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{{Short description|South Korean electronic goods retailer}}
{{Infobox company |
{{Infobox company
name = Lotte Hi-Mart Co. Ltd. |
| name = Lotte Hi-Mart Co. Ltd.
logo = |
type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{Kse|071840}} |
| traded_as = {{Kse|071840}}
foundation = 1993 |
| foundation = 1993
location = [[Seoul]], [[South Korea]] |
| location = [[Seoul]], [[South Korea]]
| key_people = Seon Jong Koo, Founder<br/>Lee Dong-woo, CEO<ref name="switch ceo">{{cite web|url=http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2998973|title=Lotte switches execs after safety controversies|website=Joins.com|date=27 December 2014|author=Park Eun-Jee|access-date=2016-08-07}}</ref>
key_people = Seon Jong Koo, Founder & CEO |
industry = [[Retail]] |
| industry = [[Retail]]
products = [[Shopping mall]], [[Electronic commerce]], [[Retail]] |
| products = [[Shopping mall]], [[Electronic commerce]], [[Retail]]
revenue = {{profit}}$50.5 million [[USD]] (2005) |
| revenue = {{profit}}$50.5 million [[USD]] (2005)
num_employees = 1,000 (2005) |
| num_employees = 3,872 (2018)
parent = [[Lotte (conglomerate)|Lotte]] (since 2012)|
| parent = [[Lotte Shopping]]
homepage = [http://www.himart.co.kr/ http://www.himart.co.kr]
| homepage = http://www.e-himart.co.kr
}}
}}

'''Hi-Mart''' ({{ko-hhrm|hangul=하이마트}}) is a [[South Korea]]n [[online]] [[shopping mall]] and chain of electronics stores. It was founded in 1993 by [[Seon Jong-koo]] as "Hi" and "Mart", parts of a larger personal site. Originally, the site belonged to an electronic credit retail group. Hi-Mart is headquartered in [[Seoul]]. Hi-mart was taken over by [[Lotte (conglomerate)|the Lotte group]] in July 6, 2012.<ref>{{cite web|url=http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=092&aid=0002004207|title=롯데쇼핑, 하이마트 1조2천480억 인수|work=http://www.zdnet.co.kr/|accessdate=2013-09-15}}</ref>
'''Lotte Hi-Mart''' ({{ko-hhrm|hangul=하이마트}}) is a South Korean retailer of electronic goods. It was originally a unit of bankrupt [[Daewoo Electronics]] that founder Seon Jong-koo spun off in 1999. Hi-Mart is headquartered in [[Seoul]]. Hi-mart was taken over by [[Lotte Corporation]] on July 6, 2012.<ref>{{cite web|url=http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=105&oid=092&aid=0002004207|title=롯데쇼핑, 하이마트 1조2천480억 인수|website=Naver.com|language=ko|accessdate=2013-09-15}}</ref>

==History==
Seon Jong-koo was formerly employed by Daewoo Electronics. When the company went bankrupt in 1999, he joined a spin-off company that became Hi-Mart.<ref name="sad twist">{{cite web|url=https://blogs.wsj.com/korearealtime/2012/04/05/a-sad-twist-in-hi-mart-tale/|title=A Sad Twist in Hi Mart Tale|website=[[The Wall Street Journal]]|date=5 April 2012|author=Jaeyeon Woo|access-date=2016-08-07}}</ref><ref>{{cite web|url=https://insideretail.asia/2011/12/16/lotte-group-to-bid-for-hi-mart/|title=Lotte Group to bid for Hi Mart|work=Inside Retail Asia |date=16 December 2011|access-date=2016-08-07}}</ref>

In June 2008, South Korean chaebol [[Eugene Group]] acquired 32.4% of Hi-Mart. in June 2010, the company went public.<ref name="sad twist"/>

In July 2012, [[Lotte Corporation]] acquired a 65.3% of Hi-Mart for $1.1 billion. Hi-Mart operated 290 stores in Korea, controlling 35% of the market. The acquisition was maneuvered in the midst of a scandal about its founder and CEO, Seon Jong-koo, accused of embezzlement totaling $228 million.<ref name="lotte sale">{{cite news|url=https://www.reuters.com/article/us-himart-sale-lotte-idUSBRE86503R20120706|title=S.Korea Lotte pays $1.1 billion for controlling Hi-Mart stake|newspaper=Reuters|date=6 July 2012|author1=Joyce Lee|author2=Stephen Aldred|access-date=2016-08-07}}</ref> In April 2012, one witness jumped out his apartment's window after being questioned by Korea's justice about bribing Seon Jong-koo. In December 2014, Seon Jong-koo was replaced by Lee Dong-woo.<ref name="switch ceo"/> He was the second largest shareholder of the company and heavily supported by Hi-Mart's employees.<ref>{{cite web|url=http://www.koreaherald.com/view.php?ud=20111129000847|title=Hi Mart management feud escalates|website=[[The Korea Herald]]|date=29 November 2011|author=Lee Ji-yoon|access-date=2016-08-07}}</ref>

