Hyundai Department Store Group Expands Healthcare Business... "400 Billion KRW Sales by 2030"

‘Nestle Specialty Store’ Opens at Mokdong Branch in November
Healthcare Sales Target of 400 Billion KRW by 2030

Hyundai Department Store Group is set to actively expand its healthcare business. Based on collaboration with the healthcare company ‘Nestl? Health Science,’ the group aims to launch a comprehensive healthcare platform and increase related sales to 400 billion KRW by 2030.

On the 5th, according to Hyundai Department Store Group, Jang Hojin, CEO of the holding company Hyundai G.F. Holdings, met with Anna Mohl, CEO of Nestl? Health Science, who visited Korea, at the group’s headquarters in Daechi-dong, Gangnam-gu, Seoul, to discuss plans for expanding the healthcare business.

Nestl? Health Science is a global healthcare company providing comprehensive solutions in the nutrition sector, including health functional foods, under the Nestl? Group. It leads the health supplement market based on a worldwide research network. The company owns 25 health supplement and medical food brands, including the premium vitamin brand ‘Solgar’ and the No. 1 collagen brand in the U.S., ‘Vital Proteins.’

During the meeting, the two CEOs shared progress on collaboration since signing a business agreement last August and agreed to strengthen cooperation, including expanding the domestic distribution of Nestl? Health Science’s health supplement brands. Regarding this, Jang Hojin, CEO of Hyundai G.F. Holdings, said, “Strengthening cooperation with Nestl? Health Science will be a significant stepping stone for expanding and advancing the group’s healthcare business.”

At the headquarters building of Hyundai Department Store Group located in Daechi-dong, Seoul, Jang Hojin, President of Hyundai GFS Holdings (right in the photo), and Anna Mohl, CEO of Nestl? Health Science (left in the photo), are taking a commemorative photo after their meeting.
[Photo by Hyundai Department Store Group]

First, Hyundai Department Store Group plans to open a specialty store in Mokdong in November that gathers Nestl? Health Science’s health food brands in one place for the first time. Additionally, the group plans to expand domestic distribution brands by launching two more health food brands within the year.

The group’s comprehensive healthcare platform, which consolidates its healthcare capabilities, is also scheduled to open within the next three years. This will be a complex store expanded from the Nestl? Health Science total shop opening within the year, combining ‘Pittamin,’ a personalized health supplement store operated through investment in the digital healthcare startup ‘Kick the Hurdle’ by Hyundai Department Store, and ‘Greeting Store,’ Hyundai Green Food’s care food specialty flagship store, creating a new form of offline platform.

A Hyundai G.F. Holdings official said, “We are planning to open a ‘one-stop healthcare platform’ that designs customized care food diets through professional consultations with nutritionists and measurements of body composition, glycation end products, and micronutrients, while pharmacists propose health supplements considering nutritional balance. The products showcased in the comprehensive healthcare platform will number over 1,000, enabling the proposal of optimal health supplement combinations tailored to individuals.”

The group is also moving forward with new product development. Currently, Hyundai Bioland, a comprehensive healthcare company within the group, exclusively distributes four brands in Korea: the premium vitamin brand ‘Solgar,’ the comprehensive nutrition brand ‘Puritan’s Pride,’ the collagen specialty brand ‘Vital Proteins,’ and the premium New Zealand honey brand ‘Egmont.’ Within the year, it plans to import two additional brands: the New Zealand health functional food brand ‘Go Healthy’ and the effervescent electrolyte supplement drink brand ‘Noon.’

Joint development of new products with Nestl? Health Science is also underway. The core plan is for Nestl? Health Science to process individual recognition-type health supplement ingredients owned by Hyundai Bioland, such as ‘fermented Ulmus extract’ and ‘fermented Achyranthes complex,’ to develop new products.

Through this, Hyundai Department Store Group aims to increase healthcare business-related sales to over 400 billion KRW by 2030. As of last year, healthcare business sales stood at around 150 billion KRW. A Hyundai G.F. Holdings official said, “The healthcare sector, including health supplements, is an area expected to have high synergy effects with the group’s manufacturing and distribution platforms. Through collaboration with Nestl? Health Science, a core partner in the group’s healthcare business, we will build a differentiated healthcare business ecosystem unique to Hyundai Department Store Group.”