ADVERTISEMENT

Last Updated:
2024-09-22 08:20:01

Lotte Corporation

South Korean multinational conglomerate corporation
South Korean multinational conglomerate corporation

Lotte Corporation is a South Korean multinational conglomerate corporation. Founded in 1948, it has diversified business interests including food and beverages, retail, chemicals, and construction. Lotte is one of the largest chaebols in South Korea.

Community for Timeline Editors
Place where unique editors like you interact
790
LOTTE-Nestlé

LOTTE-Nestlé is a joint venture between LOTTE Corporation and Nestlé, a Swiss multinational food and drink processing conglomerate.

1398
Lotte World

Lotte World, a major entertainment complex in Seoul, South Korea, opened in 1398. It features the world's largest indoor theme park and an outdoor amusement park, attracting millions of visitors annually.

1947
Establishment of Lotte Corporation

Lotte Corporation was founded in 1947 in Japan by Shin Kyuk-ho. It has since expanded into various industries including food and beverage, retail, and entertainment.

1948-06-28
Establishment of Lotte Corporation

Lotte Corporation, a South Korean multinational conglomerate corporation, was founded on June 28, 1948, by Korean businessman Shin Kyuk-ho in Tokyo. It later expanded to South Korea with the establishment of Lotte Confectionery in Seoul on April 3, 1967.

1950
Lotte Chilsung Beverage

Lotte Chilsung Beverage is a major South Korean beverage company that was established in 1950 as part of the Lotte group.

1964
Launch of Ghana Milk Chocolate

In 1964, Lotte launched its first milk chocolate, called Ghana, which was adapted to suit the Japanese palate. The company supported this launch with a massive television advertisement campaign, firmly establishing the brand in the minds of consumers.

1967-04-03
Establishment of Lotte Confectionery in Seoul

Lotte Corporation expanded to South Korea with the establishment of Lotte Confectionery in Seoul on April 3, 1967.

1973
Establishment of LOTTE Hotel and LOTTE Machine Industry and LOTTE Pioneer

In 1973, LOTTE established LOTTE Hotel, LOTTE Machine Industry, and LOTTE Pioneer, further expanding its business portfolio.

1974
Acquisition of Chilsung Hanmi Beverage (now LOTTE Chilsung Beverage)

In 1974, LOTTE acquired Chilsung Hanmi Beverage, which is now known as LOTTE Chilsung Beverage, strengthening its presence in the beverage industry.

1976
Acquisition of Honam Petrochemical Corp

In 1976, LOTTE Corporation acquired Honam Petrochemical Corp, which is now known as LOTTE Chemical.

1978
Acquisition of Samkang Industrial and Establishment of Lotte Foods

In 1978, LOTTE Corporation acquired Samkang Industrial, now known as LOTTE Foods, and also established LOTTE Ham/Milk. Additionally, the company acquired Pyeonghwa Engineering & Construction, now LOTTE Engineering & Construction.

1979
Establishment of Lotteria and LOTTE Shopping

In 1979, LOTTE Corporation established Lotteria and LOTTE Shopping.

1982
Establishment of LOTTE Giants, Daehong Communications, and LOTTE Corporation

In 1982, LOTTE established LOTTE Giants, Daehong Communications, and LOTTE Corporation as part of its efforts to enhance cultural infrastructure and secure competitiveness in the domestic distribution and tourism industry.

1983
Establishment of LOTTE Central Research Institute and LOTTE Distribution business headquarters

In 1983, LOTTE founded the LOTTE Central Research Institute and LOTTE Distribution business headquarters, playing a significant role in research and development of new products and distribution know-how.

1984
Establishment of LOTTE Hotel Busan

In 1984, LOTTE Hotel Busan was established.

1985
Establishment of LOTTE Canon (Canon Korea Business Solutions INC)

In 1985, LOTTE Canon, which later became Canon Korea Business Solutions INC, was established.

1987
Established US Corporation

In 1987, Lotte Corporation expanded its operations by establishing a corporation in the United States.

1988
Foundation of Lotte Asset Development

Lotte Asset Development was established in 1988 as a subsidiary of Lotte Corporation focusing on real estate development.

1989
Establishment of LOTTE World business headquarters

In 1989, the business headquarters of LOTTE World was established.

1991
Establishment of LOTTE Station Building Co. Ltd.

In 1991, LOTTE established LOTTE Station Building Co. Ltd., marking a significant milestone in its expansion and diversification efforts.

