South Korea’s Lotte Confectionery Co. is rebranding as Lotte Wellfood to “reflect its renewed business strategy”, which revolves around further global expansion.

In a statement the 56-year-old company – part of the Lotte Group conglomerate – said the new name will take effect from 1 April. The company’s shareholders have agreed to the move.

“Our mid-to-long-term goal is to increase the proportion of our global business from the current 20% to 50%,” the statement read.

Last year, Lotte Confectionery merged with sister company Lotte Food, a food and dairy products operation within Lotte Group, to “improve profitability and streamline overlapping business areas”.

In January, the Seoul-headquartered company announced plans to build a factory for its Havnor ice cream subsidiary in India. The Pune facility will become the third factory for the South Korean company in the country.

Lotte Confectionery produces the Xylitol chewing gum brand but also supplies sweets, chocolate, biscuits and snacks. The group’s chocolate assets include Guylian, the Belgium-based business it acquired in 2008.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last year, the company formed an alliance with Canada-based crickets farmer Aspire Food Group to sell cricket powders, protein bars and cookies in Asia and Europe.

Aside from India, Lotte Confectionery operates factories in Belgium, China, Singapore, Myanmar, Pakistan and Kazakhstan. It also has a presence in Russia.

Lotte Confectionery posted more than Won3trn ($2.34bn) in sales and an operating profit of more than Won112bn in 2022.