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{{Short description|South Korean multinational conglomerate corporation}}
{{redirect|Lotte (conglomerate)|the Japanese company|Lotte Holdings}}

{{redirect-multi|2|Lotte (conglomerate)|LOTTE|the Japanese company|Lotte Holdings}}
{{more citations needed|date=September 2018}} {{more citations needed|date=September 2018}}
{{EngvarB|date = July 2022}}

{{Use dmy dates|date=July 2022}}
{{Infobox company {{Infobox company
| name = Lotte Corporation | name = Lotte Corporation
| logo = Lotte "Value Line" logo.svg | logo = Lotte Logo (2017).svg
| logo_size = 150px | logo_size =
| logo_alt = | logo_alt =
| logo_caption = | logo_caption = Logo used since 2017
| logo_padding = | image =
| image_size =
| image = Lotte logo.svg
| image_size = 150px
| image_alt = | image_alt =
| image_caption = | image_caption =
| trading_name = | trading_name =
| native_name = {{ubl|롯데 그룹}} | native_name = {{ubl|롯데그룹}}
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang||}}. --> | native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang||}}. -->
| romanized_name = | romanized_name =
Line 20: Line 24:
| traded_as = {{KRX|004990}} | traded_as = {{KRX|004990}}
| ISIN = | ISIN =
| ISIN2 =
| industry = ] | industry = ]
| genre = | genre =
| fate = | predecessor =
| founded = {{Start date and age|1967|3|24|df=y}}
| predecessor = ]
| successor = <!-- or: | successors = -->
| founded = {{Start date and age|1967|3|24}}
| founder = ] | founder = ]
| defunct = <!-- {{End date|YYYY|MM|DD}} --> | defunct = <!-- {{End date|YYYY|MM|DD}} -->
| fate =
| hq_location = ]
| successor = <!-- or: | successors = -->
| hq_location_city = ]
| hq_location = ]
| hq_location_country = South Korea | hq_location_country = South Korea
| num_locations = | num_locations =
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| key_people = {{ubl|Shin Kyuk-ho|]}} | key_people = {{ubl|Shin Kyuk-ho|]}}
| products = | products =
| brands =
| production = | production =
| production_year = <!-- Year of production data (if known) --> | production_year = <!-- Year of production data (if known) -->
| brands =
| services = {{ubl|]|]}}
| services =
| revenue = ]88,562 million<ref name=report>{{cite web|title= Lotte Corporation Financial Statement|url=http://www.lotte.co.kr/global/en/ir/finance.do|access-date= January 10, 2021}}</ref>
| revenue_year = 2019
| operating_income = ]1,749 million<ref name=report /> (2019)
| net_income = ]-4,116 million<ref name=report />
| net_income_year = 2019
| aum = <!-- Only for financial-service companies -->
| assets = ]156,058 million<ref name=report />
| assets_year = 2019
| equity = ]77,925 million<ref name=report />
| equity_year = 2019
| owner = <!-- or: | owners = -->
| members =
| members_year = <!-- Year of members data (if known) -->
| num_employees =
| num_employees_year = <!-- Year of num_employees data (if known) -->
| parent = | parent =
| divisions = | divisions =
| subsid = | subsid = {{plainlist|
* ]
| website = {{URL|www.lotte.co.kr/global/en/main.do|www.lotte.co.kr}}
* ]
| footnotes =
* ]
* ]
* ]
* ]
}} }}
| module = {{infobox Korean|child=yes

| title = Lotte Corporation
{{Infobox East Asian name|embed=yes
| hangul = 롯데그룹
| koreanname =
| koreancontext =
| hangul = 롯데 그룹
| hanja =
| rr = Rotdegeurup | rr = Rotdegeurup
| mr = Rottegŭrup, Rotte-kŭrup | mr = Rottegŭrup, Rotte-kŭrup
| lang1 = Japanese
| japanesename =
| lang1_content = ロッテグループ
| kanji =
| ibox-order = ko1, ko4, ko3}}
| kana =
| website = {{URL|www.lotte.co.kr/global/en/main.do|www.lotte.co.kr}}
| kanahist =
| hiragana = | footnotes =
| katakana = | logo_padding =
| shinjitai =
| kyujitai =
| romaji =
| hepburn =
| othername =
| field1 = Japanese
| content1 = ロッテグループ
}} }}


