Q. It is an honor to meet you. We understand you have been busy visiting business sites around the world.

A. I have spent much time in travel, including to Africa and the Middle East, and Europe—so much so that I felt my time in Korea was all too brief in 2024. Since the second half of 2024, I have been actively advancing our “One LOTTE” integration strategy of fostering megabrands, and this is why I needed to travel widely to our global food operations sites, including in Belgium and Poland.
In October, I traveled to Ghana to commemorate Korea’s 50th anniversary and Japan’s 60th anniversary of “Ghana Chocolate,” and visited Ghanaian cacao production sites. I promised to support improving environmental conditions for cacao farms and to provide ESG education programs for children, which would help ensure a stable supply of cacao raw materials. I also met with Wamkele Keabetswe Mene, the SecretaryGeneral of the African Continental Free Trade Area (AfCFTA), and engaged in deep dialogue on opportunities for entering the African market.
In late October, I attended the Asia Business Council (ABC) Forum in Saudi Arabia. It was an opportunity to gather insights into the investment outlook and development prospects of the Middle Eastern industries and discuss the ongoing activities of the LOTTE Group with key forum participants.
In November, I traveled to the United States and observed landmark venues, such as the Madison Square Garden arena, and received in-person status reports on LOTTE Biologics’ US operations.

Q. LOTTE Group, with over 60 years of history, has come a long way to become a global player. How would you define the group’s core strength?

A. Our core strength lies in onsite management and strong execution. LOTTE Group’s founder, Honorary Chairman Kyuk-ho Shin, moved to Japan with just 83 Korean won when he was 20 years old in 1942 and built the LOTTE Group we know today. His handson approach to management, based on firsthand observation, listening, and learning, has been the foundation of the company’s success. This spirit of onsite management is the first step toward becoming a sustainable company, but the next steps are just as crucial. After seeing things firsthand, forming a clear mental impression is insufficient for success; one must follow through with strong execution. Such was my central message during the 2024 Value Creation Meeting (VCM, a semiannual strategic meeting of LOTTE Group’s top leadership) in the second half of the year. Going forward, onsite management and strong execution will continue to serve as building blocks on which LOTTE Group will achieve sustainable growth.

Q. What does “LOTTE-like” mean to you?

A. It means constantly taking on challenges and innovating. Few companies have embraced as diverse a range of businesses as LOTTE Group. Not only were we the first to open a fastfood franchise in Korea, but we later expanded to operating multipurpose shopping complexes, theme parks, and online stores; our food sector achievements fueled our successful expansion into the hotel, tourism, and retail industries. We did not sit on our laurels, rather, we saw opportunity in the petrochemicals sector to build a new chemical sector portfolio and go public in the 1990s. Moreover, LOTTE World Tower, built by LOTTE Engineering & Construction in 2017, has become an attraction magnet as the tallest building in Korea and an iconic landmark of Korea.
As you can see, LOTTE Group has the knowhow to take on challenges in myriad industries to drive innovation and to achieve the highest levels possible in our endeavors. As we continue to uncover new business areas, the enduring growth of LOTTE Group will proceed in quintessential LOTTE like style.

Q. Korean influence in the global market is growing. What areas do you think are particularly promising?

A. I believe the global interest in Korean culture, especially in Korean cuisine, is much more than a fleeting trend. LOTTE Group is paying special attention to India, the world’s most populous country and a key emerging economy with remarkable economic growth. India’s local demand alone has huge revenue potential, but its location is also strategically significant, as it is located near other promising markets such as Myanmar, Bangladesh, and Pakistan.
LOTTE entered the Indian market in 2004 by acquiring the local confectionery company Parrys and became the first Korean company in the food sector to enter the Indian market. Today, we hold a 70% share of India’s “Choco Pie” market. Moreover, we are developing action strategies for launching “Pepero” into global megabrand status with an annual sales target of KRW 1 trillion. This aligns with our “One LOTTE” integration strategy of fostering megabrands, which I previously mentioned was held in Warsaw, Poland in October. A building block to realizing this goal is the establishment of our first overseas “Pepero” factory in India, and we are confident that by 2035, “Pepero” will become a Top10 global brand and the No. 1 brand in Asia.

Q. You have been LOTTE Group’s Chairman since 2011, and over the past decade, you must have made countless decisions. What is your secret to decisiveness and drive?

A. It is easy to make decisions when the management direction is clear. LOTTE Group’s goal is to increase corporate value through sustainable growth, and I have kept this principle close to heart, no matter the given situation. If a decision would result in shortterm profits but would conflict with sustainable growth, we would boldly forgo it. Conversely, if a decision promises to enhance the company’s value in the future, the onthis would be a challenge worth taking on, even if it means sacrificing immediate profits. Based on this principle, we have renewed and rebranded our core businesses while also being vigilant in uncovering and investing in new and highvalue growth areas, sowing the seeds for future growth. In global markets, we avoid reckless investments and expansions and take measured steps for stable profit generation. Throughout these efforts, managing the overall financial health of the company is also critical to making these goals achievable.

Q. Then, what is the most memorable decision you have made so far?

A. A recent decision comes to mind. It was our investment in the bio-CDMO¹ industry, an industry with steady demand and high future growth potential.
In June 2022, the LOTTE Group entered the biopharmaceutical sector by launching LOTTE Biologics. Then, in December of the same year, we acquired a biopharmaceutical production plant from the global pharmaceutical company Bristol Myers Squibb (BMS), bringing over seasoned employees with over 15 years’ experience. Typically, cuttingedge fields like biotech take more than 10 years from investment to generating operating profits. However, we shortened this period to around 1 year through this “big deal” with BMS. We also plan to execute $3 billion in capital expenditures by 2030 that will go toward building a 360,000L plant in Songdo, Incheon.

