Lotte Wellfood has decided to combine the two Indian units to improve their operational efficiency and maximize synergy creation so the merged entity can achieve 1 trillion won in annual sales.“We have decided to launch one integrated entity in India with long-term goals to enhance Lotte brand awareness and drive growth,” said Yi Chang-yeop, Lotte Wellfood chief executive officer.“We will expand our investment in India.” In addition to sales growth, Lotte Wellfood is striving to strengthen its brand reputation in India by strategically integrating scattered logistics and production sites and adding new products.
South Korean confectionery giant Lotte Wellfood Co.will merge its Indian subsidiaries – Lotte India Co.and Havmor Ice Cream Pvt – to enhance its brand awareness in the South Asian country, where it aims to rake in 1 trillion won ($722.4 million) in annual sales.
TWO DECADES AFTER LOTTE WELLFOOD’S VENTURE INTO INDIA In 2004, Lotte Wellfood entered the Indian confectionery market for the first time as a Korean company after acquiring India’s homegrown Parrys Confectionery.
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