룹
IndustryConfectionary, beverages, hotels, retail, construction, entertainment
FoundedAugust 15, 1948 (1948-08-15)
FounderShin Kyuk-ho
Areas served
Worldwide
Key people
Websitewww.lotte.co.jp
www.lotte.co.kr

Lotte Group is a corporate group started by Korean businessman Shin Kyuk-ho in Tokyo on June 28, 1948, starting with the Japanese Lotte Co., composed of Lotte Holdings (Japan) and Lotte Corporation (South Korea).[1][2] Shin expanded Lotte to his ancestral country, South Korea, with the establishment of Lotte Confectionery in Seoul on April 3, 1967.

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 in the novel.[3][4] ("Charlotte" is also the name of premium auditoriums in movie theatres run by Lotte.[5]) 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).

Operations

Lotte Ghana Chocolate
Lotte Department Store in Seoul
Lotte New York Palace Hotel

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

Business

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

Sports

Lotte also owns professional baseball teams.

Lotte R&D Center

Controversies

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.[6] The investigation forced its Hotel Lotte unit to abandon an initial public offering and Lotte Chemical Corp to withdraw from bidding for Axiall Corp.[6] Vice chairman, Lee In-won, was found dead in August same year. He was suspected of suicide just hours before being questioned by prosecutors.[6] Lee was considered the top lieutenant of Chairman Shin Dong-bin.[6]

See also

References

  1. ↑ "FTC names 59 chaebol to 2019 watch list". koreajoongangdaily.joins.com. 15 May 2019. Retrieved 21 March 2023.
  2. ↑ Borad, Sanjay Bulaki (28 June 2021). "Chaebol – Meaning, Importance, Drawbacks, and More". eFinanceManagement. Retrieved 21 March 2023.
  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. ↑ "Inside the Korean cinemas offering a red-carpet experience". 13 September 2019.
  6. 1 2 3 4 Jin, Hyunjoo; Lee, Se Young (26 August 2016). "Lotte vice chairman found dead amid probe; suicide suspected". Reuters. Retrieved 26 August 2016.
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