[Exclusive] Eggslut from the US Comes to Korea... SPC Group Signs Domestic Introduction Contract

Former Vice President Heo Hee-soo's Dedicated Brand and Management Commitment Secures Contract... US 'Shake Shack' Success as a Stepping Stone
First Domestic Store to Open in First Half of the Year... Anticipation for Overseas License Acquisition After Recognition as a Domestic Business Partner

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[Asia Economy Reporter Lee Seon-ae] SPC Group is introducing the American egg sandwich specialty store 'Eggslut' to South Korea.

According to industry sources on the 7th, SPC Group recently signed an exclusive license agreement with Eggslut's headquarters, 'Eggslut Holdings,' for South Korea. Previously, Eggslut Holdings also applied for and registered the 'Eggslut' trademark with the Korean Intellectual Property Office (Class 43, services providing food and beverages). Eggslut is a brand that former SPC Group Vice President Heo Hee-soo put considerable effort into bringing to the domestic market. The launch was delayed when former Vice President Heo stepped down from the front lines of management. However, it is reported that the recent contract was finalized thanks to former Vice President Heo's continued support and the management's determination. Regarding this, an SPC Group official said, "We have been preparing to launch Eggslut," but added, "It is difficult to confirm the specifics of the contract signing."

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Eggslut, which first opened in 2011, operates stores mainly in the western United States, including Los Angeles and Las Vegas. Its signature menu item is an egg sandwich made with soft scrambled eggs placed between brioche bread with a high milk content. It is famous among domestic consumers as a must-eat sandwich during trips to the U.S., and its entry into Tokyo, Japan, last September raised expectations for the opening of the first store in Korea. Eggslut has expanded overseas to the UK, Japan, and Kuwait, with Korea being the fourth international market.

Industry insiders expect Eggslut to quickly establish itself in the domestic market based on SPC Group's successful launch experience with the American premium burger brand Shake Shack. It is said that Eggslut's U.S. headquarters chose SPC Group as its domestic business partner largely due to SPC's stable competitiveness in the food service industry and the success of Shake Shack's domestic operations. SPC Group grew the first Korean Shake Shack store in Gangnam into the world's top-grossing location.

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Accordingly, Eggslut is expected to be launched in South Korea in the same manner as Shake Shack. In late December 2015, SPC Group signed an exclusive license agreement with Shake Shack Enterprises International for South Korea and currently pays a portion of its sales as royalties.

Eggslut's business will be handled by SPC Group's affiliate SPC Samlip, which plans to open the first store in the first half of the year. In particular, SPC Samlip is actively expanding its sandwich brand 'Sandfarm,' and it is expected that there will be business synergy effects with Eggslut. Since its launch in 2009, Sandfarm has led the sandwich market by leveraging SPC Samlip's 70 years of baking expertise and expanding sales channels to convenience stores, large supermarkets, and SSMs (Super Supermarkets). It holds over 20% market share in the convenience store sandwich market, maintaining the number one position.

Exterior view of Shake Shack Neil Road, the second store in Singapore opened by Paris Croissant on the 7th.

If Eggslut successfully settles in the domestic market, there is a possibility that SPC Group will be selected as a business partner when Eggslut expands into other overseas markets. Shake Shack recognized SPC Group's outstanding operational performance and excellent business capabilities and even granted SPC Group the business operation rights in Singapore. SPC Group affiliate Paris Croissant opened its first store in Singapore at Jewel Changi Airport in April 2019 and recently opened its second store at Neil Road. Domestically, it has opened up to the 11th store and plans to open the 12th store in Yongsan I'Park Mall later this month.

An industry official said, "Recently, there has been a surge in launching egg-based sandwiches and burgers such as Eggcellent, Egg Drop, and Egg Stop, intensifying market competition," adding, "With SPC Samlip's know-how and competitiveness in sandwich-related businesses like Sandfarm, combined with affiliate Paris Croissant's success with Shake Shack, Eggslut is expected to quickly establish itself in the market."

This content was produced with the assistance of AI translation services.