Lotte, Chairman Shin Dong-bin Hosts Metaverse Meeting... "Building a Group-wide Connection Platform"

Shin Dong-bin, Lotte Chairman, Holds Metaverse Meeting and Urges Digital Execution
Aims to Build Metaverse Platform Connecting All Group Companies
Lotte Data Communication Leads Effort to Seize Metaverse Market

Shin Dong-bin, Chairman of Lotte, is attending a metaverse meeting on the 22nd to discuss the group's key issues and business strategies.

[Asia Economy Reporter Yuri Kim] Shin Dong-bin, Chairman of Lotte, is placing emphasis on the metaverse business and accelerating efforts to secure digital execution capabilities.

On the 22nd, Lotte announced that it held a metaverse meeting where key executives participated to discuss group issues and business strategies. Chairman Shin Dong-bin, along with the CEO and heads of Lotte Holdings and HQ, attended via a metaverse platform. The meeting began with No Jun-hyung, CEO of Lotte Information & Communication, presenting the current status of the metaverse market and business directions, and lasted about two hours.

Chairman Shin emphasized the importance of intangible assets and proposed this metaverse meeting to allow direct experience. He said, "If we overcome fear and lead ahead, we can become the standard," and urged, "Let’s strive to make Lotte Metaverse the standard in the virtual convergence world where we must live before Mars."

The scene of the metaverse meeting held by Lotte on the 22nd.

An executive who participated in the meeting said, "To properly utilize the metaverse in a company, changes are needed not only in infrastructure investment but also in organizational culture and communication skills." He also said, "With the addition of hyper-realistic metaverse technology, the speed of promoting online-offline convergence business will accelerate."

Lotte plans to lead the metaverse market with a 'hyper-realistic metaverse life platform.' Lotte Information & Communication is preparing a photorealistic metaverse service by acquiring Caliverse. The goal is to create business models linked with Lotte affiliates based on hyper-realistic content. They plan to develop a metaverse platform equipped with payment functions and launch a beta service as early as the second quarter of this year.

Lotte Ventures is expanding investments in startups related to the metaverse and virtual reality (VR). They have invested in 'Retinal,' an augmented reality (AR) glasses manufacturer, 'Vernect,' an industrial VR solution company, and 'Passker,' a platform providing 3D technology virtual showrooms.

Each affiliate is also actively moving. Lotte Homeshopping recently launched the first virtual digital clothing brand in the home shopping industry. They also plan to open 'MetaLive Studio,' which realizes live commerce in a three-dimensional virtual world, within this year. Lotte Foods, the first in the food industry to utilize a metaverse platform, is strengthening two-way communication with the MZ generation (Millennials + Generation Z) by launching a brand game.

The spaces where employees can directly experience and understand the metaverse are also increasing. At the Lotte Human Resources Development Institute Osan Campus, which was renewed and reopened last January, a separate metaverse experience center was set up to allow employees to freely use VR devices and more. Next month, a metaverse exhibition hall will open at the Lotte Information & Communication headquarters in Geumcheon-gu, Seoul.

Lotte Metaverse implemented by Lotte Data Communication Company and its subsidiary Calibus.

This content was produced with the assistance of AI translation services.