Lotte Corporation (or Lotte Group) is a South Korean multinational

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...

corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and ...

, and the fifth-largest

chaebol A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...

in South Korea. Lotte began its history on June 28, 1948, by Korean businessman Shin Kyuk-ho in

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.46 ...

. Shin expanded Lotte to his ancestral country, South Korea, with the establishment of Lotte Confectionery in

Seoul Seoul (; ; ), officially known as the Seoul Special City, is the Capital city, capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the North Korea, Democratic People's Republic of Korea (North Korea ...

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 Fast food is a type of mass-produced food designed for commercial resale, with a strong priority placed on speed of service. It is a commercial term, limited to food sold in a restaurant or store with frozen, preheated or precooked ingredie ...

, retail, financial services, industrial chemicals, electronics, IT, construction, publishing, and entertainment. Lotte runs additional businesses in

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

Thailand Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Gui ...

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making ...

Cambodia Cambodia (; also Kampuchea ; km, កម្ពុជា, UNGEGN: ), officially the Kingdom of Cambodia, is a country located in the southern portion of the Indochinese Peninsula in Southeast Asia, spanning an area of , bordered by Thailand ...

Uzbekistan Uzbekistan (, ; uz, Ozbekiston, italic=yes / , ; russian: Узбекистан), officially the Republic of Uzbekistan ( uz, Ozbekiston Respublikasi, italic=yes / ; russian: Республика Узбекистан), is a doubly landlocked co ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...

Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

Myanmar Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John Wells explai ...

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...

Poland Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populou ...

(Lotte bought Poland's largest candy company

Wedel Wedel is a town in the district of Pinneberg, in Schleswig-Holstein, Germany. It is situated on the right bank of the Elbe, approximately south of Elmshorn, and west of Hamburg. History Foundation and Middle Ages The first known mention o ...

from

Kraft Foods The second incarnation of Kraft Foods is an American food manufacturing and processing conglomerate, split from Kraft Foods Inc. in 2012 and headquartered in Chicago, Illinois. It became part of Kraft Heinz in 2015. A merger with Heinz, arran ...

in June 2010),

Australia Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...

and

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...

(Lotte successfully bought 4 duty free stores in Australia and 1 in New Zealand from JR/Group in 2019).

History

Lotte was founded in June 1948, by Korean businessman Shin Kyuk-ho in

, Japan, two years after he graduated from Waseda Jitsugyo High School (). Originally called ''Lotte Co., Ltd'', the company has grown from selling

chewing gum Chewing gum is a soft, cohesive substance designed to be chewed without being swallowed. Modern chewing gum is composed of gum base, sweeteners, softeners/ plasticizers, flavors, colors, and, typically, a hard or powdered polyol coating. Its t ...

to children in post-war Japan to becoming a major

multinational corporation A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...

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 Johann Wolfgang von Goethe (28 August 1749 – 22 March 1832) was a German poet, playwright, novelist, scientist, statesman, theatre director, and critic. His works include plays, poetry, literature, and aesthetic criticism, as well as t ...

's ''

The Sorrows of Young Werther ''The Sorrows of Young Werther'' (; german: Die Leiden des jungen Werthers) is a 1774 epistolary novel by Johann Wolfgang Goethe, which appeared as a revised edition in 1787. It was one of the main novels in the '' Sturm und Drang'' period in Ge ...

'' (1774) and named his newly founded company Lotte after the character Charlotte in the novel. ("Charlotte" is also the name of premium auditoriums in movie theatres run by Lotte.) Lotte's current

marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...

slogan A slogan is a memorable motto or phrase used in a clan, political slogan, political, Advertising slogan, commercial, religious, and other context as a repetitive expression of an idea or purpose, with the goal of persuading members of the publi ...

in Japan is .

