Latest news with #ChocoPie
Korea Herald
15-05-2025
- Business
- Korea Herald
Lotte Mart debuts in Singapore with K-grocery store
Korean retail giant Lotte Mart is entering the Singaporean market for the first time, led by its private brand products. The supermarket chain announced Thursday the opening of its first Korean grocery specialty store, Lotte Mart Express, at the FairPrice Xtra VivoCity branch, operated by Singapore's largest retailer, NTUC FairPrice. Unlike the traditional method of overseas expansion through direct store openings, the store operates in a "shop-in-shop" format to help secure a stable profit structure and raise brand awareness. The opening ceremony was attended by Shin Yoo-yeol, the eldest son of Lotte Group Chairman Shin Dong-bin and head of the Future Strategy Office at Lotte Holdings; Kang Sung-hyun, CEO of Lotte Mart; and Vipul Chawla, CEO of NTUC FairPrice Group. The 149-square-meter store features a wide range of Lotte Mart's private brand products, including processed foods and ready-to-cook meals under its brand, Yorihada. The special deli section, Yorihada Kitchen, includes an open kitchen and dining area, offering popular Korean dishes like tteokbokki, gimbap and fried chicken. According to Lotte Mart, the recipes were developed by chefs at its Food Innovation Center to deliver authentic Korean flavors. Lotte Mart also announced plans to supply its PB food products to more than 100 FairPrice stores across Singapore. The store includes a dedicated Lotte Zone that highlights popular PB items along with signature products from Lotte Wellfood and Lotte Chilsung. Over 100 PB products will be on display, along with classic Korean favorites like Pepero, Choco Pie and Chilsung Cider. Customers can also enjoy an on-site ramyeon and browse through top products from well-known Korean food brands like CJ and Ottogi. The entry into Singapore marks the first expansion of Lotte Mart's Southeast Asian retail territory in 17 years. Since opening its first stores in Indonesia and Vietnam in 2008, Lotte Mart has continuously expanded its operations, currently running 48 and 15 stores in each country. As a result of directly integrating Korean grocery stores into local markets, sales at Southeast Asian branches in the first quarter of this year rose by 9.5 percent and operating profit by 20.6 percent. 'Lotte Mart Express is a store where Lotte's leading retail and food companies synergize to present the taste and culture of Korea,' Lotte Mart CEO Kang Sung-hyun said. 'Based on over 20 years of overseas business experience, Lotte Mart plans to successfully establish itself in the Singapore market, promote K-food and create a future hub for PB exports in Southeast Asia.'
Korea Herald
10-03-2025
- Business
- Korea Herald
Choco Pie's global success explained in 2 minutes
Choco Pie, a round cake-like snack with a marshmallow filling and chocolate coating, is the brainchild of South Korean confectionery maker Orion. Branded with the Chinese character for "jeong" — a deep sense of affection and hospitality — the proiduct carries a distinct Korean essence that embodies the core value of sharing love. Now, far beyond its homeland, the treat has won over more non-Koreans, selling more overseas than in the birthplace of jeong. 1956: Lee Yang-gu founded Orion, originally named Dongyang Confectionery, after acquiring the Japanese-owned PungGuk Confectionery. 1957: Orion introduced Korea's first modern candy manufacturing facility, launching gum, candy, and biscuit products in the post-war era. 1974: Choco Pie debuted in blue packaging, achieving 1 billion won ($692,000) in first-year sales. 1989: The product was rebranded from Choco Pie to Choco Pie Jeong, with the addition of the Chinese character for "jeong" on the packaging. 1996: Choco Pie became the first single snack product in Korea to exceed 5 billion won in monthly sales. 2023: Choco Pie topped the list of chocolate cake products in the domestic retail market with 8.7 billion won in sales, followed by Haitai's Oh Yes and Lotte's Mongshell cake, according to data from the Korea Agro-Fisheries & Food Trade Corp. Russia was the first country to import Choco Pie in 1993, and accounted for around 40 percent of the snack's global sales last year. The first overseas plant was established in China in 1997. Since then, Orion has actively targeted global markets, building factories in Vietnam, Russia and India. Since 2007, Choco Pie's overseas revenue has outpaced domestic sales. Today, Choco Pie is sold in over 60 countries, in 24 different variations. Last year, marking the snack's 50th anniversary, Orion sold over 4 billion units of Choco Pie, combining both domestic and international sales. This accounts for 8 percent of the snack's total sales over five decades, which have reached around 50 billion units. Since its launch, Choco Pie has generated cumulative revenue exceeding 8.1 trillion won, with approximately 67 percent, or 5.5 trillion won, stemming from overseas markets. Orion achieved record-high sales in 2024, reporting 3.1 trillion won in annual revenue and 543.6 billion won in operating profit, driven by the success of Choco Pie and other flagship products. Both sales and operating profits saw on-year increases of 6.6 percent and 10.4 percent, respectively. Orion aims to maintain its international success with Choco Pie leading its portfolio, backed by subsidiaries in China, Vietnam, Russia and India. While introducing Choco Pie variations tailored to regional preferences abroad, Orion plans to expand its production and logistics facilities this year in Korea, Vietnam and Russia -- with a particular emphasis on boosting Choco Pie production capacity in Russia. minmin@
Korea Herald
27-02-2025
- Business
- Korea Herald
Sweet success: Choco Pie tops 4b unit sales
Orion's iconic snack Choco Pie surpassed 4 billion units sold last year, marking the highest annual figure since its launch in 1974. Orion on Thursday unveiled key sales figures to celebrate the snack's 50th anniversary. According to the company, total sales since the product's launch have exceeded 50 billion units, with cumulative revenue surpassing 8 trillion won ($6 billion). In particular, 67 percent of sales, or 5.5 trillion won, came from overseas markets. Orion attributed its success to its key strategies, including Choco Pie's unique flavor and quality, as well as localized versions for different markets. The company has developed region-specific flavors, such as matcha and red bean in China, coconut in Vietnam, and berry jam in Russia. It also said the concept of 'jeong', a Korean term referencing the warmth and personal connection consumers feel for the product, contributed to its popularity across all generations. Currently, Choco Pie is sold in over 60 countries in 24 different variations and is produced at four overseas facilities across Asia. Orion has successfully expanded into global markets, with Choco Pie having ranked No. 1 seven times in China's Customer Recommendation Index in the snack pie category and has become a staple in traditional ceremonies in Vietnam. "Choco Pie represents the fusion of Orion's confectionery expertise, combining the technologies for making chocolate, biscuits and candy," said an Orion representative. "We will continue to develop Choco Pie as a product that people around the world can enjoy, not only for its taste but also for its emotional value."