'''Lotte Corporation''' ({{Korean|hangul = 롯데 그룹}} ''lotte geurup'') is a South Korean ] ]. Lotte began its history on June 28, 1948, by Korean businessman ] in ]. Shin expanded Lotte to his ancestral country, South Korea, with the establishment of ] in ] on April 3, 1967. Lotte eventually grew to become South Korea's fifth largest business conglomerate.<ref>{{Cite news|url=http://english.yonhapnews.co.kr/news/2017/11/01/0200000000AEN20171101003000320.html|title=Chaebol rankings seesaw over 2 decades|work=Yonhap News Agency|access-date=2017-12-19|language=en}}</ref> '''Lotte Corporation''' is a South Korean ] ] ], and the fifth-largest ] in South Korea.<ref>{{Cite news |title=Chaebol rankings seesaw over 2 decades |language=en |work=] |url=http://english.yonhapnews.co.kr/news/2017/11/01/0200000000AEN20171101003000320.html |access-date=2017-12-19}}</ref> Lotte was founded on 28 June 1948 by Korean businessman ] in ]. Shin expanded Lotte to his ancestral country, South Korea, with the establishment of ] in ] 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, ], ], retail, financial services, industrial chemicals, electronics, IT, construction, publishing, and entertainment.{{Citation needed|date=July 2020}} Lotte runs additional businesses in ], ], ], ], ], ], ], ], ], ], ], ], ] and ] (Lotte bought Poland's largest candy company ] from Kraft Foods in June 2010), ] and ] (Lotte successfully bought 4 duty free stores in Australia and 1 in New Zealand from ] in 2019). Today, Lotte is the largest confectionery manufacturer in South Korea.{{Citation needed|date=July 2020}} Lotte Corporation consists of over 90 business units employing 60,000 people engaged in such diverse industries as candy manufacturing, beverages, ], ], retail, financial services, industrial chemicals, electronics, IT, construction, publishing, and entertainment.<ref>{{cite news |author=<!--not stated--> |date=January 19, 2020 |title=Lotte Group founder Shin Kyuk-ho dies at age 99 |work=] |location= |url=https://en.yna.co.kr/view/AEN20200119002000320 |access-date=}}</ref> Lotte runs additional businesses in ], ], ], ], ], ], ], ], the ], the ], ], ], the ], ], ], ] (Lotte bought Poland's largest candy company ] from ] in June 2010), ] and ] (Lotte successfully bought 4 duty-free stores in Australia and 1 in New Zealand from ] in 2019<ref>{{Cite web |date=2019-03-26 |title=Lotte Duty Free expands into Australia and New Zealand |url=https://insideretail.com.au/news/lotte-duty-free-expands-into-australia-and-new-zealand-201903 |access-date=2021-02-15 |website=Inside Retail |language=en-US}}</ref>).


== History == ==History==
Lotte was founded in June 1948, by Korean businessman ] in ], Japan, two years after he graduated from Waseda Jitsugyo High School ({{lang|ja|早稲田実業学校}}). Originally called ''Lotte Co., Ltd'', the company has grown from selling ] to children, in post-war Japan, to becoming a major ]. Lotte was founded in June 1948, by Korean businessman ] in ], Japan, two years after he graduated from ] ({{lang|ja|早稲田実業学校}}). Originally called ''Lotte Co., Ltd'', the company has grown from selling ] to children in post-war Japan to becoming a major ].{{Citation needed|date=December 2023}}


=== Name === ===Name===
The source of the company's name is neither Korean nor Japanese, or even Chinese, but German. Shin Kyuk-ho was impressed with ]'s '']'' (1774) and named his newly founded company Lotte after the character Charlotte<ref>{{cite web|url=http://www.lottehotel.com/seoul/en/facility/facility.asp?type=EX|title=Lotte Hotel Seoul - Hotel Facilities, Fitness, Spa, Conference room|last=www.lottehotel.com|website=www.lottehotel.com|access-date=19 August 2017}}</ref><ref>{{cite web|url=http://www.knowledgeofasia.com/2012/11/02/korean-chaebols-lotte-the-origin-of-the-lotte-name/|title=Korean Chaebols: Lotte. The Origin of the Lotte Name|access-date=20 April 2014}}</ref> in the novel ("Charlotte" is also the name of a new brand of deluxe movie theatres run by Lotte). Lotte's current ] ] in Japan is {{Nihongo|"The sweetheart of your mouth, Lotte"|お口の恋人,ロッテ|Okuchi no koibito, Rotte}}. The source of the company's name is German. Shin Kyuk-ho was impressed with ]'s '']'' (1774) and named his newly founded company Lotte after the character Charlotte in the novel.<ref>{{cite web |title=Lotte Hotel Seoul – Hotel Facilities, Fitness, Spa, Conference room |url=http://www.lottehotel.com/seoul/en/facility/facility.asp?type=EX |access-date=19 August 2017 |website=www.lottehotel.com}}</ref><ref>{{cite web |title=Korean Chaebols: Lotte. The Origin of the Lotte Name |url=http://www.knowledgeofasia.com/2012/11/02/korean-chaebols-lotte-the-origin-of-the-lotte-name/ |access-date=20 April 2014}}</ref> ("Charlotte" is also the name of premium auditoriums in movie theatres run by Lotte.<ref>{{cite web |date=13 September 2019 |title=Inside the Korean cinemas offering a red-carpet experience |url=https://www.scmp.com/magazines/style/leisure/article/3026895/inside-top-3-korean-cinemas-offering-film-goers-luxury-red}}</ref>)


== Management == ==Operations==
{{Unreferenced section|date=December 2023}}]
''Lotte Corporation'' – Lotte group's world headquarters – are located in ], Seoul and ] in ], Tokyo. It is controlled by the founder ]'s extended family.
]]]
''Lotte Corporation'' – is located in ], ] and ] in ], Tokyo. It is controlled by the founder ]'s extended family.


== Business == ===Business===
Lotte Group's major businesses are food, retail, chemical, construction, manufacturing, tourism, service, finance, etc.
] in Seoul]]
], ]]]
], South Korean ] who plays for the ]]]


* Food: ], ], ], Lotte Nestle, Lotte Asahi Liquor, Lotte GRS, and others.
Lotte group's major businesses are food products, shopping, finance, construction, amusement parks, hotels, trade, oil and sports.
* Retail/Entertainment: ], ], ], ], ], Lotte Super, Lotte On, ], FRL Korea, and others.

