CJ Olive Young, South Korea’s largest health and beauty retailer, reported annual sales of 4.79 trillion won ($3.6 billion) last year, a 24% increase driven by surging global demand for Korean beauty products.
The company’s net profit rose 35% to 470.2 billion won ($354 million), with profit margins approaching 10% – a substantial improvement from 3.3% in 2020. Foreign tourists provided a significant boost, with 92% of the company’s 1,371 stores recording international visitors.
Sales from European tourists showed remarkable growth, with purchases by Italian and Spanish customers jumping 250% and 226% respectively. French tourist spending increased 184%. Overall, the retailer processed 9.42 million foreign transactions, up 140% from the previous year.
CJ Olive Young has been on a steep growth trajectory since crossing the 1 trillion won sales threshold in 2016. The company reported 3.87 trillion won in sales for 2023.
The retailer opened its first innovative store concept, Olive Young N Seongsu, which attracted over 500,000 visitors within two months. It also established an Anseong Global & Brand Center to strengthen its global e-commerce capabilities.
Looking ahead, CJ Olive Young established a U.S. subsidiary in February with plans to enter the American market this year, furthering its ambition to become a global K-beauty hub.
