GS Retail and NongHyup Hanaro Distribution Sign Joint Business MOU on 23rd
Collaborate on Product Development and Delivery Platform
Also Promote Overseas Sourcing Together
GS Retail announced on the 23rd that it is partnering with Nonghyup Hanaro Distribution. In the afternoon of the same day, Cho Yoon-sung, President of GS Retail (left), and Kim Byung-soo, CEO of Nonghyup Hanaro Distribution (right), posed after signing a Memorandum of Understanding (MOU).
[Asia Economy Reporter Minyoung Cha] GS Retail is enhancing synergy through close business cooperation with Nonghyup Hanaro Distribution.
On the 23rd, GS Retail and Nonghyup Hanaro Distribution signed a memorandum of understanding (MOU) for joint business promotion at the Hanaro Distribution headquarters located in Sinchon, Seoul.
At the signing ceremony attended by GS Retail President Yoonseong Cho and Executive Director Jongsu Kim, as well as Nonghyup Hanaro Distribution CEO Byungsu Kim and Director Seokhee Lee, they agreed to pursue business partnerships related to joint new product development, sharing delivery platforms, and jointly promoting overseas sourcing.
To jointly develop new products, the purchasing managers (MDs) of both companies will collaborate closely. The two companies plan to jointly plan and develop various products such as processed foods and daily necessities, increasing production volume and reducing costs to provide more benefits to consumers.
Starting in December, GS Retail will produce three types of lunchboxes using fresh agricultural, marine, and livestock ingredients from Nonghyup Hanaro Distribution and begin sales at about 50 Nonghyup Hanaro Mart stores in the metropolitan area. Additionally, the two companies will jointly purchase and sell 16 products, including Ottogi Jin Ramen, directly from manufacturers. They will also share their respective delivery platforms to improve logistics efficiency and jointly promote overseas product sourcing.
Following the digital logistics business cooperation agreement with KT on the 17th, GS Retail plans to strengthen its position as a local distribution retail platform by partnering with various businesses, including this recent MOU with Nonghyup Hanaro Distribution.
Jongsu Kim, Executive Director and Head of the MD Division at GS Retail, stated, “GS Retail has continuously strived to improve business efficiency through relentless innovation.” He added, “This business cooperation with Nonghyup Hanaro Distribution, which has strengths in primary agricultural, marine, and livestock products, will be an opportunity not only for mutual growth but also to provide customers with greater benefits and higher value.”
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