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March 28, 2024

Lotte Confectionery to invest W34b in Choco Pie production in Russia

PUBLISHED : January 21, 2022 - 11:41

UPDATED : January 21, 2022 - 11:41

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Lotte Choco Pie (Lotte Confectionery)

Lotte Confectionery said Thursday it will invest 34 billion won ($28.5 million) in its Russian subsidiary, Lotte KF RUS, looking to scale up the local production of its popular Choco Pie chocolate cakes in the country.

Korea’s staple chocolate cake enjoys wide popularity in Russia, as it has tapped into the country’s tea culture that pairs hot beverages with sweet, biscuit-type snacks. The pie even serves as a low trans-fat breakfast meal there.

While Orion has been at the fore of the Russian Choco Pie market since its foray in 2003, raking in 105 billion won in sales last year, Lotte is in aggressive pursuit. Lotte‘s Russian arm recorded sales of 50 billion won in the same year. It has run a Choco Pie factory in Obninsk, western Russia, since 2010.

The company has ambitious plans to log no less than 20 percent growth in the Russian market by scaling up its production capacity.

To further propel growth for its flagship product, Lotte recently launched a new marketing campaign that highlights its global Choco Pie slogan “Happy Moments.”

Lotte‘s overseas marketing strategy of Choco Pie stretches from Russia to India and Pakistan.

By Ahn Ju-hee (dianahn@heraldcorp.com)

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