Shinsegae Food

What Shinsegae Food does

Shinsegae Food Inc. (KOSPI: A031440) is a Korean integrated food company that manufactures, distributes, and retails food products across four business pillars: food manufacturing and distribution (the core revenue engine, generating a combined 1,491 billion KRW in 2025 from the Manufacturing Services and Distribution/Trading segments), bakery operations, franchise restaurant chains anchored by No Brand Burger (more than 240 stores nationwide as of mid-2026), and premium dining brands including BO&MIE, Devil's Door, Vecchia&Nuovo, and Vecchia&Nuovo Gastro. Headquartered in Seoul and founded in 1995, the company operates across consumer segments ranging from value-conscious students and young MZ-generation diners (driven by sub-KRW 3,000 Amazing burgers and the "Why pay more?" positioning) to health-conscious shoppers (via Olbaan functional convenience meals and Farro Samgyetang) and premium food enthusiasts (via Parisian bakery BO&MIE and craft beer pub Devil's Door).

The operational backbone is vertical integration: dedicated manufacturing plants at Osan (a 24-hour non-stop smart factory for frozen foods and prepared meals), Cheonan (a 20-year bakery/heritage facility), and Eumseong (an R&D research center for new product development and food safety science); HACCP- and ISO-certified quality systems; and proprietary distribution channels including the No Brand Burger mobile app (700,000+ members), SSG.com e-commerce, Kurly marketplace listings, and placement within the E-mart hypermarket and Traders premium-supermarket ecosystems — in a context where E-mart is simultaneously both the 55.47% controlling shareholder and the primary retail customer.

The company monetizes through unit pricing on consumer packaged goods and restaurant menus, franchise fees and supply royalties from No Brand Burger (KRW 10M upfront fee plus KRW 92M–122M total unit investment per franchisee), managed B2B catering contracts to universities (including Ewha University) and corporate cafeterias, and operated premium dining outlets. The business is mid-transition: in June 2026 shareholders approved (99.44% in favor) a comprehensive stock exchange with E-mart that will make Shinsegae Food a wholly-owned E-mart subsidiary and trigger KOSPI delisting. Concurrently, Shinsegae Food deployed 50 billion KRW into a PE vehicle (Beauty Synergy 2025) that acquired C&C International, Korea's fourth-largest beauty ODM, signaling a diversification move into adjacent consumer goods manufacturing beyond the historical food perimeter.

Name

Shinsegae Food

Legal name

주식회사 신세계푸드

Website

https://shinsegaefood.com

Company type

Public

Founded year

1995

Operating status

Operating

Short description

Shinsegae Food is a Korean integrated food company that manufactures, distributes, and retails food via franchise chains (No Brand Burger, 240+ stores), bakeries (BO&MIE), premium dining brands, and E-mart retail channels in which E-mart holds a 55.47% controlling stake.

Ownership category

akta.pro rank

Product category

Food Manufacturing & Distribution

NAICS

Frozen Specialty Food Manufacturing (311412), Bakeries and Tortilla Manufacturing (3118), Fruit and Vegetable Preserving and Specialty Food Manufacturing (3114), Food Manufacturing (311)

SIC

Canned, Frozen & Preservd Fruit, Veg & Food Specialties (2030), Bakery Products (2050), Food And Kindred Products (2000)

akta.pro primary industry

Frozen Entrées & Complete Meals (CRADADAA)

akta.pro secondary industries

Frozen Prepared Foods & Meals Manufacturing (AFAKACAH), Frozen Prepared Meals & Entrées Wholesale (AFAIAHAG), Frozen Plant-Based & Vegetarian Meals (CRADADAF)

Keywords

• Food manufacturing
• Frozen meal products
• Bakery operations
• Burger franchise chain
• Premium dining restaurants

