LPGA major champ Kim Hyo-joo signs lucrative sponsorship extension

South Korea's teenage golf sensation Kim Hyo-joo has signed a lucrative extension with her main corporate sponsor, Lotte Group, the conglomerate announced Tuesday.

Lotte Group said it has re-signed the 19-year-old for five more years in a deal worth 1.3 billion won (US$1.2 million), along with performance-based incentives. With each victory, Kim will receive extra prize money worth 70 percent of the purse from Lotte. For a top-five finish, Lotte will give her a bonus worth 30 percent of the winnings.

Another 1 billion won will kick in if Kim clinches the LPGA Tour's money title, or if she reaches No. 1 in the world rankings, or if she completes the grand slam of major titles.

Kim is currently at No. 9. She has earned full-time playing privileges for the LPGA Tour next season by virtue of winning this year's Evian Championship, one of the tour's five major tournaments.

Kim had first signed with Lotte Group in 2012 for 550 million won, as she turned professional at age 17. She earned her first win as a pro later that same year and then exploded in 2014.

Playing mostly on the Korean LPGA (KLPGA) Tour, Kim swept up three majors and five victories overall here, and then added the LPGA Tour's Evian Championship for good measure. On the KLPGA Tour, Kim won the Player of the Year and the money title, while also leading the field in scoring average and wins. She became the first KLPGA player to surpass 1 billion won in earnings in one season.

Lotte Group has been the title sponsor of the LPGA Lotte Championship since 2012. (Yonhap)