Lotte Group Chair Faces Backlash Over Nationalism Issues, Strategies To Cope With China’s Retaliation Measures
Lotte Group Chairman Shin Dong-bin is currently facing a backlash from Korean consumers because of his "nationalism for nationalism" strategy in order to cope with China's retaliation measures. It can be recalled that the retail giant is offering a site to the government for the deployment of the U.S. anti-missile system.
He also mentioned during his interview with the Wall Street Journal just the other week that he loved China and he even described the said country as the home of his ancestors. It has been mentioned that the progenitor of his family came from China to Korea in the 12th century.
These remarks of the chairman were in line with the recent moves of the company. They recently posted materials which read as, "we understand you, so we're awaiting you" at 7-Eleven convenience stores as well as Lotte department stores. This also raised 360 billion won which will be utilized for Lotte Mart.
These measure employed by Lotte Group have been done to appease the Chinese consumers' anger and to deny rumor and reports that the group will already withdraw its stores from China as per Korea Times.
But the chairman's remarks have fuelled criticisms from Korean customers and consumers who have been irritated also by the economic retaliations of China. They raised doubts as to the real nationality of Shin like what has been mentioned by an Internet user who pointed out his poor fluency in Korean.
Reports were circulating that even before the dispute over China's retaliation because of the Terminal High Altitude Area Defense or the THAAD, Lotte has been suspected already of being a Japanese company because of the questions involving the nationality of the family of the owner.
Shin lost his Korean nationality after being born in Japan but recovered it in 1996. There were disputes as to whether the chairman gave up his nationality of just lost it without his prior knowledge as per Business Insider.
However, the much talked-about reason was the suspicion that the company is seemingly having opaque corporate governance. Some even shared that Lotte's profits and revenues gained here are directed to Japan-based Lotte Holdings.