SEOUL, June 14 (Korea Bizwire) – Amid an ongoing investigation into Lotte, one of Korea’s largest conglomerate groups, prosecutors have confiscated the secret safes of Shin Kyuk-ho, founder and general chairman of Lotte, and Shin Dong-bin, the second son of Shin senior and current CEO of Lotte. According to the prosecutors’ office and Lotte officials, [...]
SEOUL, June 14 (Korea Bizwire) – Prosecutors launched a second round of raids on affiliates of South Korea’s retail giant Lotte Group on Tuesday as their probe into the country’s fifth-largest conglomerate widens over the group’s alleged slush funds. The Seoul Central District Prosecutors’ Office said it raided a total of 15 places, including 10 [...]
SEOUL, June 10 (Korea Bizwire) – Large retail and distribution companies are rapidly expanding their presence in the manufacturing industry through M&A or Private Brands (PB). The rationale behind this phenomenon is that integrated management from planning and manufacturing to distribution of products saves costs and exerts greater influence in the market. Lotte Department Store launched [...]
SEOUL, June 10 (Korea Bizwire) – Prosecutors raided the headquarters of South Korea’s retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice. The Seoul Central District Prosecutors’ Office said it sent some 200 investigators to 17 places, including the group’s headquarters in central Seoul, its major [...]
SEOUL, June 8 (Korea Bizwire) – Lotte Group officials have made the decision to remove a giant Korean national flag that is currently being displayed on the company’s new 123-storey World Tower, in July. The gigantic flag, which is 36 meters wide and 24 meters high, was fixed to the building’s outer structure in August 2015 [...]
SEOUL, June 7 (Korea Bizwire) – Lotte Chemical Corp., a major chemicals maker, said Tuesday that it has submitted a bid to take over a U.S.-based chemicals firm to expand its business portfolio. In a regulatory filing, the company said it has submitted a bid to take over Axiall Corp., a deal estimated at over [...]
SEOUL, June 1 (Korea Bizwire) – The Korean Film Council (KFC) said Tuesday that it will hold a “K-Cinema Global Networking” event in Ho Chi Minh City this month to expand cooperation and exchanges in cinema between South Korea and Vietnam. To be jointly held by the KFC and Vietnam’s culture ministry from June 22 to [...]
SEOUL, May 26 (Korea Bizwire) – Lotte Department Store is implementing what it calls a ‘Virtual Fitting Service’ for customers to try on clothes virtually, without having to physically put them on. The service uses a special mirror that provides a virtual reflection of the customer wearing the clothing by applying a 3D image of [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s top 30 business groups reduced the number of their executives by about 500 over the past year due mainly to downsizing and business restructuring moves, data showed Wednesday. The total number of senior executives at the 30 largest conglomerates was 9,632 as of May 16, down 484, [...]
SEOUL, May 23 (Korea Bizwire) – South Korean breweries are apparently seeking to jack up beer prices in the wake of hikes in “soju” liquor prices in November last year, according to industry figures Sunday. “(We) are considering price hikes internally,” an official at Oriental Brewery (OB) Co. said. “The specific rate and timing have [...]