Lotte is one of Korea's largest diversified conglomerates, operating in a number of different industries. It is best-known as one of Asia's leading confectionery companies, and among the global leaders in chewing gum. In its domestic market, it is also the country's biggest retailer, operating a wide variety of different Lotte-branded stores including supermarkets, department stores and convenience outlets, as well as restaurants. It is a major force in food and soft drinks, hotels and leisure, and also in industrial operations including petrochemical production and construction. It has established a strong presence in other Asian markets, especially Japan where the founding Shin family, who still control the group, have long-established roots, but also China and now India. Unlike other Korean conglomerates such as Samsung or LG, Lotte has a very low profile in the West. The group's performance has been impacted since 2015 by a series of dramatic challenges, including power struggles between members of the founding family; a political row between Korea and China which resulted in a boycott of Lotte outlets by Chinese shoppers; and then the arrest and imprisonment in 2018 of chairman Shin Dong-bin on corruption charges.
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Adbrands Weekly Update 4th Jan 2018: South Korea's newly revitalised anti-corruption regulators scored another victory over the handful of families who have dominated that country's economy over the past 50 years. Hot on the heels of the imprisonment last year of Samsung heir JY Lee, a court found several members of the Shin family, who control the Lotte retail and confectionery empire, guilty of embezzlement and breach of trust. Lotte's 95-year-old founder Shin Kyuk-ho was sentenced to four years in prison; his son and current chairman Shin Dong-bin was given a 20-month suspended sentence. The Shin clan is accused of making payouts from Lotte Group to family members in the form of unearned salaries and preferential business rates. Other family members were also given sentences. Shin Dong-bin also faces a separate trial for bribing disgraced South Korean president Park, a similar case to that for which Samsung heir Lee Jae-yong is currently serving jail time. [UPDATE: In the latter case, Shin Dong-bin was found guilty of corruption in Feb 2018 and sentenced to two-and-a-half years in prison].
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|Daehong Communications||Lotte Hotels|
|Lotte Chilsung Beverage||Lotte department store|
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