November 27, 2024

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Shin Yoo-yeol, managing director of Lotte Chemical (Lotte Chemical)

Lotte Group, the nation’s fifth-largest conglomerate, said Monday it has recently set up a future growth task force at its Korean and Japanese headquarters in an apparent move to accelerate the retail giant’s “One Lotte” strategy.

The team, consisting of four members, aims to shape Lotte’s long-term strategy and nurture future growth drivers as well as seek business synergies with Lotte Japan.

The team is also expected to function as a communication channel between the Korean and Japanese operations.

Speculation grew about the possibility of integrating businesses in Korea and Japan in 2020 when Shin Dong-bin also became chairman of the holding unit of Lotte Japan.

The possible integration is also widely seen as a crucial step for the succession scheme at Lotte. Currently, the chairman’s only son, Shin Yoo-yeol works as a managing director at Lotte Chemical and as an unofficial executive at the Japanese holding unit.

A Lotte official, however, denied that Shin Yoo-yeol would be involved in the new task force, saying that he "is not working at the team currently and nothing has been decided on the possibility of him joining.”

“It is too soon to discuss his leadership succession as he owns no shares of Lotte Group,” he added.

By Lee Yoon-seo (yoonseo.3348@heraldcorp.com)