Lotte Chairman Shin Dong-bin vows to make Pepero 'megabrand' by 2035

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Lotte Chairman Shin Dong-bin vows to make Pepero 'megabrand' by 2035

Published: 08 Sep. 2024, 16:29

SARAH CHEA
chea.sarah@joongang.co.kr

Lotte Chairman Shin Dong-bin, center, tours Guylian's chocolate manufacturing plant in Sint-Niklaas, Belgium. [LOTTE]

Lotte Chairman Shin Dong-bin ordered an intimate cooperation between Korean and Japanese units to make Pepero the 10th-largest snack brand by 2035.

“The two must collaborate closely to foster [Pepero as] a megabrand generating more than 1 trillion won [$750 million] in sales overseas,” Shin said during an executive meeting in Poland on Sept. 3.

Shin organized the meeting with executives from firms of both countries during his approximately one-week trip to Europe to inspect Lotte's overseas plants in Poland and Belgium. Shin also spearheads Japan's Lotte, a confectionery company headquartered in Tokyo.

Lotte Chairman Shin Dong-bin, left, tours Guylian's chocolate manufacturing plant in Sint-Niklaas, Belgium. [LOTTE]

Lotte Wellfood's Pepero brand, known for its chocolate-dipped sticks, is Korea's top-selling chocolate snack brand. The product posted around 200 billion won in sales last year.

“Lotte Wellfood will use Japan-based Lotte's overseas network, like to Vietnam and India, to expand Pepero sales with a shared goal of making it to the global top 10, and Asia's No. 1 snack brand, by 2035,” a spokesperson for Lotte told the Korea JoongAng Daily.

Other possible strategies were also discussed, such as discovering new markets and cooperation in outsourcing and marketing activities.

Shin also participated a grand opening ceremony for Lotte Wedel's Chocolate Factory Museum in Warsaw, Poland, which includes a chocolate manufacturing facility and research and development center.

Lotte Wedel is rooted in E.Wedel, a chocolate snack company founded in 1951 and exporting to around 60 countries across the globe. It was acquired by Japan's Lotte in 2010 and changed its name to Lotte Wedel in 2011.

Shin also toured Guylian's chocolate manufacturing plant in Sint-Niklaas, Belgium. Lotte acquired 100 percent of Guylian in 2008.

SK Group Chairman Chey Tae-won speaks during a press conference in Jeju in July. [KOREA CHAMBER OF COMMERCE AND INDUSTRY]

Meanwhile, SK Chairman Chey Tae-won on Saturday held an executive meeting with the heads of the group's major subsidiaries to emphasize maintaining readiness to respond to uncertainties ahead of growing competition and upcoming elections in the United States and Japan.

“It's an uneasy task, but our cross to bear to gain competitiveness in key industries including AI, chips and energy while responding rapidly changing and unstable conditions,” Chey said during the meeting.

Chey said he “will be at the head doing my best,” encouraging employees' efforts and emphasizing that “SK's AI, chip and energy businesses are all in a critical position in increasing national economy and security.”

Chey and the executives also discussed the possible impacts the U.S. presidential election and economic slowdown of the United States and China will bring to Korea.

The C-level meeting was attended by Chey Chang-won, chairman of the SK Supex Council, the conglomerate's top decision-making body; Yu Jeong-joon, vice chairman of SK On; Seo Jin-woo, vice chairman of SK's China region; SK Inc. CEO Jang Yong-ho; SK Innovation CEO Park Sang-kyu; SK Telecom CEO Ryu Young-sang; and SK hynix CEO Kwak Noh-Jung.

BY SARAH CHEA [chea.sarah@joongang.co.kr]