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices9 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Manufacturing Services Division: Revenue from producing and selling manufactured food products including frozen meals, bakery items, HMR (home meal replacements), and prepared foods through E-Mart, Traders, SSG.com, and other retail channels. The division generated 564,088 million KRW in 2025.
2. Distribution/Trading Division: Revenue from distribution of food ingredients and products to corporate cafeterias (catering/meal services), external restaurants, and B2B customers. Generated 926,939 million KRW in 2025.
3. Franchise (No Brand Burger): Revenue from franchise fees, royalties, and supplies to ~240+ No Brand Burger franchise stores across South Korea. Franchise fee is 10 million KRW (1,000 万), training fee 3.5 million KRW, deposit 5 million KRW. Equipment and interior costs range from ~92 to 122 million KRW depending on store model.
4. Catering / Meal Services: Contract catering services for corporate cafeterias, universities, and institutional feeding operations across South Korea.
5. Premium Dining (Restaurants): Revenue from operated restaurant and premium dining brands including Devil's Door (pub), Vecchia Nuovo (café/restaurant), BO&MIE (French bakery), Vecchia Nuovo Gastro, and others.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

Shinsegae Food manufactures, distributes, and retails food products through a vertically integrated model spanning prepared/frozen meals, bakery items, and convenience foods. It operates the No Brand Burger franchise (240+ stores nationwide), premium dining brands (BO&MIE, Devil's Door, Vecchia&Nuovo, Oslo), and distributes via E-Mart, SSG.com, Kurly, and B2B institutional channels including Korean Air. Core production runs through HACCP/ISO-certified factories — Osan (24-hour smart factory), Cheonan (bakery), and the Eumseong R&D center.

Product overview

Shinsegae Food is a comprehensive food company operating across multiple business segments: food manufacturing and distribution, bakery operations, franchise restaurants, and premium dining. The portfolio includes franchise brands like No Brand Burger (value burger chain with 240+ stores), Oslo (premium ice cream), and multiple premium dining concepts including Devil's Door (craft beer gastropub), Vecchia&Nuovo (European cafe/restaurant), Vecchia&Nuovo Gastro (premium deli), and BO&MIE (Parisian bakery). Convenience food offerings under Olbaan and Master Collection brands serve retail channels. The company operates manufacturing facilities for frozen foods, prepared meals, and bakery products distributed through Emart, SSG.com, and various retail channels.

Differentiator

Problem solved

Functional benefit

Brands

• No Brand Burger (노브랜드 버거): Western casual burger restaurant chain offering high-quality burgers at reasonable prices with the brand slogan 'Why pay more?'
• BO&MIE (보앤미)
• Devilsdoor (데블스도어)
• Vecchiaenuovo (베키아에누보)
• Boulangerie (블랑제리)
• E-Bakery (이베이커리)
• Vecchiaenuovo Gastro (베키아에누보 가스트로)
• OSLO (오슬로)
• Olbaan (올바르고 반듯한)

