How a German literary character became a South Korean corporate titan
In short: Lotte Corporation is one of the largest conglomerates in South Korea, spanning everything from candy and hotels to chemicals and baseball teams. But its name doesn't come from a family lineage or an industrial process—it was inspired by a 18th-century German novel.
Founded on June 28, 1948, in Tokyo by businessman Shin Kyuk-ho, Lotte began as a modest venture selling chewing gum to children in post-war Japan. The name 'Lotte' was chosen because Shin was deeply impressed by Johann Wolfgang von Goethe's 1774 novel, The Sorrows of Young Werther. He named the company after its character, Charlotte. This literary connection remains today; for instance, Lotte uses "Charlotte" as the name for premium auditoriums in its movie theaters.
The conglomerate expanded rapidly into South Korea, establishing Lotte Confectionery in Seoul on April 3, 1967. Today, it is the fifth-largest chaebol (large family-owned conglomerate) in the country. Its reach is vast, consisting of over 90 business units employing 60,000 people across diverse sectors including retail, financial services, electronics, and construction. The company operates globally, with a significant presence in markets like China, Thailand, Indonesia, and even Australia and New Zealand.
However, Lotte's growth has been marked by high-stakes drama and controversy. In 2013, the health of founder Shin Kyuk-ho led to a bitter leadership dispute between his two sons, eventually resulting in Chairman Shin Dong-bin taking control. The group also faced massive scrutiny over allegations of embezzlement and bribery involving political figures, leading to significant market value losses and legal battles. Furthermore, Lotte's geopolitical navigation became a point of contention when it sold a golf course for a US missile defense system (THAAD), which triggered a massive Chinese boycott that eventually forced the company to exit its mainland China operations by 2022.
The corporation also faces modern scrutiny regarding animal welfare. In 2016, after the death of two beluga whales in its care, Lotte pledged to release a captive whale named Bella from its Seoul aquarium. However, as of 2023, the company has faced criticism for keeping her in solitary captivity for years following that announcement.
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Sources
- Summary by Intellect · source: Lotte Corporation
- Also: Wikidata — Lotte Corporation · CC0
- Also: Wikidata — Lotte · CC0
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