Haidilao launches 'Haifive,' a single-diner hotpot brand

Chain now operates 12 stores nationwide, with Cheongnyangni opening planned

First-half Korea sales reach about 72 billion won, up 28.4%

A Hotpot Haifive store at Hyundai Department Store's Pangyo branch. [Hyundai Department Store]
A Hotpot Haifive store at Hyundai Department Store's Pangyo branch. [Hyundai Department Store]

Chinese hotpot brand Haidilao is stepping up its push into South Korea's dining market, rolling out new restaurant concepts alongside its existing hotpot outlets and accelerating the opening of new locations.

According to the retail industry, Haidilao opened the first outlet of its new brand "Hotpot Haifive" on Oct. 1 on the basement first floor of Hyundai Department Store's Pangyo branch in Seongnam, Gyeonggi Province. Haifive is a single-diner hotpot concept the chain is introducing in South Korea for the first time, featuring a simplified menu and a more streamlined dining format than the original Haidilao experience.

The Haifive format lets diners use individual pots and choose their own broth and ingredients. Pricing is designed to be more accessible than at a standard Haidilao outlet. While the original brand is built around group dining, Haifive centers on solo set menus so customers can enjoy hotpot on their own. Single-diner sets are priced at 19,900 won to 20,900 won.

Earlier this year, Haidilao also launched a Chinese-style charcoal skewer brand called "Haihai Charcoal Skewers" in Myeong-dong, Jung-gu, Seoul, in January. Super Hi International Holding, which manages Haidilao's overseas operations, introduced the brand as its global debut — a concept that does not exist even in China.

The chain's core hotpot outlets are also expanding. Haidilao currently operates 12 company-owned stores across the country. Since opening its first South Korean location in Myeong-dong in 2014, the brand has grown steadily around major commercial districts in Seoul. Another store is in the works: Haidilao is preparing a new outlet at Lotte Mall Bellytaun Cheongnyangni, set to open Oct. 23.

The expansion is being matched by strong earnings growth. According to DART, Haidilao Korea posted sales of 117.7 billion won last year, a 50.9 percent jump from 78.1 billion won the year before, surpassing the 100 billion won mark for the first time. Compared with 2023 sales of 58.3 billion won, revenue more than doubled in two years. Operating profit also rose 84.6 percent year on year to 20.2 billion won.

The momentum has carried into this year. According to a first-half earnings report released by Super Hi International Holding, which operates Haidilao's overseas franchise business, South Korea sales from January through June reached $48.49 million (about 72 billion won), up 28.4 percent from the same period a year earlier — well above the group's overall revenue growth rate of 12.1 percent for the same period.

Other Chinese restaurant brands are also intensifying their push into the South Korean market. Tanghuakungfu Korea, the local arm of Chinese malatang brand Tanghuakungfu, posted sales of 25.5 billion won and operating profit of 11.1 billion won last year, up 14.6 percent and 5.0 percent, respectively. The brand's store count has grown from 127 in 2019 to more than 500 today.

Chagee, a Chinese tea brand that entered South Korea in April, opened its 10th local store at Seoul National University Station on Sept. 30. Another tea brand, Chabaidao, had expanded to 47 domestic locations as of Sept. 24 and is actively recruiting franchisees through a dedicated startup website, with franchise-led store expansion at the center of its growth strategy.


korean@heraldcorp.com