THG strikes Myprotein licensing deal in South Korea
The agreement with SG Safety, part of the CJ Group local conglomerate, will see the launch of the Myprotein brand into offline channels in South Korea for the first time, London-listed THG said in a filing.
CJ Group will also manufacture Myprotein branded products locally under license, including bars, snacks, powders, ready-to-drink products, and supplements.
THG said it will continue to produce its core protein powders, with SG Safety acting as distributor in the South Korean market.
The partnership marks the company's first licensing agreement in South Korea, enabling it to deepen its presence in a 'capital-light manner', the filing read.
Set for a consumer launch in the fourth quarter, the agreement builds on Myprotein's online presence, where South Korea ranks among its 'top five' global markets. The filing did not reveal the offline marketing channels.
Citing industry data, THG noted the South Korean sports nutrition market was valued at $1.88bn in 2023 and is projected to reach $3.05bn by 2030, a compound annual growth rate (CAGR) of 7.2%.
Neil Mistry, CEO of THG Nutrition, said: 'This collaboration will strengthen our presence in one of Myprotein's most important markets, while also creating new opportunities to grow across established and emerging product categories, and to extend our reach across both offline and online channels.'
The agreement complements Myprotein's existing partnerships in Asia, such as with Japan's Itochu, the company said.
Jung-Hyun Sung, the CEO of SG Safety, said: "We're excited to be partnering with THG Plc to expand access to Myprotein across South Korea.
"The demand for trusted, high-quality nutrition products continues to grow, and this agreement allows us to meet that demand through local expertise in manufacturing and distribution, supported by the strength of the Myprotein brand."
THG operates two primary consumer-facing businesses: THG Nutrition, which includes Myprotein, and THG Beauty. In 2024, the company spun-off its tech platform, THG Ingenuity, into a standalone business.
In April, THG's board rejected an 'unsolicited" and "largely unfunded" takeover proposal for Myprotein from Selkirk to the tune of as much as £600m ($798.7m). The board considered the offer to be "undervalued".
In a first-quarter trading update in April, THG reported continuing revenue of £371.4m, down 6.1% in constant currency terms. THG Nutrition posted revenue growth of 0.1%.
The company maintained its full-year 2025 revenue growth guidance of 'mid-single digits'.
Meanwhile, in filing today (6 August), THG announced the sale of its Claremont Ingredients business to Nactarome Group, majority-owned by TA Associates, for £103m in cash.
The company had acquired the flavour manufacturing business for £52m in 2020.
Additionally, THG reported an estimated first-half adjusted EBITDA of £24m, down from £37.1m in H1 2024, attributing the decline to higher whey pricing.
THG Nutrition recorded 'double-digit' revenue growth across June and July, with the company projecting second-half Nutrition revenue growth of between 10% and 12%.
THG also projected a group adjusted EBITDA of approximately £50m for H2 2025.
"THG strikes Myprotein licensing deal in South Korea" was originally created and published by Just Drinks, a GlobalData owned brand.
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