Lotte expands its reach in China

Lotte Confectionery, part of the South Korean conglomerate Lotte Group, is expanding in China. The Chinese chocolate industry is growing at an annual rate of between 15-20%.

According to Lee Kwang-Hoon, president of Lotte China, the company will expand its reach into affluent coastal provinces in Eastern and Sothern China, including Jiangsu, Zhejiang and Guangdong via large-scale supermarkets such as Carrefour. The company may also introduce a higher-end product range to target the profitable gift market.