November 26, 2024

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SPC Group Vice Chairman Hur Hee-soo (left) and Brian Kwon, president of H Mart, pose for a photo after a partnership signing ceremony in Seoul, Friday. (SPC)

South Korean confectionery company SPC Samlip said Thursday that it had signed a partnership with H Mart, the largest Asian supermarket chain in North America, as part of efforts to further increase its global presence.

H Mart operates some 120 supermarkets in the US, Canada and the UK. In 2022, it posted 4.3 trillion won ($3.28 billion) in sales.

Under the partnership, SPC Samlip will increase its supply of confectionery products to be distributed through H Mart's extensive sales network

“SPC Samlip has already been shipping around 90 different types of products to H Mart, and the combined export volume is worth 2 billion won a year," said a Samlip official. "With the latest partnership, both trade volume and revenue are expected to further increase."

The two companies agreed to jointly develop new food products and introduce them through H Mart stores as early as the first half of 2024.

SPC Samlip said it will also support H Mart's overseas expansion by supplying products to its stores outside the US.

SPC Samlip has been ramping up efforts to expand its global presence. In October, the company attended the Anuga food trade show to promote Korean dessert products, including yakgwa, or honey cookies. During the fair, the company held meetings with around 170 buyers.

The company said it will continue to extend its distribution channels globally to secure a firmer footing in global markets.

By Shim Woo-hyun  (ws@heraldcorp.com)