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Lotte Corporation is a Japan 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. 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).


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 (). 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 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 .


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 group's major businesses are food products, shopping, finance, construction, amusement parks, hotels, trade, oil and sports. * Food Products: Lotte Confectionery, Lotte Chilsung, Lotte Foods, Lotteria, E Wedel, Lotte Food, Angel-in-us, Lotte Cool, Lotte Fresh Delica, Lotte Shopping Food Division, Lotte Kolson (Pakistan) * Shopping: Lotte Duty Free, Lotte Shopping, Lotte Mart, Lotte Department Store, Lotte-Assi Plaza * 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 * IT / Electronics: Korea Fuji Film, Lotte Canon, Lotte IT, Lotte.com, Mobidomi * Heavy chemicals / construction / machinery: Honam Petrochemical, KP Chemical, Lotte Engineering & Construction, Lotte Engineering & Machinery, Lotte Aluminum * Car rental: Lotte rent-a-car * Transport service: Andi Mack-Lotte Transport Corporation (tourist transport service in partnership with ''Andi Mack'')

Sports

Lotte also owns professional baseball teams * Chiba Lotte Marines in Japan (1971–present) * Lotte Giants in Busan, South Korea (1982–present).

Lotte R&D Center

* Korea R&D Center : 201, Magokjungang-ro, Gangseo-gu Seoul, South Korea * Japan R&D Center : Saitama, Saitama Prefecture, Japan

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. 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.


See also


* Lotte Card * Lotte Capital * Lotte Chilsung * Lotte Confectionery * Lotte Department Store * Lotte World Tower * Shin Dong-bin, also known as Akio Shigemitsu * Chaebol


References





External links


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