Lotte Group sets up a support system for its partner companies and subcontractors to ensure co-prosperity as a driver of sustainable growth.

As part of its focus on corporate social responsibility, the Lotte Group operates a shared growth fund valued at around 1 trillion won ($840 million) and provides loans to its partner companies. In 2018, it was the first conglomerate to introduce a win-win payment method for all its affiliates, helping to secure stable funding for its small and medium-sized partners.

Lotte Group actively participates in voluntary activities to support those in need. [LOTTE GROUP]

Lotte Confectionery strengthened its support system for its business partners on February 17, with the aim of mutual growth. The company has prepared detailed support measures for partner companies in four categories: supply and demand of raw materials and stabilization of operation, quality control of facilities, performance sharing and management support.

The company will establish a dedicated department to ensure effective cooperation and form an advisory body with various relevant departments to operate it as a support and information-sharing platform.

Lotte Group strives to create a start-up ecosystem through Lotte Ventures that enables start-ups and conglomerates to coexist through cooperation. Lotte Ventures’ representative program is L-Camp, which selects promising startups and comprehensively supports the chosen company with initial investment, office space, management support and mentorship.

Other Lotte Group subsidiaries also collaborate with start-ups.

Lotte Home Shopping has produced ten thousand green agenda kits with the eco-responsible startup Marine Innovation for their employees and partner companies. Since 2017, the teleshopping company has been running continuous programs to discover promising start-ups and help them grow. To date, the company has provided 1.4 billion won in grants to a total of 35 start-ups.

Convenience store chain 7-Eleven signed a commercial agreement on January 20 with Oasis Business, a start-up that provides real estate appraisal solutions. It plans to set up an advanced information system on start-ups and possibly increase the success rate of troubleshooters.

Lotte Group is also actively involved in many volunteer programs. Lotte World held a recycled tote bag coloring activity session for seniors who live alone.

Lotte Shopping donated 30 million won to Korea Food for the Hungry International (KFHI) to support young caregivers on January 19 as part of the Rejoice On campaign. The Rejoice On campaign is a customer-involved fundraising event organized by Lotte ON since last December to support young carers. Lotte Shopping donated 1,000 won every time a customer clicked and collected 30 million won.

Lotte Concert Hall runs a project with ChildFund Korea to discover classical music talent among low-income children and support them with scholarships and vocational training.

Lotte Cultureworks conducted a blood donation campaign with the Nambu Blood Center and the Korean Red Cross.

BY HAJIN KIM ([email protected])