Lotte (conglomerate)

Lotte (conglomerate)

Lotte is a multinational conglomerate with headquarters in South Korea and Japan. It was established in June 1948 by Shin Kyuk-ho, a Korean businessman. The conglomerate operates in a wide range of industries, including food, retail, chemical, construction, and entertainment.

History

Shin Kyuk-ho founded Lotte in Tokyo, Japan in 1948, initially as a chewing gum manufacturer. The company expanded its operations to South Korea in 1967, where it grew rapidly and became one of the country's largest business groups. Lotte's growth was driven by the development of its food and retail businesses, which include Lotte Confectionery, Lotte Chilsung, and Lotte Shopping.

Businesses

Lotte's businesses are diverse and span several industries. Some of its key businesses include:

• Lotte Confectionery: This is Lotte's original business, which produces and sells a variety of confectionery products, including chewing gum, chocolate, and ice cream.

• Lotte Chilsung: This subsidiary produces and sells beverages, including soft drinks, juice, and bottled water.

• Lotte Shopping: This is one of the largest retail companies in South Korea, operating supermarkets, department stores, and online shopping platforms.

• Lotte Chemical: This subsidiary produces a wide range of chemical products, including petrochemicals and polymers.

• Lotte Construction: This subsidiary is involved in various construction projects, including residential and commercial buildings, as well as infrastructure projects.

• Lotte Entertainment: This subsidiary is involved in the production and distribution of films and TV shows, as well as the operation of movie theaters.

Controversies

Lotte has been involved in several controversies, including a high-profile succession dispute between the founder's sons, Shin Dong-bin and Shin Dong-joo. The conglomerate has also faced criticism for its complex ownership structure, which has been described as opaque and conducive to family control.

See also

• Economy of South Korea
• Economy of Japan
• Chaebol