Olive Young Sees Record Foreign Retail Spending

The retail movement of Olive Young is powered by foreign shoppers, as the demand for K-Beauty catalyzes the skyrocketing sales of the store throughout South Korea.

CJ Olive Young has registered a significant increase in foreign consumer expenditure, as it registered 1 trillion won of its offline outlet purchases in the first half of January to November. The milestone focuses on the increasing power of the retailer in the international retailing sector and its high attractiveness to visiting international customers of South Korea.

Previously, foreign sales used to contribute 2 percent of offline sales in 2022; in 2023, they grew to 10 percent, but now they are above 25 percent. The current rapid expansion indicates that Olive Young has a growing presence in the beauty retail sector and that K-beauty products are gaining popularity among international travelers.

Olive Young, according to the company, represents 88 percent of all domestic cosmetics purchases made under the Global Tax Free program, and as such, the company is the powerhouse in terms of selling beauty to foreign visitors. 190 shoppers from different nationalities received tax refunds at Olive Young locations this year.

There is also a deeper exploration of the chain by tourists, as 40 percent are going to two or more of the stores to have different layouts and edited collections. The shopping attitude is also becoming decentralized: 58 percent of shoppers now buy six or more brands, with a third of them buying ten or more.

According to Olive Young, the record spending represents good cooperation with the small, medium, and indie businesses and assists them in finding consumers worldwide through its retail stores. The firm seeks to enhance K-beauty work as a force behind inbound tourism, one of the pillars of the consumer economy in South Korea.