Lotte Group will realign its business portfolio to focus on four major new growth engines — bio technology, metaverse, hydrogen energy and secondary batteries — and take preemptive steps to sell its non-core businesses to maximize management efficiency, Chairman Shin Dong-bin said.
In an interview with the Yomiuri Shimbun, a Japanese newspaper, Shin shared its group-wide strategy of bolstering core businesses with huge growth potential, while at the same time selling unprofitable ones, in a bid to streamline its portfolio amid escalating global economic uncertainties.
“We are pushing for business expansion in the four new growth areas, and have plans to sell some of our less lucrative businesses down the road,” Shin told the Japanese newspaper, Tuesday. “Lotte has acquired a group of around 60 big and small firms, but now we have shifted our strategic focus in a way to focus more on some core businesses, so we can develop our overall portfolios.”
Source: Korea Times