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 [...]
SEOUL, May 12 (Korea Bizwire) – Lotte.com, a major Korean online shopping mall, is offering a new custom-tailored shirt service that offers customers the convenience of placing orders from home, along with a men’s shirt brand called Luke & Dan. According to Lotte, the new tailoring service does not require customers to visit a store [...]
SEOUL, May 11 (Korea Bizwire) – South Korea’s retail conglomerate Lotte Group is ratcheting up efforts to promote its own mobile payment platform, L Pay, industry watchers said Wednesday, as such services gained popularity over previous months amid the rising number of smartphone users. Lotte Group chairman Shin Dong-bin was recently quoted as saying by [...]
SEOUL, April 6 (Korea Bizwire) – Retail giant Lotte Group is seeking to sell more of its hotel unit’s stocks to retail and institutional investors in a move to improve its cobweb-like corporate governance, industry sources said Wednesday. Hotel Lotte Co., the group’s hotel unit, has been preparing to go public on the Seoul bourse as [...]
SEOUL, March 19 (Korea Bizwire) – With traditional brick and mortar retailers feeling squeezed by the rapid growth of online shopping, a new tactic has them fighting back by building massive shopping malls that offer both shopping and entertainment at the same time. Lotte and Shinsegae have announced plans to build seven shopping malls (four by Lotte, [...]