In a strategic move, Myprotein’s owner, THG, has formed a licensing partnership with SG Safety Corp. to enhance the distribution of the sports nutrition brand in South Korea.
This agreement with SG Safety, a subsidiary of the CJ Group conglomerate, signifies the first-time entry of the Myprotein brand into offline channels in South Korea, as detailed in THG’s recent filing.
Under this partnership, CJ Group will locally manufacture Myprotein-branded products, including bars, snacks, powders, ready-to-drink products, and supplements.
THG will continue producing its core protein powders, while SG Safety takes on the role of distributor within the South Korean market.
This agreement marks THG’s inaugural licensing deal in South Korea, allowing the company to expand its presence in a “capital-light manner,” according to the filing.
Set for consumer launch in the fourth quarter, this agreement builds on Myprotein’s substantial online presence, where South Korea ranks among its “top five” global markets. However, the filing did not specify the offline marketing channels.
Industry data cited by THG reveals that the South Korean sports nutrition market was valued at $1.88 billion in 2023. It is projected to grow to $3.05 billion by 2030, representing a compound annual growth rate (CAGR) of 7.2%.
Neil Mistry, CEO of THG Nutrition, stated: “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 extend our reach across both offline and online channels.”
The agreement enhances Myprotein’s existing partnerships in Asia, including collaborations with Japan’s Itochu, the company noted.
On the other hand, Jung-Hyun Sung, CEO of SG Safety, expressed enthusiasm for partnering with THG Plc to broaden access to Myprotein across South Korea. He remarked, “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 divisions: THG Nutrition, encompassing Myprotein, and THG Beauty. In 2024, THG spun off its tech platform, THG Ingenuity, into a standalone business.
Earlier in April, THG’s board rejected an “unsolicited” and “largely unfunded” takeover proposal for Myprotein from Selkirk, which valued the company at up to £600 million ($798.7 million). The board deemed the offer to be “undervalued.”
In its first-quarter trading update released in April, THG reported continuing revenue of £371.4 million, reflecting a 6.1% decline in constant currency terms. THG Nutrition showed a slight revenue growth of 0.1%.
The company reaffirmed its full-year 2025 revenue growth guidance of “mid-single digits.”
Meanwhile, in a filing dated August 6, THG announced the sale of its Claremont Ingredients business to Nactarome Group, primarily owned by TA Associates, for £103 million in cash.
THG had acquired the flavor manufacturing business for £52 million in 2020.
Additionally, THG reported an estimated first-half adjusted EBITDA of £24 million, down from £37.1 million in H1 2024, attributing the slump to higher whey pricing.
In a positive turn, THG Nutrition recorded “double-digit” revenue growth during June and July, projecting second-half Nutrition revenue growth between 10% and 12%.
Moreover, THG anticipates a group adjusted EBITDA of approximately £50 million for H2 2025.
