Hyundai Department Store Group Partners with World’s No.1 Food Company Nestl? in Healthcare Collaboration

Strategic Business Agreement Between Nestl? Health Science and Healthcare & Wellness
Exclusive Domestic Distribution and Joint Production of Global Health Supplement Brands Promoted

Hyundai Department Store Group is joining hands with Nestl? Health Science, a global healthcare company operated by Nestl? Group, the world's number one food company, to expand its bio and healthcare business. The group plans to accelerate securing future growth engines by actively entering the bio and healthcare business, identified as a core new growth area in the 'Vision 2030' announced in 2021, which outlines the group's sustainable growth direction.

(From left) Jang Hojin, President of Hyundai Department Store Group, and Greg Behar, CEO of Nestl? Health Science, are taking a commemorative photo at the agreement ceremony held at Nestl? headquarters in Vevey, Switzerland.
[Photo by Hyundai Department Store Group].

On the 21st, Hyundai Department Store Group announced that it had signed a strategic business partnership agreement with Nestl? Health Science. Nestl? Health Science is a global healthcare company under Nestl? Group, the world's leading comprehensive food company, providing comprehensive solutions in nutrition such as health functional foods, and leading the health supplement market based on a global research network. It owns 25 health supplement and medical food brands, including the world's number one personalized health supplement brand 'Persona' and the number one collagen brand in the U.S., 'Vital Proteins.'

The signing ceremony held at Nestl? headquarters in Vevey, Switzerland, was attended by key officials from both companies, including Jang Ho-jin, President of Hyundai Department Store Group, and Greg Behar, CEO of Nestl? Health Science. According to the agreement, the two companies plan to establish a cooperative system in key areas such as exclusive domestic distribution of Nestl? Health Science's health supplement brands, exchange of health supplement materials and manufacturing technologies, and joint development and production of care food and medical food.

Before the signing ceremony, President Jang Ho-jin met separately with Mark Schneider, CEO of Nestl? Group, to share current issues between the two groups and discuss various cooperation plans in the fields of healthcare, food, and distribution.

Hyundai Department Store Group intends to actively expand its bio and healthcare business, a core new growth area of the group, through this agreement. A representative from Hyundai Department Store Group said, "The bio and healthcare sector, represented by health supplements, is an area expected to have high synergy effects with the group's manufacturing and distribution platforms. Starting with this strategic business partnership with Nestl?, the world's number one food company, we plan to drive the expansion of our bio and healthcare business portfolio."

Hyundai Department Store Group plans to sell key health supplement products from Nestl? Health Science through various online and offline distribution channels, including Hyundai Department Store, Hyundai Home Shopping, Hyundai Duty Free, and Hyundai Easywell. Hyundai Bio Land, the group's affiliated comprehensive healthcare company, will play a key role as a core partner in Nestl? Health Science's domestic health supplement business, covering all areas such as launching new brands and building sales networks. To this end, Hyundai Bio Land and Nestl? Health Science will form a joint task force (TF) after signing the agreement to actively expand the health supplement distribution business.

Additionally, the two companies will work together to ensure the early establishment of Nestl? Health Science's major health supplement brands in the domestic market and collaborate on the development of next-generation health supplements. They are also discussing plans to produce key brand products of Nestl? Health Science domestically by utilizing Hyundai Bio Land's advanced health supplement production infrastructure. A Hyundai Department Store Group representative said, "We plan to explore joint development of functional products that combine Hyundai Bio Land's proprietary natural ingredient-based health supplement materials with Nestl? Health Science's vitamin and high-protein health supplement product development technologies."

Previously, since February last year, Hyundai Bio Land entered the health supplement distribution business by signing an exclusive domestic distribution contract for the vitamin supplement brand 'Puritan's Pride' with Nestl? Health Science.

Hyundai Department Store Group and Nestl? Health Science also plan to actively cooperate in targeting the global health supplement market. Nestl? Health Science will use its global sales network to support Hyundai Department Store Group's overseas expansion of health supplements and healthcare solutions. Hyundai Department Store Group will also actively cooperate in discovering next-generation materials and pioneering new markets for Nestl? Health Science by leveraging its overseas network established in over 30 countries.

Jang Ho-jin, President of Hyundai Department Store Group, said, "We are pursuing various new businesses in line with the group's business direction to provide better value alongside customers' lives. Through the full-scale launch of the bio and healthcare business, we will focus more on securing new growth engines for the group as well as realizing social value."

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