* Food Products: ], ], Lotte Foods, ], ], Lotte Food, Angel-in-us, Lotte Cool, Lotte Fresh Delica, Lotte Shopping Food Division, ] (Pakistan) * Chemical/construction/manufacturing: Lotte Construction, ], Lotte Fine Chemical, Lotte MCC, Lotte E&C, Lotte Aluminium, Lotte Ineos Chemical, Korea Fujifilm, and others.
* Tourism/Service/Finance: ], ], Lotte Resort, Lotte Duty Free, ], Lotte Property & Development, ], ], Daehong Communications, Lotte Hotel Busan, Lotte International, Lotte Innovate (Lotte Data Communication), and others
* Shopping: Lotte Duty Free,<ref name="Luxury">{{cite book | title=Luxury Brand Management | publisher=John Wiley & Sons | author=Chevalier, Michel | year=2012 | location=Singapore | isbn=978-1-118-17176-9}}</ref> Lotte Shopping,<ref>{{cite web|url=http://www.lotteshopping.com/english|title=Lotteshopping.com|access-date=19 August 2017|url-status=dead|archive-url=https://web.archive.org/web/20120227150115/http://www.lotteshopping.com/english/|archive-date=27 February 2012}}</ref> ], ], Lotte-Assi Plaza<ref>{{cite web|url=http://www.lotteplaza.com/company/company.php?lan=ENG|title=About Us: Korean Market in Maryland & Virginia}}</ref>
* Entertainment: Lotte Cinema, Lotte Entertainment (investment and distribution of domestic and international films)
* Finance: ], ]
* Housing: Lotte Castle High Rise Apartment Complex
* Amusement parks: ], ] in Seoul, one of the world's largest indoor ]s.
* ]: ], skyscraper in Seoul, South Korea, 2014 and ] skyscraper in ], South Korea, 2013, Lotte City Hotel in ], ] in ]
* Trade: Lotte International<ref>{{cite web|url=http://www.lotteintl.com|title=LOTTE TRADING|website=www.lotteintl.com|access-date=19 August 2017}}</ref>
* IT / Electronics: Korea Fuji Film, Lotte Canon, Lotte IT, Lotte.com, Mobidomi
* Heavy chemicals / construction / machinery: Honam Petrochemical,<ref>{{cite web|url=http://english.hpc.co.kr|title=LOTTE CHEMICAL|website=english.hpc.co.kr|access-date=19 August 2017}}</ref> KP Chemical,<ref>{{cite web|url=http://www.kpchem.co.kr|title=KPchem.co.kr|access-date=19 August 2017}}</ref> Lotte Engineering & Construction, Lotte Engineering & Machinery, Lotte Aluminum
* Car rental: Lotte rent-a-car <ref>{{cite web|url=http://www.lotterentacar.net|title=lotterentacar.net|access-date=19 August 2017}}</ref>
* Transport service: Andi Mack-Lotte Transport Corporation (tourist transport service in partnership with '']'')


===Sports=== ===Sports===
Lotte also owns professional ] teams Lotte also owns professional ] teams:

* ] in Japan (1971–present)
*] in ], South Korea (1982–present)<ref>{{Cite web |title=LOTTE |url=https://www.lotte.co.kr/global/en/business/compDetail.do?compCd=L416#:~:text=About%20US&text=LOTTE%20Giants%20is%20a%20historic,Organization's%20inaugural%20year%20in%201982 |access-date=2024-06-12 |website=www.lotte.co.kr |language=en}}</ref>
* ] in ], South Korea (1982–present).
*] in ], Japan (1969–present)<ref>{{Cite web |title=Zozo Marine Stadium {{!}} Travel Japan - Japan National Tourism Organization (Official Site) |url=https://www.japan.travel/en/spot/1555/ |access-date=2024-06-12 |website=Travel Japan |language=en-us}}</ref>


===Lotte R&D Center=== ===Lotte R&D Center===
* Korea R&D Center : 201, Magokjungang-ro, Gangseo-gu ], ] * Korea R&D Center : 201, Magokjungang-ro, ], ], South Korea
* Japan R&D Center : ], ], ]


==Controversies==
===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.<ref name="VCdead">{{cite news|last1=Jin|first1=Hyunjoo|last2=Lee|first2=Se Young|title=Lotte vice chairman found dead amid probe; suicide suspected|url=https://www.reuters.com/article/us-lottegroup-executive-idUSKCN11102Z|access-date=26 August 2016|agency=Reuters|date=August 26, 2016}}</ref> The investigation forced its Hotel Lotte unit to abandon an initial public offering and Lotte Chemical Corp to withdraw from bidding for ''Axiall Corp.''<ref name="VCdead"/> Vice chairman, Lee In-won, was found dead in August same year. He was suspected of suicide just hours before being questioned by prosecutors.<ref name="VCdead"/> Lee was considered the top lieutenant of Chairman ].<ref name="VCdead"/>


=== Treatment of Beluga Whales ===
== See also ==
Lotte Corporation has received negative press attention due to treatment of a captive ] named Bella, currently held in the Lotte World Aquarium Attraction in ]. 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.<ref>{{cite web |last1=Jong-young |first1=Nam |title=After animal death, Lotteworld says it won't acquire more beluga whales |url=https://english.hani.co.kr/arti/english_edition/e_national/740380.html |website=] |access-date=24 December 2023}}</ref> In 2019, Lotte Corporation pledged that they would release Bella from captivity.<ref>{{cite web |last1=Chen |first1=Heather |last2=Kwon |first2=Junhyup |title=This Beluga Whale Has Been Held in a Conglomerate's Aquarium for Years |url=https://www.vice.com/en/article/m7ez8a/bella-beluga-whale-south-korea |website=Vice |access-date=24 December 2023 |language=en |date=1 October 2021}}</ref> 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.<ref>{{cite web |last1=Chen |first1=Heather |last2=Seo |first2=Yoonjung |title=Free Bella: The fight to release a beluga whale from a South Korean mega mall's aquarium |url=https://www.cnn.com/2023/12/23/travel/beluga-whale-bella-south-korea-intl-hnk/index.html |website=CNN |access-date=24 December 2023 |language=en |date=24 December 2023}}</ref> The corporation has also been criticized by civic groups for a lack of updates or cohesive plan for retiring Bella to a sanctuary.<ref>{{cite web |title=Civic groups call for release of last beluga whale from Lotte World Aquarium |url=https://www.koreatimes.co.kr/www/nation/2023/12/113_361792.html |website=] |access-date=24 December 2023 |language=en |date=24 October 2023}}</ref>
* ]

