Lotte Group founder dies
NHK -- Jan 20
The founder of retail giant Lotte Holdings has died.

Lotte Group officials say Takeo Shigemitsu died on Sunday in a hospital in Seoul at the age of 98.

Shigemitsu, whose Korean name was Shin Kyuk-ho, started a chewing gum manufacturing business in 1947, and established Lotte in Tokyo the following year.

Shigemitsu developed hotels, a theme park, department stores, and other businesses in South Korea. The Lotte Group is one of the largest conglomerates in the country.

Lotte also owns a Japanese baseball club, the Chiba Lotte Marines.

Shigemitsu left major management positions five years ago, but remained the honorary chairman of the holding company and the owner of the baseball club.

News source: NHK
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