Lotte to pay $788 mn to suppliers ahead of Chuseok holiday

Courtesy of Lotte Department Store

Lotte Group announced on Tuesday that it will pay out 1.05 trillion won ($788 million)in early payments to 12,000 small and medium-sized partner companies ahead of the Chuseok holiday. The initiative is designed to help these businesses manage their finances more effectively during the holiday season.

The payments will be made an average of 10 days earlier than originally planned, ensuring partners receive the funds before the holiday. The total amount, 1.05 trillion won, is 80 percent higher than what was distributed in 2023. Thirty-one Lotte affiliates, including Lotte Chemical, Lotte Innovate, Korea Seven, and Lotte E&C, are participating in the program.

Lotte has been advancing payments to its partners before major holidays since 2013 as part of its effort to promote shared growth between large corporations and smaller businesses.