Lotte Group’s Shin embraces permacrisis as platform for growth

Lotte Group’s Shin embraces permacrisis as platform for growth. [Source : Lotte Group]

Lotte Group on Thursday held a meeting for heads of group affiliates to discuss business plans for this year and mid- to long-term strategies.

Lotte Group Chairman Shin Dong-bin presided over the ‘Value Creation Meeting (VCM)’ attended by about 70 top officials from key affiliates who also discussed the group’s growth strategy and measures against permacrisis, a new term to mean an extended period of instability and insecurity. Shin Yoo-yeol, managing director of Lotte Chemical and the eldest son of Shin Dong-bin, was one of the participants in the meeting.

Shin asked the participants to “make efforts to turn permacrisis into a platform for sustainable growth.”

Participants also had a lecture on how to overcome the global crisis. They also shared insights about this year’s management environment, risks and the direction of countermeasures proposed by Lotte Institute of Economy & Business Strategy, a Lotte Group think tank.

Earlier, during his New Year’s address this year, Shin asked employees to overcome the permacrisis by reflecting on the spirit of the group founder Shin Kyuk-ho, who once said that “self-innovation is indispensable for survival and the key to growing a company is to have the courage to innovate.”