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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Starbucks Korea is re-evaluating its exclusive partnership with Hyundai Card, signaling a potential shift in one of South Korea's most iconic private-label credit card (PLCC) alliances. This move could mark a significant change in Hyundai Card’s partnership strategy, which has long emphasized exclusivity and brand alignment.
According to sources in the retail and card industries on Monday, Starbucks Korea has recently received proposals from multiple card issuers, including Samsung Card, as it begins the process of selecting a new PLCC partner.
Starbucks first signed a PLCC deal with Hyundai Card in 2020, and the two companies have maintained a close relationship over the past six years. However, with the current contract set to expire in the second half of this year, Starbucks is now exploring other options.
The partnership with Hyundai Card marked the first time since entering the Korean market in 1999 that Starbucks had signed a PLCC deal with a specific credit card company. At the time, Hyundai Card Vice Chairman Chung Tae-young aggressively pushed the collaboration, publicly highlighting that South Korea was the only country outside the U.S. to launch a Starbucks card.
Currently, the “Starbucks Hyundai Card” offers exclusive benefits, such as earning one Starbucks “Star” for every 30,000 KRW spent. The card also features a range of unique designs, helping the brand appeal particularly to young female consumers and enhancing its trendy image.
With Starbucks now considering a new direction for its co-branded card, industry watchers are closely monitoring whether this signals broader changes in the PLCC landscape—and a potential shake-up for Hyundai Card’s brand strategy.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
