SEOUL, Nov. 24 (Korea Bizwire) — Lotte Group is quickly responding to the liquidity squeeze of its construction unit amid concerns that the construction unit’s liquidity problem, caused by the recent bond market crunch, could spill over to other parts of the group. Lotte Engineering & Construction Co. carried out a 200 billion won (US$149 [...]
SEOUL, May 13 (Korea Bizwire) — South Korea’s Lotte Group decided Friday to buy U.S. drug firm Bristol Myers Squibb (BMS)’s pharmaceutical factory in Syracuse, New York, for $160 million. Lotte’s board of directors approved the deal, which also includes BMS’s contract manufacturing agreements to produce medicine worth $220 million over the next three years. [...]
SEOUL, April 13 (Korea Bizwire) — South Korea’s top two retailers — Shinsegae Group and Lotte Group — are going beyond retail to jump into the whisky and wine markets, which have been seeing rapid growth since the onset of the COVID-19 pandemic. Lotte Chilsung Beverage Co. announced in a report released early this year [...]
SEOUL, March 22 (Korea Bizwire) — South Korea’s antitrust regulator said Tuesday it has decided to approve a deal by Korea Seven Co., the operator of 7-Eleven convenience stores, to buy its smaller rival Ministop Korea Co. In January, the country’s retail giant Lotte inked a deal to acquire a 100 percent stake in Ministop [...]
SEOUL, Jan. 21 (Korea Bizwire) — Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won (US$263 million). Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers [...]
SEOUL, Nov. 12 (Korea Bizwire) — This year, the public’s view and sentiment toward “Pepero Day (Nov. 11) ” are not great. It seems that cracks are occurring in a previously popular promotion that has been thriving for 26 years. One of the things consumers feel strongly about every Pepero Day is that it is [...]
SEOUL, Oct. 17 (Korea Bizwire) — The top court’s ruling on Lotte chief has cleared uncertainties over the conglomerate’s business plans, industry officials said Thursday, as it is expected to push for the listing of a hotel unit to complete its holding company structure. Shin Dong-bin, who heads the country’s fifth-largest conglomerate by assets, was [...]
SEOUL, Oct. 2 (Korea Bizwire) — Popular characters created by South Korea’s Sticky Monster Lab will become the new main characters of Seokchon Lake in Jamsil, Seoul. The Lotte Foundation for Arts, Lotte World Tower, and Songpa District Office will work with Sticky Monster Lab, a South Korean group of artists, to start the Lunar [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korea’s two leading duty-free operators have bid for the right to sell cigarette and liquor products at Singapore’s Changi Airport, an industry tracker said Tuesday. No. 1 Lotte Duty Free and second-largest Shilla Duty Free submitted their bids to operate tobacco and liquor concessions at Changi’s four terminals [...]
SEOUL, Jun. 18 (Korea Bizwire) — It is hard for consumers to live without online and mobile shopping, and for retailers already struggling with a slump in store traffic and the subsequent fall in direct to consumer sales, living up to the trend may be pronounced in the face of cutthroat competition with a slew [...]