In October 2012, the deal was approved by the [[Fair Trade Commission (South Korea)|Korea Fair Trade Commission]] and the company announced it is changing the stores' names to ''Lotte Hi-Mart''.<ref>{{cite web|url=https://www.koreatimes.co.kr/www/news/biz/2013/08/602_123418.html|title=Lotte gets green light to acquire Hi-Mart|website=Koreantimes.co.kr|date=29 October 2012|author=Park Si-soo|access-date=2016-08-07}}</ref>


==See also==
==See also==
Line 22: Line 32:


==External links==
==External links==
{{Portal|Companies|South Korea}}
*[http://www.himart.co.kr Hi-Mart Homepage]
*[https://web.archive.org/web/20051106015636/http://www.himart.co.kr/ Hi-Mart Homepage]


==References==
==References==
{{Reflist}}
{{Reflist}}


⚫
[[Category:Companies based in Seoul]]
⚫
[[Category:Online retail companies of South Korea]]
⚫
[[Category:Lotte subsidiaries]]
⚫
[[Category:Companies listed on the Korea Stock Exchange]]
{{Lotte}}
{{Lotte}}

⚫
[[Category:Companies based in Seoul]]
⚫
[[Category:Online retailers of South Korea]]
⚫
[[Category:Lotte Corporation subsidiaries]]
⚫
[[Category:Companies listed on the Korea Exchange]]
[[Category:2012 mergers and acquisitions]]


{{SouthKorea-company-stub}}
{{SouthKorea-company-stub}}

Latest revision as of 13:58, 29 December 2024

Lotte Hi-Mart Co. Ltd.
Company typePublic
KRX: 071840
IndustryRetail
Founded1993
HeadquartersSeoul, South Korea
Key people
Seon Jong Koo, Founder
Lee Dong-woo, CEO[1]
ProductsShopping mall, Electronic commerce, Retail
RevenueIncrease$50.5 million USD (2005)
Number of employees
3,872 (2018)
ParentLotte Shopping
Websitehttp://www.e-himart.co.kr

Lotte Hi-Mart (Korean: 하이마트) is a South Korean retailer of electronic goods. It was originally a unit of bankrupt Daewoo Electronics that founder Seon Jong-koo spun off in 1999. Hi-Mart is headquartered in Seoul. Hi-mart was taken over by Lotte Corporation on July 6, 2012.[2]

History

[edit]

Seon Jong-koo was formerly employed by Daewoo Electronics. When the company went bankrupt in 1999, he joined a spin-off company that became Hi-Mart.[3][4]

In June 2008, South Korean chaebol Eugene Group acquired 32.4% of Hi-Mart. in June 2010, the company went public.[3]

In July 2012, Lotte Corporation acquired a 65.3% of Hi-Mart for $1.1 billion. Hi-Mart operated 290 stores in Korea, controlling 35% of the market. The acquisition was maneuvered in the midst of a scandal about its founder and CEO, Seon Jong-koo, accused of embezzlement totaling $228 million.[5] In April 2012, one witness jumped out his apartment's window after being questioned by Korea's justice about bribing Seon Jong-koo. In December 2014, Seon Jong-koo was replaced by Lee Dong-woo.[1] He was the second largest shareholder of the company and heavily supported by Hi-Mart's employees.[6]

In October 2012, the deal was approved by the Korea Fair Trade Commission and the company announced it is changing the stores' names to Lotte Hi-Mart.[7]

See also

[edit]
[edit]

References

[edit]
  1. ^ a b Park Eun-Jee (27 December 2014). "Lotte switches execs after safety controversies". Joins.com. Retrieved 2016-08-07.
  2. ^ "롯데쇼핑, 하이마트 1조2천480억 인수". Naver.com (in Korean). Retrieved 2013-09-15.
  3. ^ a b Jaeyeon Woo (5 April 2012). "A Sad Twist in Hi Mart Tale". The Wall Street Journal. Retrieved 2016-08-07.
  4. ^ "Lotte Group to bid for Hi Mart". Inside Retail Asia. 16 December 2011. Retrieved 2016-08-07.
  5. ^ Joyce Lee; Stephen Aldred (6 July 2012). "S.Korea Lotte pays $1.1 billion for controlling Hi-Mart stake". Reuters. Retrieved 2016-08-07.
  6. ^ Lee Ji-yoon (29 November 2011). "Hi Mart management feud escalates". The Korea Herald. Retrieved 2016-08-07.
  7. ^ Park Si-soo (29 October 2012). "Lotte gets green light to acquire Hi-Mart". Koreantimes.co.kr. Retrieved 2016-08-07.
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