Hyundai to boost healthcare biz with Nestlé partnership

On the 4th, Hyundai GF Holdings President Jang Ho-jin and Nestlé Health Science CEO Anna Mohl met in Seoul to discuss expanding the healthcare business. [Courtesy of Hyundai Department Store Group]

Hyundai Department Store Group is accelerating its expansion into the healthcare industry through a partnership with global healthcare giant Nestlé Health Science. Hyundai Department Store Group announced plans on Thursday to open a specialized store dedicated to Nestlé Health Science’s health supplement brands in November 2024. The group also aims to introduce a comprehensive healthcare platform that offers personalized dietary plans and health supplements over the next three years and expects to increase its healthcare-related revenue from 150 billion won ($112.6 million) in 2023 to over 400 billion won by 2030.

Jang Ho-jin, president and co-CEO of Hyundai GF Holdings, the group’s holding company, met with Anna Mohl, CEO of Nestlé Health Science, at the group’s headquarters in Daechi-dong, Seoul, on Wednesday to discuss strategies for expanding their healthcare business. During the meeting, the two executives agreed to strengthen their partnership, including expanding the distribution of Nestlé Health Science’s health supplement brands in Korea and jointly developing new products.

Nestlé Health Science is a global healthcare company under the Nestlé Group, providing comprehensive nutritional solutions including premium health supplements. Its portfolio includes 25 brands, such as premium vitamin brand Solgar and U.S. collagen brand, Vital Proteins.

Hyundai Department Store Group is positioning healthcare as one of its next-generation growth engines. The first step in this strategy is the launch of a dedicated retail space at the Hyundai Department Store Mokdong branch in November, which will feature Nestlé Health Science’s full range of health supplements. The store, tentatively called “Nestlé Health Science Total Shop,” will be staffed by health Nestlé-trained consultants who will use digital healthcare devices to recommend customized products to customers.

The group also plans to launch a comprehensive healthcare platform within the next three years. This one-stop platform will provide tailored care food plans based on professional consultations with nutritionists, including assessments of body composition, glycotoxins, and micronutrient levels. Pharmacists will also offer personalized health supplement recommendations, ensuring an integrated approach to maintaining nutritional balance.