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Lotte Group Chairman Shin Dong-bin |
Lotte Group is going all-out to revamp its brand image, which sagged after founding family’s power feud and other unfavorable events over the past few years.
The fifth-largest conglomerate in Korea with businesses from retail to food and chemicals recently created a brand management team at the group’s headquarters, according to industry sources on Tuesday. The new team is designed to oversee all brand-related activities that are handled separately by each Lotte Group units, as well as develop group-wide brand communication strategies to strengthen synergy among the business units.
It is the first time for Lotte Group to launch a headquarter-level brand team since it transformed into a holding company structure in 2017.
The new team has already made its first move, creating a new brand slogan for the group. It introduced “New Today, Better Tomorrow” slogan at the group’s CEO meeting on July 1, with an aim to transform as a company that leads changes and innovation for a sustainable future, according to Lotte.
The group will also organize a brand committee, comprised of brand communication specialists from each business units, to discuss and manage marketing communication policies.
Lotte Group has been most laggard in keeping abreast of fast changes. It has been slow in digitally transforming its mainstay retail business amid rapid migration by others.
It also experienced a series of unfavorable events, from consumer boycott at its retail outlets in China over a diplomatic issue involving U.S antimissile system THAAD to a family feud.
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