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Hyundai Department Store Group and Nestlé Health Science have joined forces for the dietary supplement business in South Korea. The companies signed a contract on Monday, Aug. 21, for a joint development project on health.
With the agreement, Hyundai Department Store will become the exclusive seller of Nestlé supplements in the country. The department store chain also said it partnered with the Swiss food company to expand its own health food business, which it now considers one of its major growth drivers.
The signing ceremony for the memorandum of understanding was held at Nestle's headquarters located in Vevey, Switzerland. Both sides agreed to form a partnership for Hyundai Department Store's exclusive distribution rights of various health food products in South Korea, as per The Korea Herald.
An official of Hyundai's department store unit said, "The bio-healthcare business sector, represented by health functional foods, is an area that is expected to have a high synergy effect with Hyundai Department Store Group's manufacturing and distribution platforms."
He added, "Starting with this strategic business partnership with Nestle, the world's No. 1 food company, we plan to aggressively expand our bio healthcare business portfolio."
The retail giant also said it will actively work with Nestlé Health Science to create next-generation technology for producing health functional food products. The two companies will target patients and elderly customers.
"We are pushing for various new business projects, in line with the group's direction to provide better value for its customers by becoming a close part of their lives," Jang Ho Jin, Hyundai Department Store's president, said. "Through actualizing our aim to aggressively ramp up our bio-healthcare business, we will focus more on securing new growth engines and realizing social values."
Finally, The Korea Economic Daily reported that Hyundai expects the bio and healthcare businesses to create excellent synergy with its own production and distribution platforms. It is also looking forward to the expansion of its partnership with Nestlé for related businesses in the future.
Photo by: Nestle Health Science Newsroom