* ]
=== 2016 embezzlement Scandal ===
* ]
In June 2016, the police conducted a probe into Lotte Corp for a possible slush fund and embezzlement.<ref name="VCdead2">{{cite news |last1=Jin |first1=Hyunjoo |last2=Lee |first2=Se Young |date=August 26, 2016 |title=Lotte vice chairman found dead amid probe; suicide suspected |url=https://www.reuters.com/article/us-lottegroup-executive-idUSKCN11102Z |access-date=26 August 2016 |work=Reuters}}</ref> The Seoul Central District Prosecutor's Office reported that 240 investigators raided 17 Lotte offices, including its central Seoul headquarters and the homes of founder ], Chairman ] and other key executives, with 15 more offices being raided just a week later.<ref>{{Cite web |last=Sohn |first=Ji-young |date=2016-06-14 |title= 15 more Lotte affiliates raided in widening probe |url=https://www.koreaherald.com/view.php?ud=20160614000948 |access-date=2024-01-18 |website=] |language=en}}</ref>
* ]

* ]
After news of the investigation broke, between June 10 and June 14, Lotte Group firms lost over {{KRWConvert|1.21|t|to=USD}} in market value.<ref>{{Cite web |last=Choi |first=He-suk |date=2016-06-14 |title= Lotte firms' market cap lose another 400 billion won |url=https://www.koreaherald.com/view.php?ud=20160614000894 |access-date=2024-01-18 |website=] |language=en}}</ref> By October, its value had fallen by 15.8% to {{KRWConvert|7.75|t|to=USD}} compared to its June 9 figure of {{KRWConvert|9.26|t|to=USD}}.<ref name=":1">{{Cite web |last=Sohn |first=Ji-youn |date=2016-10-19 |title= Prosecutors indict five Lotte family members |url=https://www.koreaherald.com/view.php?ud=20161019000964 |access-date=2024-01-18 |website=] |language=en}}</ref> Lotte Chemical Corp also withdrew from bidding for ''Axiall Corp'' in the wake of the scandal''.''<ref name="VCdead2" />

On 13 June 2016 Lotte announced it would withdraw its ] (IPO) for ], which was scheduled for the following month. The IPO was predicted to garner up to {{KRWConvert|5.2|t|to=USD}} which would have been the largest offering in South Korean history.<ref>{{Cite web |last=Eun-jung |first=Kim |date=2016-05-19 |title=Hotel Lotte IPO expected to become S. Korea's biggest offering |url=https://en.yna.co.kr/view/AEN20160519010000320 |access-date=2024-01-18 |website=] |language=en}}</ref> Lotte spokesperson Choi Min-ho told the ], “we physically cannot meet next month’s deadline to complete the Hotel Lotte IPO given the current circumstances".<ref>{{Cite web |last=Kim |first=Youngwon |date=2016-06-13 |title= Hotel Lotte withdraws IPO as embezzlement probe deepens |url=https://www.koreaherald.com/view.php?ud=20160613000812 |access-date=2024-01-18 |website=] |language=en}}</ref> Despite local press reporting that Chairman ] was keen to restart Hotel Lotte's IPO in 2020, Hotel Lotte is still yet to go public.<ref>{{Cite web |last=Son |first=Ji-hyoung |date=2020-05-04 |title=Lotte chief likely to push for Hotel Lotte IPO to win power struggle |url=https://www.koreaherald.com/view.php?ud=20200504000530 |access-date=2024-01-18 |website=] |language=en}}</ref>

In August 2016, Vice Chairman Lee In-won was found dead in his car with a four-page long suicide note.<ref name=":0">{{Cite news |date=2016-08-26 |title=Lotte vice chairman Lee In-won found dead |url=https://www.bbc.com/news/business-37192642 |access-date=2024-01-18 |work=] |language=en-GB}}</ref> His death came just hours before he was due to be questioned by prosecutors.<ref name=":4">{{Cite web |last=Won |first=Ho-jung |date=2016-08-31 |title=Shin Dong-joo to be grilled in Lotte Group corruption probe |url=https://www.koreaherald.com/view.php?ud=20160831001061 |access-date=2024-01-19 |website=] |language=en}}</ref> Lee was considered the top lieutenant of Chairman ].<ref name="VCdead2" /> According to a statement released by Lotte Group after his death, Lee "oversaw Lotte Group's overall housekeeping and core businesses and accurately understood the minds of Chairman-in-Chief Shin Kyuk-ho and Chairman Shin Dong-bin".<ref name=":0" />

In October 2016, the Seoul Central District Prosecutors' Office closed their investigation. The probe accused Lotte founder ], his son Chairman ], along his mistress Seo Mi-kyung and two other children of embezzling {{KRWConvert|146.2|b|to=USD}}. In addition, prosecutors claim they committed inheritance tax fraud amounting to {{KRWConvert|115.6|b|to=USD}}. A further {{KRWConvert|22|b|to=USD}} of corporate tax was allegedly avoided by ]. South Korean authorities also argued that Lotte Engineering & Construction overpaid its suppliers and then reclaimed the difference, amounting to slush funds worth {{KRWConvert|30.2|b|to=USD}}.<ref name=":1" /> In total, the allegations of misconduct amounted to {{KRWConvert|375.5|b|to=USD}}.

