Lotte Group executives to meet, discuss market uncertainties

Chairman Shin Dong-bin

Lotte Group executives will gather in Seoul on Friday for the Lotte Value Creation Meeting (VCM) in the second half of 2024, which will be led by Chairman Shin Dong-bin, to strategize on how to overcome uncertainties in the business environment.

Around 80 representatives from various Lotte Group divisions and business units will attend the meeting. The VCM will be held twice a year, in the first and second halves of 2024.

Shin Yoo-yeol, Chairman Shin’s eldest son and executive director of Lotte Corp.’s Future Growth Division, will also attend after attending the first-half VCM in January 2024. Since joining Lotte Corp. at the end of 2023, the younger Shin has expanded his management role to focus on future growth engines by attending events such as the 2024 Consumer Electronics Show in Las Vegas and Interbattery Europe 2024 in Germany.

The group will host the 2024 Lotte Investment Showcase Prior ahead of the second-half VCM, where executives will explore technologies from promising startups and potential new business or investment opportunities. Sixteen startups from various fields, including artificial intelligence (AI)-based content creation, IoT-based micro-stores, autonomous driving robots, and biotechnology, will participate.

The event will begin with a lecture on overcoming challenges and recovery, followed by a review of first-half business performance and a discussion of management strategies for achieving second-half goals. Participants will also discuss second-half strategies for the food, retail, and chemical businesses. Representatives of each business unit will present strategies for regaining a leading position, and Lotte Innovate Co., which is responsible for the Group‘s AI-based technology, will share strategies for strengthening execution using AI.

The elder Shin is expected to emphasize enhancing competitiveness using AI and intellectual property (IP), while outlining management policies and executive roles, after calling for business innovation in the era of AI transformation in his New Year’s address. He advocated strengthening the content business through collaboration with IP specialists during a content-related meeting in April 2024. He also called for “strong execution” to ensure that visions and goals are realized at the first-half VCM in January 2024 while urging executives to view AI as a fundamental measure to strengthen competitiveness beyond simply improving work efficiency.