Lotte Foundation for Arts wins top prize at Mecenat Awards

The Lotte Foundation for Arts, a cultural organization backed by the Lotte Group, emerged victorious at the 27th Mecenat Awards on Tuesday. The foundation received the grand prize, which includes a presidential citation, for its efforts in supporting both classical music and contemporary art. The Mecenat Awards, a French term for corporate patronage of the arts, have been organized by the Korea Mecenat Association since 1999 to recognize companies and individuals who have contributed to the growth of culture and the arts in South Korea.

Founded by Lotte Group Chairman Shin Dong-bin in 2015, the Lotte Foundation for Arts was initially funded with 20 billion won, an equal split between personal contributions from Shin and investments from three Lotte affiliates. Since its inception, the foundation has invested approximately 200 billion won in arts support. The foundation operates two notable institutions: the Lotte Concert Hall and the Lotte Museum of Art, both located within the Lotte World Tower complex in Songpa District, southern Seoul.