Products and services

• No Brand Burger (노브랜드 버거) Fast-casual burger franchise chain offering flame-grilled burgers and sides at value prices ('Why pay more?'). Operates 240+ stores nationwide under 15PY compact and 28PY standard store models. Sells via own franchisee-operated restaurants and the No Brand Burger mobile app (700,000+ members).
• BO&MIE (보앤미) Parisian bakery brand originating from Paris in 2017, operated by Shinsegae Food in Korea. Offers French artisan bread using Foricher flour and natural fermentation starters. Korean flagship at Shinsegae Gangnam B1.
• Devil's Door (데블스도어) American-style gastropub featuring freshly brewed craft beer using 230-year-old German brewing equipment and brewmaster recipes, paired with a trendy gastropub menu in a 300-pyeong interior. Locations include Central City and COEX.
• Vecchia&Nuovo (베키아에누보) European cafe and restaurant blending European tradition with modern sensibility ('Old & New' in Italian). Offers fresh salads, sandwiches, brunch, and pasta. Operated by Shinsegae Food at multiple Shinsegae Department Store locations.
• Vecchia&Nuovo Gastro (베키아에누보 가스트로) Premium deli offering European health-focused foods including Gastro Salad, Dip Collection, Artisan Sandwich, and Gourmet Pasta, with premium ingredients like Sicilian olive oil, slow pasta, and organic white wine vinegar. Located at Shinsegae Gangnam B1.
• Oslo (오슬로) Premium ice cream franchise offering fresh milk-based ice cream with seasonal menus including Haenam Sweet Potato Latte, Shake, and Float varieties.
• Olbaan (올바르고 반듯한) Convenience food (HMR) brand emphasizing no artificial additives and healthy ingredients, including samgyetang (ginseng chicken soup) and Farro-based meal variants sold through E-Mart and Kurly.
• Food Manufacturing & Distribution (식품제조/유통) Core B2B and B2C business segment producing frozen foods, prepared meals, bakery items, and fresh ingredients, distributed to retail channels (E-Mart, SSG.com) and institutional customers. Generated 564,088 million KRW in manufacturing-services revenue in 2025 plus 926,939 million KRW in distribution/trading revenue.
• Bakery Operations (베이커리) In-store bakery operations at E-Mart and other retail locations, producing fresh bread, pastries, health-oriented bakery products, and seasonal cakes daily through the Cheonan Factory. E-Mart bakery cake sales rose 35% in 2025.

Quantifiable outcome

• No Brand Burger franchise inquiries increased 153% YoY (Jan-May 2026); new store openings up 107%
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered flagship, minor and core.

• Tabasco (Ottogi)flagshipGTM or Marketing Partner · 11 June 2026Tabasco (under Ottogi) collaborated with No Brand Burger on a North-Central American concept seasonal menu — 'Avocado Taco' and 'Smoke BBQ' burgers launched June 2026. The collaboration combined Tabasco's global hot sauce brand identity with NBB's value burger positioning. The menu sold 100,000 units in 2 weeks, with sales 35% higher on Korea World Cup match days. A popup store at the Seongsu Lab location featured custom Tabasco sauce experiences.
• Tabasco (Ottogi)flagshipGTM or Marketing Partner · 2 January 2026No Brand Burger collaborated with Tabasco (Ottogi) to launch the 'Avocado Taco' and 'Smoke BBQ' limited-edition burgers, inspired by North-Central American cuisine. The collaboration sold 100,000 units within 2 weeks of launch in early June 2026, with a popup experience store in Seongsu.
• Jjungang Haechang (중앙해장)minorGTM or Marketing Partner · 3 November 2025Shinsegae Food partnered with the popular restaurant brand Jjungang Haechang (central hangover soup chain) to develop a Hanwoo Yang-Haechang-guk (한우양해장국) convenience meal sold exclusively through Traders stores, combining NBB's food development capabilities with a famous restaurant brand.
• BO&MIEcoreStrategic or Co-development Partner · 28 February 2025Shinsegae Food entered into a master franchise/partnership with BO&MIE (a Parisian bakery brand founded in Paris in 2017), launching the brand in Korea with the flagship store at Shinsegae Gangnam in February 2025. The partnership brings artisanal French baking techniques, Foricher flour, and natural fermentation (Levain) to the Korean market.
• Silla Myeongwa (신라명과)minorStrategic or Co-development Partner · 7 January 2025Shinsegae Food entered a mutual cooperation agreement with Silla Myeongwa for bakery business collaboration, combining Shinsegae Food's manufacturing capabilities with Silla Myeongwa's traditional Korean confectionery expertise.
• Korean AirminorStrategic or Co-development Partner · 15 October 2024Shinsegae Food signed an MOU with Korean Air for the joint development and supply of plant-based (alternative) in-flight meals, leveraging Korean Air's cabin food service operations.
• G7 Coffee (Vietnam)minorGTM or Marketing Partner · 12 September 2024Shinsegae Food partnered with Vietnam's leading G7 Coffee brand to launch a first-of-its-kind bakery collaboration product, introducing Vietnamese coffee-flavored bakery items in the Korean market.
• BunnyconbiniGTM or Marketing Partner · 25 July 2024Shinsegae Food collaborated with Bunnyconbini on a brand collaboration sports edition, targeting younger MZ-generation consumers through co-branded limited-edition products.
• Hyundai Card Cooking LibraryminorGTM or Marketing Partner · 24 July 2024Shinsegae Food ran a joint marketing campaign with Hyundai Card's Cooking Library for the 'Youawhatyit' (유아왓유잇) plant-based rice beverage brand, including digital content creation and consumer engagement activities.
• Modern House / VnMminorGTM or Marketing Partner · 3 July 2024Shinsegae Food partnered with Korean lifestyle brand Modern House (VnM) for collaborative product development and marketing campaigns targeting the young female demographic.
• Le Cordon BleuminorStrategic or Co-development Partner · 1 July 2024Shinsegae Food partnered with Le Cordon Bleu to develop and launch a French-style alternative food product line under the 'Youawhatyit' brand, leveraging the prestigious culinary school's expertise.

