Lotte Group chairman Shin Dong-bin on Tuesday ruled out separating the retail giant’s operations in Korea and Japan.
“Lotte in Korea and Japan have been partnering in overseas markets including Southeast Asia. The combined sales of the two companies amount to 5 trillion won ($4.25 billion), ranking seventh to eighth in the global confectionary market,” Shin said at a news conference held to apologize for a high-profile family feud that erupted last month.
“When seen separately, the two post only 2.5 trillion won in sales each, ranking around 30th in the global market. Therefore, separating the Korean and Japanese management is not an option and neither is it beneficial for the national economy,” he explained.
There was speculation earlier that the business empire may separate its Korean operations due to differences in the two countries’ corporate culture and the chairman’s escalating tension with his elder brother, Shin Dong-joo, who used to control the Japanese operations.