Kyowon Group and Lotte Food Join Hands to Promote 'Joint Development of Marketing and Services'

Various Collaborative Projects Conducted Using Marketing Channels

Kyowon Group announced on the 20th that it has signed a strategic business partnership memorandum of understanding (MOU) with Lotte Food for future growth engines. From the left in the photo: Jang Dong-ha, Head of Planning and Coordination Office at Kyowon Group, Lee Jin-sung, CEO of Lotte Food. Photo by Kyowon

[Asia Economy Reporter Kim Heeyoon] Kyowon Group announced on the 20th that it has signed a strategic business partnership memorandum of understanding (MOU) with Lotte Food for future growth engines.

This agreement is expected to create significant synergy as both companies secure common customer groups in the fields of education and infant food & baby food sales, respectively.

The signing ceremony held on the 17th took place at Kyowon Group Nokjiwon in Yongsan-gu, Seoul. Key officials from both sides attended, including Jang Dongha, Head of Planning and Coordination at Kyowon Group, and Lee Jinseong, CEO of Lotte Food.

Both companies agreed to build a mutually continuous cooperative relationship by discovering joint projects for future growth engines, promoting joint online and offline marketing, and jointly developing products and services to expand consumer targets. In particular, Kyowon Group will pursue comprehensive cooperation with Lotte Food across its major business areas such as education, home appliances, and travel, continuing to enhance customer value.

First, promotional activities for Kyowon Red Pen through offline stores operated by Lotte Food, such as Pasteur Milk Bar, will be conducted, along with various collaborative projects utilizing each company’s secured marketing channels. Additionally, Kyowon stated that they are preparing a new concept subscription service combining Kyowon Wells’ plant cultivation device Wells Farm with Lotte Food’s meal kit and home meal replacement (HMR) brand Chef Food.

Jang Dongha, Head of Planning and Coordination at Kyowon Group, said, "This is the first time Lotte Food has established such a close collaboration model across all business areas," adding, "We look forward to the synergy we will create going forward and will continue a sustainable business relationship that allows us to grow together."