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Lotte Chilsung
Lotte Chilsung Beverage Co., Ltd. (Korean: 롯데칠성음료 주식회사) is a drink manufacturer in South Korea affiliated with Lotte Corporation. The company's name, Chilsung (Korean: 칠성; Hanja: 七星; RR: chilseong), signifies "Big Dipper" or seven stars, and its logo displays seven stars aligned in a row.
Chilsung was founded in May 1950, then known as the Dongbang Beverage Company, and began with the launch of Chilsung Cider, a lemon-lime soft drink.
In 1967, they became Hanmi Foods Industry Co., then changing to Chilsung Hanmi Foods Corporation in 1973, eventually becoming the Chilsung Beverage Company. In 1975, the company acquired Busan Joint Beverage Corporation and signed a technology partnership agreement with PepsiCo in 1976.
In 1985, it was appointed the official beverage supplier for the 1986 Seoul Asian Games and 1988 Seoul Olympics, merged with Lotte Brewery in July 1986 and introduced CIP in December. In 1987, the Opo plant became the first in the industry to receive the KS mark.
By 2009, Chilsung products accounted for 36.7% of the Korean beverage market, compared to Coca Cola's 17.6%. and rebranded it as Lotte Liquor BG and built a logistics centre in Gwangmyeong, Gyeonggi-do, and acquired PepsiCo Products Philippines Inc (PCPPI) in 2010 and merged with Lotte Liquor BG the following year.
As Lotte founder Shin Kyuk-ho's health was deteriorating, his sons vied for control of the conglomerate. The fraternal feud hit a peak in 2015 when eldest son Dong-joo was removed from his position as Vice President of Lotte Holdings and his younger brother Shin Dong-bin assumed control. News of the leadership struggle created doubts about Lotte's future, and Lotte Chilsung Beverage's market value dropped 6.85% in August.
In 2016, amidst a police probe into embezzlement, Lotte Group companies lost a combined market value of ₩1.21 trillion (US$1.06 billion) in just four days, with Lotte Chilsung's shares falling by 3.93% in a single day.
In February 2018, Chairman Shin Dong-bin was convicted on charges of bribery as part of the 2016 South Korean political scandal and sentenced to 2.5 years' incarceration. After serving for 234 days, an appeals court released him from prison, and he went back to his duties as Chairman shortly after. When news of his release broke, Lotte Group's market value was boosted by 4.2%.
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Lotte Chilsung
Lotte Chilsung Beverage Co., Ltd. (Korean: 롯데칠성음료 주식회사) is a drink manufacturer in South Korea affiliated with Lotte Corporation. The company's name, Chilsung (Korean: 칠성; Hanja: 七星; RR: chilseong), signifies "Big Dipper" or seven stars, and its logo displays seven stars aligned in a row.
Chilsung was founded in May 1950, then known as the Dongbang Beverage Company, and began with the launch of Chilsung Cider, a lemon-lime soft drink.
In 1967, they became Hanmi Foods Industry Co., then changing to Chilsung Hanmi Foods Corporation in 1973, eventually becoming the Chilsung Beverage Company. In 1975, the company acquired Busan Joint Beverage Corporation and signed a technology partnership agreement with PepsiCo in 1976.
In 1985, it was appointed the official beverage supplier for the 1986 Seoul Asian Games and 1988 Seoul Olympics, merged with Lotte Brewery in July 1986 and introduced CIP in December. In 1987, the Opo plant became the first in the industry to receive the KS mark.
By 2009, Chilsung products accounted for 36.7% of the Korean beverage market, compared to Coca Cola's 17.6%. and rebranded it as Lotte Liquor BG and built a logistics centre in Gwangmyeong, Gyeonggi-do, and acquired PepsiCo Products Philippines Inc (PCPPI) in 2010 and merged with Lotte Liquor BG the following year.
As Lotte founder Shin Kyuk-ho's health was deteriorating, his sons vied for control of the conglomerate. The fraternal feud hit a peak in 2015 when eldest son Dong-joo was removed from his position as Vice President of Lotte Holdings and his younger brother Shin Dong-bin assumed control. News of the leadership struggle created doubts about Lotte's future, and Lotte Chilsung Beverage's market value dropped 6.85% in August.
In 2016, amidst a police probe into embezzlement, Lotte Group companies lost a combined market value of ₩1.21 trillion (US$1.06 billion) in just four days, with Lotte Chilsung's shares falling by 3.93% in a single day.
In February 2018, Chairman Shin Dong-bin was convicted on charges of bribery as part of the 2016 South Korean political scandal and sentenced to 2.5 years' incarceration. After serving for 234 days, an appeals court released him from prison, and he went back to his duties as Chairman shortly after. When news of his release broke, Lotte Group's market value was boosted by 4.2%.