
CJ Olive Younger’s retailer in Myeong-dong, Seoul, Jan. 9 / Yonhap

CJ Olive Younger CEO Lee Solar-jung / Courtesy of Olive Younger
Magnificence retail big CJ Olive Younger launched its subsidiary in the USA, cementing its market presence on the earth’s largest magnificence market, the retail chain operator mentioned Tuesday.
With the newly established CJ Olive Younger USA in California, the corporate plans to open its first offline retailer in the USA. The placement at the moment stays undecided.
Olive Younger launched the subsidiary to higher goal the U.S. magnificence market. The Seoul-based agency cited world market analyst Euromonitor Worldwide, which in 2023 valued the U.S. magnificence market at about $120 billion, the most important nation within the business’s world market valued at $570 billion. The U.S. market’s estimated worth is greater than 10 occasions Korea’s total magnificence product exports of $10.2 billion final yr.
The rising demand for Korean magnificence merchandise amongst Individuals is one more reason behind the launch of the brand new firm. In keeping with Korea’s Ministry of Meals and Drug Security, exports of Korean beauty merchandise to the U.S. jumped by greater than 20 p.c annually from 2020 to 2023.
“Contemplating about 40 p.c of the U.S. inhabitants are these of their [teens to 30s and] are delicate to magnificence traits, our gross sales within the U.S., as soon as we safe higher native market accessibility, will enhance quick,” an Olive Younger official mentioned.
To make its new subsidiary a hub for market enlargement throughout the U.S. and worldwide, Olive Younger started localizing key capabilities reminiscent of product sourcing, advertising and marketing and logistics operations.
The subsidiary may also assist the operations of Olive Younger’s on-line platform, Olive Younger International Mall, which at the moment caters to prospects in 150 international locations, together with the U.S. by way of direct buy.
“A lot of the on-line mall’s gross sales come from the U.S. and Canada, the place e-commerce has grow to be a standard purchasing methodology,” the official mentioned.
Olive Younger USA will deal with product supply throughout the U.S. by way of CJ Logistics America, which is the U.S. subsidiary of Korean logistics big CJ Logistics.
Olive Younger CEO Lee Solar-jung mentioned its U.S. subsidiary will “present a brand new development engine to Korean small and medium-sized enterprises, that are our key companions, in search of to increase their world markets.”
Olive Younger at the moment runs over 1,360 offline outlets in Korea.