-Establishment of a stable distribution network with a supply contract worth 20 million dollars over 3 years
– Strengthening cooperation in the health and beauty industries between the two countries and establishing sustainable economic cooperation
The Dream H&B (CEO Yoo Min-sang), a beauty and health distribution company, announced on the 20th that it signed a business agreement (MOU) with the Chinese Longmart Group (Chairman Park Chul-nam), a specialized distribution chain for Korean consumer goods, regarding health and beauty (H&B) reverse direct purchasing. Through this agreement, a K-beauty and health functional food supply contract worth a total of 20 million dollars was signed over 3 years, and based on this, it plans to further strengthen its distribution network in the Chinese market.
The business agreement signing ceremony held at the headquarters of The Dream H&B was attended by key figures including The Dream H&B CEO Yoo Min-sang, China’s Jilin Province Yanji City Government Vice Mayor Zhang Xuebin, Shin Seong-hae, Director of the Commercial Bureau, and Longmart Group Chairman Park Cheol-nam and CEO Shin Ki-taek. With this agreement, The Dream H&B has been selected as the preferred supplier for Longmart Group, and through this, it will expand its major distribution channels in China and establish a stable supply chain.
According to a report by the Korea International Trade Association, the Korean reverse purchasing market has grown rapidly from KRW 679.1 billion in 2014 to KRW 1.6972 trillion in 2023, and the demand for Korean products, especially H&B products and various consumer goods, is increasing. In line with this market trend, through this agreement, Dream H&B will begin to enter the Chinese market in earnest. The Longmart Group also plans to strengthen its position in the Chinese reverse purchasing market by optimizing its distribution structure and increasing the stability of profit generation by receiving a stable supply of various Korean H&B products.
With this business agreement, Dream H&B and Lungmart Group will promote the growth of the H&B reverse purchasing market in Korea and China through joint marketing and cooperation expansion in the future, and establish a sustainable economic cooperation system. In addition, key figures from the Yanji municipal government of China also attended the business agreement signing ceremony and discussed support measures for revitalizing the local economy, creating jobs, and strengthening overseas economic cooperation.
“This MOU will be an opportunity to expand cooperation between the health and beauty industries between Korea and China beyond a simple contract,” said Min-sang Yoo, CEO of The Dream H&B. “We will do our best to provide better quality Korean products to consumers in both countries.”
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