The following year, founder ] was fined {{KRWConvert|3.5|b|to=USD}} and sentenced to four years in prison. At 95 years old, it seemed possible he would spend his last days incarcerated, but he was able to avoid imprisonment due to health issues, eventually passing away in 2020.<ref>{{Cite web |date=2020-01-22 |title=Funeral service of late Lotte founder held |url=https://www.koreaherald.com/view.php?ud=20200122000291 |access-date=2024-01-18 |website=] |language=en}}</ref>

The founder's son and Chairman ] was convicted of the charges of embezzlement and breach of trust, while Dong-bin's older brother Dong-joo was acquitted.<ref>{{Cite news |last=Zhong |first=Raymond |date=2017-12-22 |title=Chairman of Lotte Group Is Convicted of Graft in South Korea, but Avoids Jail |url=https://www.nytimes.com/2017/12/22/business/korea-lotte-corruption-conviction.html |access-date=2024-01-18 |work=]}}</ref>

=== 2017 Bribery Scandal ===
On 17 April 2017, Chairman ] was embroiled in the ] and charged with bribery.<ref>{{Cite news |last=Ju-min Park & Christine Kim |date=17 April 2017 |title=South Korea charges ousted leader Park and Lotte chief with bribery |url=https://www.reuters.com/article/southkorea-politics-park/update-1-s-korea-charges-ousted-leader-park-and-lotte-chief-with-bribery-idUSL3N1HP2RV/ |access-date=18 January 2024 |work=Reuters}}</ref> In order to secure a ] deal for Lotte, Shin was accused of donating {{KRWConvert|7|b|to=USD}} to a non-profit controlled by incumbent President ]'s close friend ].<ref name=":3">{{Cite web |last=Ser |first=Myo-ja |date=2019-10-17 |title=Supreme Court keeps Lotte chairman from jail |url=https://koreajoongangdaily.joins.com/2019/10/17/politics/Supreme-Court-keeps-Lotte-chairman-from-jail/3069176.html |access-date=2024-01-18 |website=] |language=en}}</ref> On 13 February 2018 Shin was fined {{KRWConvert|7|b|to=USD}} and sentenced to 2.5 years incarceration.<ref name=":2">{{Cite news |last=Yang |first=Heekyong |date=17 October 2019 |title=Lotte Group chairman stays out of jail as South Korea court ruling upheld |url=https://www.reuters.com/article/idUSKBN1WW0CS/ |access-date=18 January 2024 |work=Reuters}}</ref> He was jailed immediately following the sentencing.<ref name=":3" />

Following his conviction, Shin stepped down as ] of Lotte Group's Japanese-based holding firm but remained on the board of directors.<ref>{{Cite web |last=Kim |first=Da-sol |date=2018-02-21 |title=Lotte chief steps down as CEO from Japan-based holding firm |url=https://www.koreaherald.com/view.php?ud=20180221000860 |access-date=2024-01-18 |website=] |language=en}}</ref>

In October 2018, an appeals court freed Shin from prison after just 234 days, giving him a suspended sentence of 4 years and cancelling the fine.<ref>{{Cite web |last=Kim |first=Sohee |date=5 October 2018 |title=Lotte Chairman Shin Freed as Court Suspends Corruption Sentence |url=https://www.bloomberg.com/news/articles/2018-10-05/lotte-chairman-shin-freed-as-court-suspends-corruption-sentence |access-date=2024-01-18 |website=Bloomberg}}</ref> News of Shin's release increased Lotte Group's market value by 4.2%.<ref name=":2" />

A year later, in October 2019, the Seoul High Court upheld the appeals court's decision, arguing that Shin "passively" committed bribery with the understanding that not donating to Choi's non-profit would result in damage to Lotte Group.<ref>{{Cite web |last=Lee |first=Minji |date=2019-10-17 |title=(2nd LD) Top court upholds suspended jail term for Lotte chief |url=https://en.yna.co.kr/view/AEN20191017003052315 |access-date=2024-01-18 |website=] |language=en}}</ref>

=== Losses in China ===
Since 2004, Lotte had invested over {{KRWConvert|8|t}} into growing their presence in China, operating 112 ] stores, 12 cinemas 5 ] stores in 2017.<ref>{{Cite web |last=Kim |first=Da-sol |date=2019-03-13 |title= Lotte seeks to exit China after investing $7.2b |url=https://www.koreaherald.com/view.php?ud=20190313000654 |access-date=2024-01-19 |website=] |language=en}}</ref> However, Lotte's Chinese operations reported net losses of {{KRWConvert|75.3|b}} in 2011, soaring sevenfold in just 3 years to {{KRWConvert|554.9|b}} in 2014.<ref>{{Cite web |last= |date=2015-10-28 |title=Lotte suffers over 1tn won loss in China: chairman's brother |url=https://m.koreaherald.com/view.php?ud=20151028001007 |access-date=2024-01-19 |website=] |language=en}}</ref>

To counter potential threats from North Korea, South Korea & the US sought to deploy an advanced anti-missile defence system, ], in 2016.<ref>{{Cite web |last=Choi |first=Kyong-ae |date=2016-09-30 |title=S. Korea selects golf course as new site for THAAD |url=https://en.yna.co.kr/view/AEN20160930004900315 |access-date=2024-01-19 |website=] |language=en}}</ref> The site chosen was Lotte Skyhill Country Club in Seongsan due to its high elevation, distance from civilian centres and existing infrastructure.<ref>{{Cite web |last=Park |first=Byeong-su |date=2016-10-01 |title=Why was the Lotte Skyhill golf course chosen as the new site for THAAD deployment? |url=https://english.hani.co.kr/arti/english_edition/e_national/763694 |access-date=2024-01-19 |website=Hanyoreh |language=en}}</ref> A Lotte spokesperson said that leadership "agonized" over the decision to allow the sale of the golf course for the THAAD system, but concluded their hands were tied: "if we say no to the government, we can't do business in Korea".<ref name=":11">{{Cite news |last=Cynthia Kim and Hyunjoo Jin |date=25 October 2017 |title=With China dream shattered over missile land deal, Lotte faces costly overhaul |url=https://www.reuters.com/article/idUSKBN1CT35Y/ |access-date=19 January 2024 |work=Reuters}}</ref>

