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SPC Samlip, a food company based in South Korea, teamed up with H Mart, an Asian supermarket chain in North America, to expand its bakery business in the United States. The company also hopes to use the partnership to bolster its presence in the global scene for this line of trade.
SPC Samlip shared on Thursday, Nov. 9, that its new collaboration with H Mart is a strategic move to achieve its global ambitions. As per The Korea Herald, the supermarket chain has a big presence not only in the U.S. but also in the United Kingdom and Canada. Collectively, the company has around 120 supermarkets in the said countries and last year it posted a massive $3.28 billion or KRW4.3 trillion in sales.
Agreement Between SPC Samlip and H Mart
Under the deal, the Korean food company will increase its supply of confectionery products and these would be distributed in North America via H Mart's vast sales network. The partners also agreed to develop new food products together and launch them at the latter’s supermarket outlets.
SPC Samlip and H Mart are targeting the first half of 2024 for the release of their new collaborative items. Moreover, the former said it will further support the supermarket chain’s expansions overseas by being a steady supplier of goods to its stores outside the U.S.
“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," an official at SPC Samlip said in a statement. "With the latest partnership, both trade volume and revenue are expected to increase further."
Scaling Up for Global Expansion
The Korean firm has been exerting a lot of effort to boost its presence on the international business stage. Just last month, it participated in the Cologne, Germany’s Anuga Food Trade Show to promote its native dessert products such as honey cookies and yakgwa.
The said event is the biggest trade fair and a key industry affair for food and beverage. Through the trade show it was able to connect with about 170 buyers and SPC Samlip said it will continue to expand its distribution channels to secure a stronger foothold in global markets.
“This partnership agreement is a response to a common goal, shared by both companies, of introducing Korean bakery products to the American market amid the growing worldwide interest in Korean cuisine,” Korea Joongang Daily further quoted a company official as saying. “Through collaborations with major global distribution channels, we aim to further expand business in the American bakery market.”
Photo by: SPC Samlip Website
