SEOUL, Aug. 31 (Korea Bizwire) — South Korea’s retail giant Lotte said Thursday it will inject another $300 million into its hypermarket chain in China, which is bearing the brunt of Beijing’s apparent economic retaliation over Seoul’s deployment of a U.S. missile defense system. Lotte Mart, the operator of the group’s hypermarket chain, said Lotte [...]
SEOUL, Aug. 29 (Korea Bizwire) — Four affiliates of South Korea’s retail giant Lotte are set to hold their shareholder meetings Tuesday to vote on setting up a holding firm through a division and merger of the units, a move widely expected to strengthen its chairman’s control over the business group. The country’s fifth-largest conglomerate [...]
SEOUL, Aug. 9 (Korea Bizwire) – The founder of South Korean retail giant Lotte lost his last remaining board member seat at the affiliate of the conglomerate, effectively leaving the management scene, the business group said Wednesday. The board of directors of Lotte Aluminum Co., a packaging material firm, decided not to extend the term [...]
SEOUL, Aug. 3 (Korea Bizwire) — Subsidiaries of South Korean retail giant Lotte Group saw their earnings tumble in the second quarter, data showed Thursday, stung by China’s retaliation over Seoul’s decision to deploy an advanced U.S. missile defense system. In early March, Lotte agreed with the Seoul government to swap its golf course in [...]
SEOUL, June. 21 (Korea Bizwire) — With the advent of technology, South Korean shopping channels as we know them are in for a dramatic makeover. The massive conglomerates behind many of these channels are increasingly tapping comedians and internet stars to be the face of their sales broadcasts through digital platforms. One industry powerhouse leading the [...]
SEOUL, June 7 (Korea Bizwire) – South Korean retail giant Lotte will not be abandoning its businesses in China, which have been reeling from apparent retaliation after the company provided the South Korean government with land for a new THAAD anti-missile system. A Lotte official in China said Wednesday that “there is no change in [...]
SEJONG, May 31 (Korea Bizwire) – South Korea should convince China to accept the ongoing deployment of an advanced U.S. missile defense shield on its soil instead of trying to reverse the move, which could send the wrong signals to both Washington and Beijing, a scholar has said. The installation of a Terminal High Altitude [...]
SEOUL, May 26 (Korea Bizwire) – Lotte’s new beer brand has stirred debate with some claiming it copied the name of a chewing gum sold by the conglomerate’s Japan unit, industry sources said Thursday. The controversy is seen as throwing cold water on the launch of the product that targets the low to mid-end market. [...]
SEOUL, May 10 (Korea Bizwire) – Lotte Chemical Corp., a major chemicals firm here, said Wednesday that it plans to spend 370 billion won (US$326 million) in expanding facilities in the country, to better meet demand and strengthen its product portfolio. Lotte Chemical decided to expand the output at its domestic plant that produces meta [...]
SEOUL, May 7 (Korea Bizwire) – Lotte Group is facing huge losses as its outlets in China have remained closed for about two months over Beijing’s apparent retaliation against the deployment of an advanced U.S. missile defense system in South Korea, according to group officials Friday. Chinese authorities ordered Lotte to close its stores following [...]