'True to Hong Sam' BTGIN Lands in Myeongdong... Aiming for Overseas Expansion

'H Sapiens' Flagship Store Opens in Myeongdong
BT Gene Secures Core Technology for Red Ginseng Saponin
CEO Heo Yul: "Sales of 100 Billion Won in 3 Years... IPO Next Year"

BTGIN, a bio company specializing in red ginseng saponins, has opened its flagship store ‘H.Sapiens’ in Myeongdong. This is the first offline store to showcase BTGIN’s main products, including health functional foods and cosmetics, together. The company aims to boost sales to 100 billion KRW within three years by leveraging the Myeongdong store and the newly launched health and functional platform ‘HelpU’.

At a press conference held on the 22nd at BTGIN’s flagship store ‘H.Sapiens’ located in Myeongdong, Jung-gu, Seoul, CEO Heo Yul stated, “BTGIN is a specialized company that has researched red ginseng saponins exclusively for 22 years,” adding, “With overwhelming technological capabilities and H.Sapiens, we will capture the demand for red ginseng from foreign tourists.”

At a press conference held at the BTGijin flagship store 'H Sapiens' located in Myeongdong, Jung-gu, Seoul, CEO Heo Yul is introducing the company.

BTGIN has devoted itself to saponin research. The company holds core technology for ginsenosides, a unique type of saponin. Since 2022, it has concentrated this technology into the health functional food ‘The Root RG3’ and introduced the cosmetic product ‘Gonghuha’ last year. H.Sapiens is a flagship store established to actively sell key products such as The Root RG3 and Gonghuha to foreign tourists. The first floor operates a store targeting individual tourists and domestic customers, while the basement level 2 is specialized as a post-tax refund shop accommodating foreign group tourists.

BTGIN has grown based on over 20 years of original design manufacturing (ODM) sales. With core technology in ginsenosides, it has secured major clients such as Gohonjinn, Gwanjeolbogung, Kyowon, LG Household & Health Care, and Amorepacific. Despite focusing on the ODM business for a long time, its own brand sales (30%) have yet to catch up with ODM sales (70%). CEO Heo said, “We will actively attract foreign tourists to the Myeongdong flagship store through close contact with travel agencies to increase product sales,” and added, “I am confident that next year the proportion of own brand sales will surpass ODM sales.”

The company also plans to significantly increase its overseas sales ratio. He said, “We are devising ways to export products by signing contracts with theme parks in Hong Kong and Singapore,” adding, “Although overseas sales currently account for only about 10%, we aim to grow this to 70% within three years.” As of 2023, sales amount to 17 billion KRW. Despite economic variables, if the company grows as expected, it anticipates an average annual growth rate of 30% and sales reaching 100 billion KRW by 2027.

The health functional food platform ‘HelpU,’ which is promoting new business, is also a source of growth for the company. HelpU is a service that diagnoses health via smartphone and uses artificial intelligence (AI) algorithms to provide personalized health functional food information optimized for individuals. Recommended health functional foods can be purchased through HelpU. The company expects this to contribute significantly to sales expansion. CEO Heo Yul stated, “This app is not simply for domestic use but will expand overseas,” and added, “Next year, HelpU alone will record sales of 15 to 20 billion KRW.”

Meanwhile, BTGIN aims to list on the KOSDAQ market next year. The plan is to submit a preliminary review application in March and complete the listing in the first half of the year. CEO Heo Yul said, “Through the Myeongdong store, we will showcase BTGIN’s capabilities from research and development to manufacturing, sales, and marketing,” and pledged, “We will leap forward as a global brand representing K-Beauty and K-Health Functional Foods.”