The installation of the THAAD system led to a rise in anti-Korean sentiment in China, with much of the ire directed at Lotte.<ref name=":12">{{Cite news |date=2019-03-13 |title=South Korea's Lotte seeks to exit China after investing $9.6 billion, as Thaad fallout ensues |url=https://www.straitstimes.com/asia/east-asia/south-koreas-lotte-seeks-to-exit-china-after-investing-96-billion |access-date=2024-01-19 |work=The Straits Times |language=en |issn=0585-3923}}</ref> Government-controlled news media encouraged Chinese consumers to boycott the Korean conglomerate, and protests were held across multiple cities, with employees of a mall in ] protesting Lotte as they sung the Chinese national anthem.<ref>{{Cite news |last1=Hernández |first1=Javier C. |last2=Guo |first2=Owen |last3=Mcmorrow |first3=Ryan |date=2017-03-09 |title=South Korean Stores Feel China's Wrath as U.S. Missile System Is Deployed |url=https://www.nytimes.com/2017/03/09/world/asia/china-lotte-thaad-south-korea.html |access-date=2024-01-19 |work=] |language=en-US |issn=0362-4331}}</ref>

Shortly after news of Lotte's co-operation with the THAAD installation, nearly all of ]'s 112 Chinese stores were closed down by the government due to supposed fire safety issues.<ref name=":11" /> Lotte Department also suffered in the hostile business environment, with an ] of {{KRWConvert|140|b}} between 2016 and 2018.<ref name=":12" /> Both Lotte Department Store & Lotte Mart formally ceased trading in China in 2018, with ] & ] leaving China a year later.<ref>{{Cite web |last=Kim |first=Jae-heun |date=2022-05-23 |title=Lotte to pull out of China, focus on Southeast Asia |url=https://www.koreatimes.co.kr/www/tech/2024/01/419_329617.html |access-date=2024-01-19 |website=] |language=en}}</ref>

In 2022, Lotte closed their Chinese headquarters, effectively ending their business operations in the mainland.<ref>{{Cite web |last=Van |first=Tong |date=2022-05-23 |title=Lotte prepares to shut its China headquarters |url=https://insideretail.asia/2022/05/23/lotte-prepares-to-shut-its-china-headquarters/ |access-date=2024-01-19 |website=Inside Retail Asia |language=en-US}}</ref>

==See also==
* ] * ]
* ], also known as Akio Shigemitsu * ], also known as Akio Shigemitsu
* ]


== References == ==References==
{{reflist}} {{reflist}}


== External links == ==External links==
* {{Official website|http://www.lotte.co.kr/main.do}} (Korean) * {{Official website|www.lotte.co.kr/global/en/main.do}}
{{Finance links
* {{Official website|http://www.lotte.co.kr/global/en/main.do}} (English)
|name= Lotte Corporation
|google= 004990:KRX
|yahoo= 004990.KS
|bloomberg= 004990:KS
|reuters= 004990.KS
}}


{{Lotte}} {{Lotte}}
{{chaebol}}
{{KOSPI 200}}
{{Nongshim}}


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Latest revision as of 07:02, 13 December 2024

South Korean multinational conglomerate corporation "Lotte (conglomerate)" and "LOTTE" redirect here. For the Japanese company, see Lotte Holdings.
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Lotte Corporation
Logo used since 2017
Native name
  • 롯데그룹
Company typePublic
Traded asKRX: 004990
IndustryConglomerate
Founded24 March 1967; 57 years ago (1967-03-24)
FounderShin Kyuk-ho
HeadquartersSongpa District, Seoul, South Korea
Areas servedWorldwide
Key people
Subsidiaries
Korean name
Hangul롯데그룹
Revised RomanizationRotdegeurup
McCune–ReischauerRottegŭrup, Rotte-kŭrup
Websitewww.lotte.co.kr

Lotte Corporation is a South Korean multinational conglomerate corporation, and the fifth-largest chaebol in South Korea. 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. 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).

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 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 premium auditoriums in movie theatres run by Lotte.)

Operations

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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

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. In 2019, Lotte Corporation pledged that they would release Bella from captivity. 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. The corporation has also been criticized by civic groups for a lack of updates or cohesive plan for retiring Bella to a sanctuary.

2016 embezzlement Scandal

In June 2016, the police conducted a probe into Lotte Corp for a possible slush fund and embezzlement. The Seoul Central District Prosecutor's Office reported that 240 investigators raided 17 Lotte offices, including its central Seoul headquarters and the homes of founder Shin Kyuk-ho, Chairman Shin Dong-bin and other key executives, with 15 more offices being raided just a week later.

After news of the investigation broke, between June 10 and June 14, Lotte Group firms lost over ₩1.21 trillion (US$1.06 billion) in market value. By October, its value had fallen by 15.8% to ₩7.75 trillion (US$6.77 billion) compared to its June 9 figure of ₩9.26 trillion (US$8.09 billion). Lotte Chemical Corp also withdrew from bidding for Axiall Corp in the wake of the scandal.