Scale indicators18 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• CJ CheilJedang: CJ CheilJedang is Korea's largest food manufacturer, producing frozen meals, processed foods, and operates the bibigo brand globally. Comparable to Shinsegae Food in frozen food manufacturing, HMR, and Korean retail food distribution, but with significantly larger scale, global footprint (CJ Foods USA, Schwan's), and brand portfolio breadth.
• Nongshim: Nongshim is Korea's dominant instant noodle manufacturer with growing frozen food and HMR presence. While strongest in noodles/ramen, its expansion into frozen meals and premium dining (e.g., restaurant operations) makes it comparable on the manufacturing scale and retail distribution dimensions.
• Samyang Foods: Samyang Foods is a major Korean food manufacturer famous for Buldak ramen with growing global presence. Comparable manufacturing scale and processed food categories, though more concentrated in noodles; demonstrates a competitor archetype for Korean food manufacturers scaling internationally.

Direct peers

• Lotte Food: Lotte Food is a major Korean food manufacturer with overlapping categories including confectionery, ice cream, frozen foods, and processed foods. Operates under the Lotte Group ecosystem with similar retail distribution advantages (Lotte Mart, 7-Eleven Korea) and serves comparable B2C and B2B channels.
• Ottogi: Ottogi is a leading Korean food manufacturer specializing in sauces, noodles, processed foods, and frozen meals. Direct competitor to Shinsegae Food in the manufacturing/distribution segment and notably serves as the Korean distributor for Tabasco, making it a partner-competitor dynamic with Shinsegae Food.
• Daesang Corporation: Daesang is a major Korean food manufacturer producing sauces, noodles, dumplings, and processed foods with significant HMR presence. Operates the Happy Call cookware brand and has comparable B2B distribution reach, making it a direct competitor in retail food manufacturing channels.
• Hyundai Green Food: Hyundai Green Food operates institutional catering, food manufacturing, and restaurant businesses (including Kyochon F&B). Comparable to Shinsegae Food across food service, manufacturing, and franchise operations, though it has stronger institutional/catering presence where Shinsegae Food exited.
• Dongwon F&B: Dongwon F&B produces canned foods, processed meats, and prepared meals in Korea. Direct overlap with Shinsegae Food's frozen prepared meals and HMR categories, and similarly supplies to Korean retailers (E-Mart, Lotte Mart) as a branded supplier.
• Pulmuone: Pulmuone is Korea's leading health-focused food manufacturer specializing in organic, plant-based, and vegetarian products. Direct competitor to Shinsegae Food's plant-based and healthy convenience meal offerings (Olbaan, Youawhatyit), with comparable retail distribution and growing HMR presence.
• Lotteria: Lotteria is Korea's largest homegrown burger QSR chain operated by Lotte Group. Direct competitor to No Brand Burger in the value burger segment with deeper nationwide store coverage. Comparable franchise model and Korean consumer base, representing the primary competitive threat to NBB's domestic growth.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shinsegae Food