1993
Lotte enters Indonesia

In 1993, Lotte entered Indonesia by launching a subsidiary in Jakarta.

1994
Lotte Asahi Liquor

Lotte Asahi Liquor is a joint venture between Lotte Corporation and Asahi Breweries, focusing on the production and distribution of alcoholic beverages.

1995
Lotte Central Research Institute

Lotte Central Research Institute is the research and development arm of Lotte Corporation, dedicated to innovation and technological advancements.

1996
Establishment of LOTTE Logistics and LOTTE Data Communication Company

In 1996, LOTTE expanded its operations by establishing LOTTE Logistics and LOTTE Data Communication Company, further diversifying its business portfolio.

1997
Introduction of Xylitol Gum

In 1997, Lotte became the first company in Japan to create a gum with xylitol, a sugar substitute known for its dental benefits, which later became a popular product in Korea.

1998
Establishment of LOTTE Mart

In 1998, LOTTE founded LOTTE Mart, a key player in the retail industry, showcasing its commitment to market expansion and customer service.

1999
Establishment of LOTTE Cinema

In 1999, LOTTE ventured into the entertainment industry by establishing LOTTE Cinema, enriching its offerings and diversifying its business interests.

2002
광주월드컵점

The opening of Gwangju World Cup Store in 2002.

2004
Lotte's Investment in China

Since 2004, Lotte had invested over ₩8 trillion (US$6.99 billion) into growing their presence in China, operating numerous stores and cinemas.

2005
Acquisition of full control of Chinese operations

In 2005, Lotte acquired full control of its Chinese operations.

2007
Creation of Lotte Members

Lotte Members was launched in 2007 as a loyalty program by Lotte Corporation to reward its customers.

2008
Acquisition of Guylian

In 2008, Lotte Confectionery acquired Guylian, a Belgian company known for its chocolate products.

2010-06
Acquisition of Wedel from Kraft Foods

In June 2010, Lotte Corporation acquired Poland's largest candy company, Wedel, from Kraft Foods. This acquisition expanded Lotte's presence in the European market.

2011
Lotte's Net Loss in Chinese Operations

Lotte's Chinese operations reported net losses of ₩75.3 billion (US$65.82 million) in 2011, which increased significantly in the following years.

2012
Acquisition of Hi Mart

In 2012, LOTTE acquired Hi Mart, which is now known as LOTTE Hi Mart. This acquisition further solidified LOTTE's position in the retail sector and contributed to its growth and expansion.

2013
Acquisition of Rakhat in Kazakhstan

In 2013, LOTTE acquired Rakhat in Kazakhstan, expanding its presence in Central Asia. This strategic move helped LOTTE strengthen its operations in the region and diversify its portfolio.

2016-06-13
Cancellation of Hotel Lotte IPO

On June 13, 2016, Lotte announced it would withdraw its initial public offering (IPO) for Hotel Lotte, which was predicted to be the largest offering in South Korean history. The decision was made due to the ongoing circumstances surrounding the probe into Lotte Corp.

2017-04-17
Chairman Shin Dong-bin's Bribery Scandal

Chairman Shin Dong-bin was charged with bribery in the 2016 South Korean political scandal for donating ₩7 billion to a non-profit controlled by President Park Geun-hye's close friend.

2017-10-12
Spin-off to form Lotte Corporation

On October 12, 2017, Lotte Confectionery announced the spin-off to form Lotte Corporation as the holding company.

2018-02-13
Chairman Shin Dong-bin's Sentencing

Chairman Shin Dong-bin was fined ₩7 billion and sentenced to 2.5 years in prison for bribery, stepping down as COO of Lotte Group's Japanese-based holding firm.

2019-10
Seoul High Court's Decision on Shin Dong-bin's Case

The Seoul High Court upheld the appeals court's decision that Chairman Shin Dong-bin 'passively' committed bribery, understanding that not donating to Choi's non-profit would harm Lotte Group.

2020
Shin Kyuk-ho's Death

Founder Shin Kyuk-ho passed away at the age of 95 in 2020 after avoiding imprisonment due to health issues.

2022-11-06
Department Store

The department store located in Jamsil.

End of the Timeline
Lotte Corporation
Become an Editor of Timeline Wiki
Become an Editor of
Timeline Wiki
USD $0 for creating and editing infinite number of timelines after sign up.