Q. LOTTE World Mall, one of LOTTE Group’s retail affiliates, celebrated its 10th anniversary in October 2024. With the rise of various ecommerce platforms after COVID-19, the domestic retail industry has been undergoing major changes. Could you share LOTTE’s strategy and vision for the retail sector?

A. First, in the department store sector, we are developing futureoriented multipurpose shopping complexes, aiming to make our stores regional landmarks. This will enable LOTTE to establish market leadership in key commercial areas. In the ecommerce sector, we plan to strengthen our vertical ecommerce platforms by implementing Ocado’s smart logistics system that utilizes robots. Internationally, we plan to focus on multipurpose complexes and shopping malls to solidify our position as a landmark destination for global shopping. This builds on our success in Vietnam with LOTTE Mall West Lake Hanoi, which started operations in September 2023. In the supermarket sector, our goal is to evolve into a groceryspecialized supermarket overseas and our exports of private brand (PB) products, mainly to Southeast Asian countries, will continually be expanded. Our differentiated strategy aims to make LOTTE the primary destination for customers’ shopping, both at home and abroad.

Q. AI is being utilized across various industries. Can you share LOTTE Group’s plans for utilizing AI at the corporate level?

A. AI utilization is essential to ensuring that businesses are competitive at their most fundamental level. For a provider of customer services in numerous sectors including food, retail, and chemicals, like LOTTE Group, it is crucial to internalize knowledge and digitally transform business processes, and we are already applying generative AI technologies in work site operations. At LOTTE Wellfood and LOTTE Mart, AI helps predict customer demand and enables providing customer with fresher products, and we plan to continue improving prediction accuracy through introduction of various additional external factors. As such, AI is not merely a means to work efficiency, but it is an innovative tool that benefits everyone, including our customers and partners. Going forward, LOTTE will leverage the latest AI technology and data, responding swiftly to economic situations at home and abroad as well as to discover potential markets.

Q. How will LOTTE Group grow in the future?

A. LOTTE Group is expanding into new businesses, driven by four major growth pillars. The first pillar is Bio & Wellness. As I mentioned previously, we are advancing into the bio CDMO business through LOTTE Biologics, and we expect to enter into senior communities, nextgeneration food materials sector, and new foodtech businesses. The second pillar is the Mobility, and we are developing electric vehicle charging infrastructure through the EVSIS division (a portmanteau of EV + Oasis) of LOTTE Innovate, with plans to expand into smart logistics, future mobility software, as well as passenger and commercial EV services. In the third pillar, Sustainability, LOTTE Energy Materials is producing secondary battery materials and we expect to expand into hydrogen energy, nextgeneration batteries, and developing ecofriendly materials. The final pillar is the New Life Platform. This growth pillar focuses on delivering customers not only products, services, and spatial areas, but also to deliver novel experiences. This pillar includes the content business, metaverse platform development, new business that leverage AI, and content production.

Q. Could you tell us of your experiences resolving issues through entrepreneurship?

A. LOTTE Group has established an organizational culture committee for the promotion of gender equality and talent development. This is because we believe corporate culture is at the base of competitiveness. LOTTE was the first domestic conglomerate to introduce parental leave systems, including an automatic maternal leave system and a mandatory paternity leave system. We have implemented various familyfriendly programs, including the systematized program for supporting employees returning from leave. The Korean business community, too, has recently been carrying out various policies aimed at addressing the issue of low birth rates, and I believe that sustained corporatelevel efforts would lead to the emergence of more companies like LOTTE, renowned for excellence in worklife balance.

Q. What do you think is the core of entrepreneurship?

A. I believe a global pioneering spirit is crucial. It is a spirit instilled by the LOTTE Group’s firstgeneration founder, Kyuk-ho Shin, and it was in this spirit that we established LOTTE Ventures. Recently, we have been supporting excellent startups from both South Korea and Japan to create synergies and enter the global market by utilizing LOTTE’s infrastructure. I believe that the demand for open innovation, which leverages the innovative DNA of startups, will continue to grow in the future.

Q. We are curious about the personal side of Dong-bin Shin. What do you do in your personal time?

A. In the winter, my main interest is skiing. During my student years, I used to be a competitive ski athlete as a school and regional representative. Skiing is more than just a hobby; I have a deep affection for the sport. From 2014 to 2018, I served as the chairman of the Korea Ski & Snowboard Association, and in 2022, I recruited national team athletes and formed the LOTTE Ski Team to contribute to promoting skiing in Korea. After the winter season, I enjoy playing tennis or watching baseball.

Q. As the chairman of LOTTE Group and a foremost businessman of South Korea, you have had a significant impact on the country’s economy. In this context, what role would you like to play in the future?

A. I feel that the relationship between South Korea and Japan has improved significantly since 2023. The LOTTE Group is based in both countries, and I think that we can contribute to creating synergies between the two nations. For example, the Japan Association of Corporate Executives, one of Japan’s three major business organizations, visited South Korea in the summer of 2023. It was their first official visit to Korea in over a decade. To smooth the way for this longdeferred visit, the Association reached out to LOTTE, and we spared no efforts in helping form an effective engagement plan. Through mutual efforts, there was fruitful communication between the Association and the South Korean government, businesses, and business organizations. Going forward, I hope to continue playing the role of a bridgebuilder for economic exchanges between South Korea and Japan.