Lotte to Advance Payment of 880 Billion KRW to Partners Ahead of Seollal Holiday

Early Payment Participation by 29 Affiliates for Over 14,000 Small and Medium Partners
Average Payment Advanced by 9 Days Compared to Original Date

Lotte is taking steps to promote mutual growth by making early payments to small and medium-sized partner companies ahead of the Lunar New Year holiday.

On the 16th, Lotte announced that it will make early payments totaling 880 billion KRW to more than 14,000 partner companies to help facilitate smooth cash flow for small and medium-sized partners ahead of the Lunar New Year holiday.

Shin Dong-bin, Chairman of Lotte.
[Photo by Lotte]

A total of 29 affiliates, including Lotte Wellfood, Lotte Department Store, Lotte Construction, and Lotte Chemical, will participate in the early payment. They plan to pay the amounts on average 9 days earlier than the originally scheduled payment dates.

For mutual growth with its partners, Lotte operates early payment of funds before holidays, ongoing financial support, and ESG (Environmental, Social, and Governance) support projects. Since 2013, it has been making early payments to more than 10,000 small and medium-sized partner companies before holidays. Additionally, in cooperation with commercial banks, Lotte has contributed approximately 1 trillion KRW to a mutual growth fund that helps reduce loan interest for partner companies, alleviating their financial difficulties. For small businesses that find it difficult to adopt ESG management systems in practice, affiliates such as Lotte Chemical and Lotte Department Store share their know-how.

Lotte also supports small and medium-sized partners in developing overseas sales channels. Lotte Holdings and six distribution affiliates (Lotte Homeshopping, Lotte Department Store, Lotte Mart, Lotte Duty Free, Lotte Himart, and Korea Seven) have held the "Korea Brand Expo" in Berlin, Germany; New York, USA; Sydney, Australia; and Jakarta, Indonesia. Up to last year, 16 events have been held, with a total of 1,122 companies participating, recording cumulative export consultation amounts of 1.3 trillion KRW.

A Lotte official said, "To assist partner companies whose demand for funds increases during the Lunar New Year holiday, we decided to advance payment of delivery fees," adding, "We will continue to strengthen various mutual growth activities that help our partners, such as early payment of delivery fees and development of overseas sales channels."

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