Operations

''Lotte Corporation'' – Lotte group's world headquarters – is located in

Songpa-gu Songpa-gu (Hangul: 송파구) is a ''district'' of Seoul, South Korea. Previously known as Wiryeseong, the first capital of the kingdom of Baekje, Songpa is located in the southeastern part of Seoul, the capital city of South Korea. With rou ...

, Seoul and Lotte Holdings Co., Ltd. in

Shinjuku is a special ward in Tokyo, Japan. It is a major commercial and administrative centre, housing the northern half of the busiest railway station in the world ( Shinjuku Station) and the Tokyo Metropolitan Government Building, the administration ...

, 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. * Food: Lotte Confectionery, Lotte Chilsung,

Lotte Liquor Lotte Chilsung Beverage Co., Ltd. is one of the largest drink manufacturers in South Korea and is part of the Lotte Corporation. The name ''Chilsung'' (''chilseong'', , ) means "Big Dipper" (literally seven stars), and the company's logo is an ...

, Lotte Nestle, Lotte Asahi Liquor, Lotte GRS, and others. * Retail: Lotte Department Store, Lotte Shopping,

Lotte Hi-Mart Lotte Hi-Mart () is a South Korean retailer of electronic goods. It was originally a unit of bankrupt Daewoo Electronics that founder Seon Jong-koo spun off in 1999. Hi-Mart is headquartered in Seoul. Hi-mart was taken over by Lotte Corporation ...

, Lotte Super, Lotte On, Lotter Korea Seven, FRL Korea, and others. * Chemical/Construction/Manufacturing: Lotte Construction, Lotte Chemical, Lotte Fine Chemical, Lotte MCC, Lotte E&C, Lotte Aluminium, Lotte Ineos Chemical, Korea Fujifilm, and others. * Tourism/Service/Finance: Lotte Global Logistics, Lotte Rental, Lotte Resort, Lotte Duty Free,

Lotte World Lotte World is a major recreation complex in Seoul, South Korea. It consists of the world's largest indoor theme park, an outdoor amusement park called "Magic Island", an artificial island inside a lake linked by monorail, shopping malls, a lu ...

, Lotte Property & Development,

Lotte Capital Lotte Capital Co, Ltd. is a Korean financial company, established in 1995 with headquarters in Seoul. It is the financial services unit of Lotte Corporation. Affiliate Lotte Group In September 2020, Lotte Group has spent 290 billion won to ...

, Lotte Hotels & Resorts, Lotte Giants, Daehong Communications, Lotte Hotel Busan, Lotte International, and others

Sports

Lotte also owns professional

baseball Baseball is a bat-and-ball sport played between two teams of nine players each, taking turns batting and fielding. The game occurs over the course of several plays, with each play generally beginning when a player on the fielding t ...

teams. *

Chiba Lotte Marines The are a professional baseball team in Japan's Pacific League based in Chiba City, Chiba Prefecture, in the Kantō region, and owned by Lotte Holdings Co., Ltd. History The Marines franchise began in 1950 as the Mainichi Orions, an inaugural ...

in Japan (1971–present) * Lotte Giants in

Busan Busan (), officially known as is South Korea's most populous city after Seoul, with a population of over 3.4 million inhabitants. Formerly romanized as Pusan, it is the economic, cultural and educational center of southeastern South Korea ...

, South Korea (1982–present).

Lotte R&D Center

* Korea R&D Center : 201, Magokjungang-ro, Gangseo-gu

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

* Japan R&D Center : Saitama,

Saitama Prefecture is a landlocked prefecture of Japan located in the Kantō region of Honshu. Saitama Prefecture has a population of 7,338,536 (1 January 2020) and has a geographic area of 3,797 km2 (1,466 sq mi). Saitama Prefecture borders Tochigi Prefecture ...

Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...

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

References

External links

* (Korean) * (English) {{KRX 100 companies Chaebol Multinational companies Conglomerate companies established in 1967 Companies based in Seoul South Korean brands Companies listed on the Korea Exchange South Korean companies established in 1967 Shin family