Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Founder of South Korean retail giant Lotte dies

Stock Markets Jan 19, 2020 05:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Hyunjoo Jin and Joyce Lee

SEOUL (Reuters) - Lotte Group founder Shin Kyuk-ho, who started manufacturing chewing gum in 1948 in Japan and built the business into South Korea's No.5 conglomerate with interests ranging from retail to chemicals, died on Sunday, the company said. He was 98.

He was the last of the South Korean entrepreneurs who founded the country's major chaebols, or family-run conglomerates, that now dominate Asia's fourth-largest economy.

Lotte was founded in 1948 as a chewing gum maker in Japan by Shin, who moved to the neighboring country when the Korean peninsula was under Japanese colonial rule. He married a Japanese woman and they had two sons, who later feuded over control of the business empire in 2015.

Now, Shin Dong-bin, the younger son, is at the helm of the retail conglomerate.

Due to its deep links to Japan, Lotte has sometimes faced a public backlash in South Korea, leading to a boycott of its products when ties between the two countries worsened.

In 2017, Lotte also became the biggest corporate casualty of South Korea's diplomatic row with China over Seoul's decision to deploy a U.S. anti-missile system to counter North Korean threat. Lotte, which offered land for the system, saw most of its supermarkets suspended by Chinese authorities, and eventually pulled out of the operations.

Shin, by then wheelchair-bound, was sentenced to three years in prison in 2018 for embezzlement and breach of duty. But he was excused from serving time because of his poor health.

Lotte, which owns the country's tallest 123-story skyscraper, is a household name in South Korea, with the conglomerate's interests ranging from snacks and beverages to supermarkets, department stores, hotels, theme parks and cinemas. One of its flagship units is Lotte Chemical (KS:011170), which has a factory in the United States.

Founder of South Korean retail giant Lotte dies
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Darryl Parvin
Darryl Parvin Jan 19, 2020 6:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lotte is in every store in Japan. You can't escape it.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email