A 1941 stowaway voyage to Japan initiated the career of a man who would eventually build the Lotte conglomerate. By 1988, Shin Kyuk-ho reached the fourth position on the Forbes global wealth ranking, a record for any South Korean individual. His operations eventually spanned food, retail, and construction, culminating in the development of the Lotte World Tower.
Early Career and Education
Born in Ulsan in 1921, Shin relocated to Japan after stowing away on a ship in 1941. He studied chemical engineering at Waseda University and Waseda Jitsugyo High School. In 1942, he established a rice cooker manufacturing factory. Following the destruction of that facility during an air raid, he remained unemployed until launching Lotte in 1948.
Corporate Expansion
Lotte began as a business entity in Japan before expanding into South Korea in 1967. Initially focused on the production of chewing gum, the company grew into a major multinational conglomerate. By 2017, Lotte represented the fifth-largest chaebol in South Korea. Shin served as the board director of Lotte Holdings for nearly 70 years until his retirement in June 2017.
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During the Japanese bubble economy, Shin accumulated significant personal wealth. Forbes listed him as the 38th wealthiest person in South Korea in 2009 and among the world's billionaires in 2006. In December 2017, he received a conviction for the embezzlement of 128.6 billion won, equivalent to 119 million USD. Due to his declining health, he avoided incarceration.
Personal Life and Family
Shin had four children through three marriages. His first marriage to Noh Soon-hwa produced a daughter, Shin Young-ja. Following Noh's death in 1949, he entered a common-law marriage with Hatsuko Shigemitsu in 1952, resulting in two sons, Shin Dong-joo and Shin Dong-bin. Additionally, he had a common-law marriage with Seo Mi-Kyung, with whom he had a daughter, Shin Yu-mi.
Fast facts
- Born: 1921, Ulsan
- Died: 2020, Seoul
- Education: Waseda University
- Japanese name: Takeo Shigemitsu
- Primary business: Lotte Corporation
- Major project: Lotte World Tower
Questions readers ask
What was Shin Kyuk-ho's Japanese name?
He was known in Japan as Takeo Shigemitsu.
How many children did he have?
He had four children from three separate marriages.
Was he ever imprisoned?
Although he was sentenced to four years in prison for embezzlement in 2017, his poor health allowed him to remain free.
Achievements
- Educated at Waseda University
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