Olive Young, Kolmar Korea roll out K-beauty startup accelerator
CJ Olive Young announced on Tuesday that it will launch a joint accelerator program with Kolmar Korea to discover and nurture promising startups poised to lead the K-beauty industry.
The two companies signed a business agreement on Friday at the Seongnam headquarters of HK inno.N, a subsidiary of Kolmar Korea. Under the agreement, they will select more than 12 early-stage startups in the cosmetics manufacturing sector and provide comprehensive support to foster their growth.
Kolmar Korea will provide the selected startups with free access to its 'Beauty Innovation Hub Center,' a dedicated incubation space operated by HK inno.N. Meanwhile, Olive Young will contribute by offering tailored consulting services, leveraging its database of over 100 million annual domestic and international purchase transactions, and assisting with product planning and market entry strategies.
To further drive growth in the cosmetics sector and strengthen global competitiveness, the two companies will share insights on the latest K-beauty trends, provide education and networking opportunities, and explore potential investments in high-potential startups.
'As a K-beauty incubator, we are committed to discovering innovative brands and supporting the sustainable growth of the domestic beauty industry,' an Olive Young official said.
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