Lotte to Advance Payments of Approximately 590 Billion KRW to Partners Ahead of Chuseok
Early Payment Before Chuseok to Over 10,800 Small Partners
Lotte Wellfood, Lotte Department Store, Lotte Chilsung Beverage Join Effort
Lotte will make early payments of approximately 590 billion KRW in delivery payments to its partner companies in celebration of the Chuseok holiday.
![Shin Dong-bin, Chairman of Lotte [Photo by Lotte Holdings].](http://www.asiae.co.kr/news/img_view.htm?img=2023071818430711736_1689811891.jpg)
On the 14th, Lotte announced that it decided to make early payments to help partner companies manage their finances, as there is a temporary surge in cash demand before the holiday. All delivery payments will be completed by September 25, three days before the Chuseok holiday. Twenty-four affiliates, including Lotte Wellfood, Lotte Department Store, Lotte Chilsung Beverage, and Lotte Chemical, are participating in the early payment, easing the financial burden for about 10,800 small and medium-sized partner companies of these affiliates.
Lotte has been implementing early payment of delivery fees before holidays since 2013. To support partner companies financially, Lotte operates a win-win growth fund worth about 1 trillion KRW and was the first large corporation to introduce a win-win payment system across all affiliates. As a result of continuous win-win cooperation between large and small-medium enterprises, Lotte GRS received the 'Highest' grade in the win-win growth index evaluation last year, and Lotte Department Store and Lotte Chemical were awarded the '2022 Korea Win-Win Growth Award' by the Win-Win Growth Committee.
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To enhance the competitiveness of its partner companies, Lotte is also promoting overseas market development projects for small and medium enterprises. This month, six distribution companies including Lotte Holdings (home shopping, department store, mart, duty-free shop, Hi-Mart, and Korea Seven) held the 'Korea Brand Expo in Jakarta' in Indonesia to support the overseas expansion of domestic small and medium enterprises into Indonesia.
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