Shin Kyuk-ho is the founder and first chairman of Lotte Group.
After moving to Japan in 1942 with 83 yen (850 won), Shin started out delivering milk and newspapers before founding an oil production company in 1944. The business came to an abrupt end after it was bombed by US fighter aircraft at the beginning of World War II. Shin then founded Lotte in June 1948 after watching how popular chewing gum was with American soldiers in postwar Japan.
He later expanded the company into food, hotels, distribution, and petrochemicals. Lotte was on a smooth sailing after establishing a factory for Lotte Confectionary. Shin also ventured into the chocolate business, inviting a Swiss chocolatier to create an art form, not a product, and ordered him to “prioritize quality even if the cost is high.” In 1964, Lotte Ghana Chocolate was born.
Following the normalization of relations between Japan and South Korea in 1965, Lotte Confectionery was established in Shin’s home country in 1967. Following the establishment of Lotte Aluminum and Lotte Property&Development, Shin expanded his presence in Korea by acquiring Chilsung Hanmi Beverage (now Lotte Chilsung Beverage). In 1976, he acquired Honam Petrochemical (now Lotte Chemical) to expand its business. Although the Cheong Wa Dae put the brakes on the acquisition, stating that the key industries could not be handed over to Japanese capital, Shin was able to take over the business as he retained his Korean citizenship.
In 1979, he founded Lotteria, the first fast food restaurant in Korea. In response to the government’s policy of promoting tourism, he also founded Hotel Lotte and Lotte Shopping Corporation, the country’s largest department store, in 1979. In October 2017, he announced the split and merger of four companies-Lotte Confectionery, Lotte Shopping, Lotte Food, and Lotte Chilsung Beverage and created Lotte Holding by merging the investment arm of Lotte Confectionery with the investment arm of the other three companies.
Shin also fulfilled a lifelong dream of building a Korean landmark. In 1987, he purchased 87,000 square meters (26,500 square feet) of land along Seokchon Lake in Jamsil, Seoul, and began work to build a tower with more than 100 floors. The process was a torturous one, but after many twists and turns, Lotte World Tower was completed in 2016.
Shin always emphasized the importance of “selection and focus” to the CEOs of his affiliates. He believed that managing unfamiliar businesses with a focus on expansion would end up “harming the people. His management philosophy was that new businesses should be conducted in a way that creates synergy with existing businesses and strengthens core business capabilities.
Personal history:
▲Nov 3. 1921 = born in Ulsan as the first one among 5 brothers and 5 sisters
▲1933 = graduated Sandong Public School(1st -4th grade)
▲1935 = graduated Unyang Public School(5-6th grade)
▲1939 = graduated Ulsan Agricultural School and moved to Hamkyong county
▲1941 = moved to Japan for study
▲Mar. 1946 = graduated university of Waseda, the faculty of science and engineering
▲Apr. 1947 = started development of chewing gum at Hikari Chemical Institute
▲Jun. 1948 = established LOTTE Co., Ltd in Japan
▲Sep. 1950 = married Takemori Hatsuko
▲2009 = appointed to chairman of LOTTE Group, Japan
▲2011 = appointed to general chairman of LOTTE Group
▲Jul. 2015 = dismissed from LOTTE Holdings CEO and Chairman. appointed to honorary chairman of LOTTE Holdings Japan
▲Mar. 2016 = dismissed from registered director of LOTTE Confectionary and Hotel LOTTE
▲2017 = dismissed from director of LOTTE Shopping, LOTTE Construction, LOTTE Holdings Japan, LOTTE Aluminum
▲2018 = appointed to honorary chairman of LOTTE Holdings Korea
▲Dec. 2019 = admitted to Seoul Asan Hospital
▲Jan 19, 2020 = died in Seoul Asan Hospital at 99