On 13 June 2016 Lotte announced it would withdraw its initial public offering (IPO) for Hotel Lotte, which was scheduled for the following month. The IPO was predicted to garner up to ₩5.2 trillion (US$4.55 billion) which would have been the largest offering in South Korean history. Lotte spokesperson Choi Min-ho told the Korean Herald, “we physically cannot meet next month’s deadline to complete the Hotel Lotte IPO given the current circumstances". Despite local press reporting that Chairman Shin Dong-bin was keen to restart Hotel Lotte's IPO in 2020, Hotel Lotte is still yet to go public.

In August 2016, Vice Chairman Lee In-won was found dead in his car with a four-page long suicide note. His death came just hours before he was due to be questioned by prosecutors. Lee was considered the top lieutenant of Chairman Shin Dong-bin. According to a statement released by Lotte Group after his death, Lee "oversaw Lotte Group's overall housekeeping and core businesses and accurately understood the minds of Chairman-in-Chief Shin Kyuk-ho and Chairman Shin Dong-bin".

In October 2016, the Seoul Central District Prosecutors' Office closed their investigation. The probe accused Lotte founder Shin Kyuk-ho, his son Chairman Shin Dong-bin, along his mistress Seo Mi-kyung and two other children of embezzling ₩146.2 billion (US$127.8 million). In addition, prosecutors claim they committed inheritance tax fraud amounting to ₩115.6 billion (US$101.05 million). A further ₩22 billion (US$19.23 million) of corporate tax was allegedly avoided by Lotte Chemical. South Korean authorities also argued that Lotte Engineering & Construction overpaid its suppliers and then reclaimed the difference, amounting to slush funds worth ₩30.2 billion (US$26.4 million). In total, the allegations of misconduct amounted to ₩375.5 billion (US$328.25 million).

The following year, founder Shin Kyuk-ho was fined ₩3.5 billion (US$3.06 million) and sentenced to four years in prison. At 95 years old, it seemed possible he would spend his last days incarcerated, but he was able to avoid imprisonment due to health issues, eventually passing away in 2020.

The founder's son and Chairman Shin Dong-bin was convicted of the charges of embezzlement and breach of trust, while Dong-bin's older brother Dong-joo was acquitted.

2017 Bribery Scandal

On 17 April 2017, Chairman Shin Dong-bin was embroiled in the 2016 South Korean political scandal and charged with bribery. In order to secure a duty-free deal for Lotte, Shin was accused of donating ₩7 billion (US$6.12 million) to a non-profit controlled by incumbent President Park Geun-hye's close friend Choi Soon-sil. On 13 February 2018 Shin was fined ₩7 billion (US$6.12 million) and sentenced to 2.5 years incarceration. He was jailed immediately following the sentencing.

Following his conviction, Shin stepped down as Chief Operating Officer of Lotte Group's Japanese-based holding firm but remained on the board of directors.

In October 2018, an appeals court freed Shin from prison after just 234 days, giving him a suspended sentence of 4 years and cancelling the fine. News of Shin's release increased Lotte Group's market value by 4.2%.

A year later, in October 2019, the Seoul High Court upheld the appeals court's decision, arguing that Shin "passively" committed bribery with the understanding that not donating to Choi's non-profit would result in damage to Lotte Group.

Losses in China

Since 2004, Lotte had invested over ₩8 trillion (US$6.99 billion) into growing their presence in China, operating 112 Lotte Mart stores, 12 cinemas 5 Lotte Department stores in 2017. However, Lotte's Chinese operations reported net losses of ₩75.3 billion (US$65.82 million) in 2011, soaring sevenfold in just 3 years to ₩554.9 billion (US$485.07 million) in 2014.

To counter potential threats from North Korea, South Korea & the US sought to deploy an advanced anti-missile defence system, THAAD, in 2016. The site chosen was Lotte Skyhill Country Club in Seongsan due to its high elevation, distance from civilian centres and existing infrastructure. A Lotte spokesperson said that leadership "agonized" over the decision to allow the sale of the golf course for the THAAD system, but concluded their hands were tied: "if we say no to the government, we can't do business in Korea".

The installation of the THAAD system led to a rise in anti-Korean sentiment in China, with much of the ire directed at Lotte. Government-controlled news media encouraged Chinese consumers to boycott the Korean conglomerate, and protests were held across multiple cities, with employees of a mall in Xuchang protesting Lotte as they sung the Chinese national anthem.

Shortly after news of Lotte's co-operation with the THAAD installation, nearly all of Lotte Mart's 112 Chinese stores were closed down by the government due to supposed fire safety issues. Lotte Department also suffered in the hostile business environment, with an operating loss of ₩140 billion (US$122.38 million) between 2016 and 2018. Both Lotte Department Store & Lotte Mart formally ceased trading in China in 2018, with Lotte Chilsung Beverage & Lotte Confectionary leaving China a year later.

In 2022, Lotte closed their Chinese headquarters, effectively ending their business operations in the mainland.

