Thg Strikes Myprotein Licensing Deal In South Korea

Credit: Erhan Inga/Shutterstock.

Myprotein proprietor THG has entered a licensing business pinch SG Safety Corp. to grow distribution of nan sports nutrition marque successful South Korea.

The statement pinch SG Safety, portion of nan CJ Group section conglomerate, will spot nan motorboat of nan Myprotein marque into offline channels successful South Korea for nan first time, London-listed THG said successful a filing.

CJ Group will besides manufacture Myprotein branded products locally nether license, including bars, snacks, powders, ready-to-drink products, and supplements.

THG said it will proceed to nutrient its halfway macromolecule powders, pinch SG Safety acting arsenic supplier successful nan South Korean market.

The business marks nan company’s first licensing statement successful South Korea, enabling it to deepen its beingness successful a “capital-light manner”, nan filing read.

Set for a user motorboat successful nan 4th quarter, nan statement builds connected Myprotein’s online presence, wherever South Korea ranks among its “top five” world markets. The filing did not uncover nan offline trading channels.

Citing manufacture data, THG noted nan South Korean sports nutrition marketplace was weighted astatine $1.88bn successful 2023 and is projected to scope $3.05bn by 2030, a compound yearly maturation complaint (CAGR) of 7.2%.

Neil Mistry, CEO of THG Nutrition, said: “This collaboration will fortify our beingness successful 1 of Myprotein’s astir important markets, while besides creating caller opportunities to turn crossed established and emerging merchandise categories, and to widen our scope crossed some offline and online channels.”

The statement complements Myprotein’s existing partnerships successful Asia, specified arsenic pinch Japan’s Itochu, nan institution said.

Jung-Hyun Sung, nan CEO of SG Safety, said: “We’re excited to beryllium partnering pinch THG Plc to grow entree to Myprotein crossed South Korea.

“The request for trusted, high-quality nutrition products continues to grow, and this statement allows america to meet that request done section expertise successful manufacturing and distribution, supported by nan spot of nan Myprotein brand.”

THG operates 2 superior consumer-facing businesses: THG Nutrition, which includes Myprotein, and THG Beauty. In 2024, nan institution spun-off its tech platform, THG Ingenuity, into a standalone business.

In April, THG’s committee rejected an “unsolicited” and “largely unfunded” takeover connection for Myprotein from Selkirk to nan tune of arsenic overmuch arsenic £600m ($798.7m). The committee considered nan connection to beryllium “undervalued”.

Meanwhile, successful filing coming (6 August), THG announced nan waste of its Claremont Ingredients business to Nactarome Group, majority-owned by TA Associates, for £103m successful cash.

The institution had acquired nan flavour manufacturing business for £52m successful 2020.

Additionally, THG reported an estimated first-half adjusted EBITDA of £24m, down from £37.1m successful H1 2024, attributing nan diminution to higher whey pricing.

THG Nutrition recorded “double-digit” gross maturation crossed June and July, pinch nan institution projecting second-half Nutrition gross maturation of betwixt 10% and 12%.

THG besides projected a group adjusted EBITDA of astir £50m for H2 2025.