See also

References

  1. "Chaebol rankings seesaw over 2 decades". Yonhap. Retrieved 19 December 2017.
  2. "Lotte Group founder Shin Kyuk-ho dies at age 99". Yonhap News Agency. 19 January 2020.
  3. "Lotte Duty Free expands into Australia and New Zealand". Inside Retail. 26 March 2019. Retrieved 15 February 2021.
  4. "Lotte Hotel Seoul – Hotel Facilities, Fitness, Spa, Conference room". www.lottehotel.com. Retrieved 19 August 2017.
  5. "Korean Chaebols: Lotte. The Origin of the Lotte Name". Retrieved 20 April 2014.
  6. "Inside the Korean cinemas offering a red-carpet experience". 13 September 2019.
  7. "LOTTE". www.lotte.co.kr. Retrieved 12 June 2024.
  8. "Zozo Marine Stadium | Travel Japan - Japan National Tourism Organization (Official Site)". Travel Japan. Retrieved 12 June 2024.
  9. Jong-young, Nam. "After animal death, Lotteworld says it won't acquire more beluga whales". The Hankyoreh. Retrieved 24 December 2023.
  10. Chen, Heather; Kwon, Junhyup (1 October 2021). "This Beluga Whale Has Been Held in a Conglomerate's Aquarium for Years". Vice. Retrieved 24 December 2023.
  11. Chen, Heather; Seo, Yoonjung (24 December 2023). "Free Bella: The fight to release a beluga whale from a South Korean mega mall's aquarium". CNN. Retrieved 24 December 2023.
  12. "Civic groups call for release of last beluga whale from Lotte World Aquarium". The Korea Times. 24 October 2023. Retrieved 24 December 2023.
  13. ^ Jin, Hyunjoo; Lee, Se Young (26 August 2016). "Lotte vice chairman found dead amid probe; suicide suspected". Reuters. Retrieved 26 August 2016.
  14. Sohn, Ji-young (14 June 2016). "[LOTTE CRISIS] 15 more Lotte affiliates raided in widening probe". The Korea Herald. Retrieved 18 January 2024.
  15. Choi, He-suk (14 June 2016). "[LOTTE CRISIS] Lotte firms' market cap lose another 400 billion won". The Korea Herald. Retrieved 18 January 2024.
  16. ^ Sohn, Ji-youn (19 October 2016). "[LOTTE CRISIS] Prosecutors indict five Lotte family members". The Korea Herald. Retrieved 18 January 2024.
  17. Eun-jung, Kim (19 May 2016). "Hotel Lotte IPO expected to become S. Korea's biggest offering". Yonhap News Agency. Retrieved 18 January 2024.
  18. Kim, Youngwon (13 June 2016). "[LOTTE CRISIS] Hotel Lotte withdraws IPO as embezzlement probe deepens". The Korea Herald. Retrieved 18 January 2024.
  19. Son, Ji-hyoung (4 May 2020). "Lotte chief likely to push for Hotel Lotte IPO to win power struggle". The Korea Herald. Retrieved 18 January 2024.
  20. ^ "Lotte vice chairman Lee In-won found dead". BBC News. 26 August 2016. Retrieved 18 January 2024.
  21. Won, Ho-jung (31 August 2016). "Shin Dong-joo to be grilled in Lotte Group corruption probe". The Korea Herald. Retrieved 19 January 2024.
  22. "Funeral service of late Lotte founder held". The Korea Herald. 22 January 2020. Retrieved 18 January 2024.
  23. Zhong, Raymond (22 December 2017). "Chairman of Lotte Group Is Convicted of Graft in South Korea, but Avoids Jail". The New York Times. Retrieved 18 January 2024.
  24. Ju-min Park & Christine Kim (17 April 2017). "South Korea charges ousted leader Park and Lotte chief with bribery". Reuters. Retrieved 18 January 2024.
  25. ^ Ser, Myo-ja (17 October 2019). "Supreme Court keeps Lotte chairman from jail". Korea JoongAng Daily. Retrieved 18 January 2024.
  26. ^ Yang, Heekyong (17 October 2019). "Lotte Group chairman stays out of jail as South Korea court ruling upheld". Reuters. Retrieved 18 January 2024.
  27. Kim, Da-sol (21 February 2018). "Lotte chief steps down as CEO from Japan-based holding firm". The Korea Herald. Retrieved 18 January 2024.
  28. Kim, Sohee (5 October 2018). "Lotte Chairman Shin Freed as Court Suspends Corruption Sentence". Bloomberg. Retrieved 18 January 2024.
  29. Lee, Minji (17 October 2019). "(2nd LD) Top court upholds suspended jail term for Lotte chief". Yonhap News Agency. Retrieved 18 January 2024.
  30. Kim, Da-sol (13 March 2019). "[News Focus] Lotte seeks to exit China after investing $7.2b". The Korea Herald. Retrieved 19 January 2024.
  31. "Lotte suffers over 1tn won loss in China: chairman's brother". The Korea Herald. 28 October 2015. Retrieved 19 January 2024.
  32. Choi, Kyong-ae (30 September 2016). "S. Korea selects golf course as new site for THAAD". Yonhap News Agency. Retrieved 19 January 2024.
  33. Park, Byeong-su (1 October 2016). "Why was the Lotte Skyhill golf course chosen as the new site for THAAD deployment?". Hanyoreh. Retrieved 19 January 2024.
  34. ^ Cynthia Kim and Hyunjoo Jin (25 October 2017). "With China dream shattered over missile land deal, Lotte faces costly overhaul". Reuters. Retrieved 19 January 2024.
  35. ^ "South Korea's Lotte seeks to exit China after investing $9.6 billion, as Thaad fallout ensues". The Straits Times. 13 March 2019. ISSN 0585-3923. Retrieved 19 January 2024.
  36. Hernández, Javier C.; Guo, Owen; Mcmorrow, Ryan (9 March 2017). "South Korean Stores Feel China's Wrath as U.S. Missile System Is Deployed". The New York Times. ISSN 0362-4331. Retrieved 19 January 2024.
  37. Kim, Jae-heun (23 May 2022). "Lotte to pull out of China, focus on Southeast Asia". The Korea Times. Retrieved 19 January 2024.
  38. Van, Tong (23 May 2022). "Lotte prepares to shut its China headquarters". Inside Retail Asia. Retrieved 19 January 2024.

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