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Straits Times
04-07-2025
- Business
- Straits Times
K-pop in beauty stores: Olive Young diversifies as rivals gather
Sign up now: Get ST's newsletters delivered to your inbox Olive Young's expansion sets the stage for fiercer competition, particularly with Shinsegae's beauty brand Chicor. SEOUL - Beauty retail giant CJ Olive Young is tightening its grip on Korea's cosmetics market with a fresh push that fuses Korean cultural trends and hyper-personalized beauty experiences - all while sharpening its global edge. With more than 1,300 stores nationwide, Olive Young has long dominated the local scene - and now it is doubling down. As new challengers emerge in Korea's booming beauty space, the company is evolving its content strategy and store experience to stay ahead of the curve. Olive Young's new three-story Hongdae Playground outpost, which opened on June 11, features a dedicated men's beauty zone, AI-powered skin scan consultations and K-pop sections. Olive Young has increasingly tapped the power of K-pop, creating special zones in tourist hubs like Myeong-dong and Seongsu-dong since 2024. The retailer said it held 19 K-pop pop-up stores in 2024, with six still operating. The strategy has roots in its online success. Since launching a K-pop category on its website in 2022, 71 per cent of first-time overseas customers who purchased K-pop albums also picked up K-beauty products. More recently, Olive Young opened its Central Gangnam Town store on July 2, with a sharp focus on in-store beauty experiences such as skin analyses, personal colour diagnostics and bespoke consultations with beauty advisors. 'The opening of this advanced store seeks to meet the beauty needs of both local and international consumers in the Gangnam area,' an official from Olive Young said, adding that the retailer will continue to launch stores tailored to each district's characteristics and customer base. Top stories Swipe. Select. Stay informed. Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Asia Japan urges evacuation of small island as 1,000 quakes hit region World Trump's sweeping tax-cut and spending Bill wins congressional approval World Trump eyes simple tariff rates over complex talks, says letters going out Friday Sport A true fans' player – Liverpool supporters in Singapore pay tribute to late Diogo Jota Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore Universities like NUS need to be open, to become a sanctuary for global talent: Vivian Balakrishnan Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Olive Young's expansion sets the stage for fiercer competition, particularly with Shinsegae's beauty brand Chicor, which recently rebranded and opened nearby with a renewed focus on Korean products, shifting away from its earlier emphasis on imported labels. Likewise, the Chicor store also offers customized beauty experiences, including an AI personalization service and a K-beauty makeup zone. Following in Olive Young's footsteps, the retailer is eyeing new locations in tourist hotspots such as Hongdae and Myeong-dong. Another potential competitor is Hyundai Home Shopping. The TV shopping operator is finalizing plans to launch its first brick-and-mortar beauty store, Coasis, by October, which will be stocked with its teleshopping bestsellers. However, business specifics remain under wraps for now. Although industry consensus remains that Olive Young's dominance will not be easily toppled, the arrival of new competitors can only be good news for consumers. 'The popularity of K-beauty remains strong both here and abroad, and we're seeing new players continue to enter the offline beauty market,' said an industry official. 'But as the market grows, consumers will ultimately benefit from better quality and more competitive pricing.' Indeed, data shows that K-beauty's growth shows no signs of abating. According to the Korea International Trade Association, Korea exported US$3.61 billion (S$4.6 billion) worth of cosmetics from January to April, surpassing the United States' US$3.57 billion for the first time. This milestone comes just a year after Korea overtook Germany to become the world's third-largest cosmetics exporter, behind only France and the US. The nation's cosmetics exports in the first half of 2025 reached a record high of US$5.5 billion, up 14.8 per cent from a year earlier, according to data released by the Ministry of Food and Drug Safety. THE KOREA HERALD/ASIA NEWS NETWORK
Korea Herald
03-07-2025
- Business
- Korea Herald
K-pop in beauty stores: Olive Young diversifies as rivals gather
Olive Young deepens K-culture focus, beauty consultations amid intensifying K-beauty competition Beauty retail giant CJ Olive Young is tightening its grip on Korea's cosmetics market with a fresh push that fuses Korean cultural trends and hyper-personalized beauty experiences -- all while sharpening its global edge. With more than 1,300 stores nationwide, Olive Young has long dominated the local scene — and now it's doubling down. As new challengers emerge in Korea's booming beauty space, the company is evolving its content strategy and store experience to stay ahead of the curve. Its latest move: fusing Korean cultural touchpoints with hyper-customized beauty offerings, showcased in a new wave of globally minded flagship stores. The new three-story Hongdae Playground outpost, which opened on June 11, features a dedicated men's beauty zone, AI-powered skin scan consultations and K-pop sections. Olive Young has increasingly tapped the power of K-pop, creating special zones in tourist hubs like Myeong-dong and Seongsu-dong since last year. The retailer said it held 19 K-pop pop-up stores in 2023, with six still operating. The strategy has roots in its online success. Since launching a K-pop category on its website in 2022, 71 percent of first-time overseas customers who purchased K-pop albums also picked up K-beauty products. More recently, Olive Young opened its Central Gangnam Town store on Wednesday, with a sharp focus on in-store beauty experiences such as skin analyses, personal color diagnostics and bespoke consultations with beauty advisors. "The opening of this advanced store seeks to meet the beauty needs of both local and international consumers in the Gangnam area," an official from Olive Young said, adding that the retailer will continue to launch stores tailored to each district's characteristics and customer base. Olive Young's expansion sets the stage for fiercer competition, particularly with Shinsegae's beauty brand Chicor, which recently rebranded and opened nearby with a renewed focus on Korean products, shifting away from its earlier emphasis on imported labels. Likewise, the Chicor store also offers customized beauty experiences, including an AI personalization service and a K-beauty makeup zone. Following in Olive Young's footsteps, the retailer is eyeing new locations in tourist hotspots such as Hongdae and Myeong-dong. Another potential competitor is Hyundai Home Shopping. The TV shopping operator is finalizing plans to launch its first brick-and-mortar beauty store, Coasis, by October, which will be stocked with its teleshopping bestsellers. However, business specifics remain under wraps for now. Although industry consensus remains that Olive Young's dominance will not be easily toppled, the arrival of new competitors can only be good news for consumers. 'The popularity of K-beauty remains strong both here and abroad, and we're seeing new players continue to enter the offline beauty market,' said an industry official. 'But as the market grows, consumers will ultimately benefit from better quality and more competitive pricing.' Indeed, data shows that K-beauty's growth shows no signs of abating. According to the Korea International Trade Association, Korea exported $3.61 billion worth of cosmetics from January to April, surpassing the United States' $3.57 billion for the first time. This milestone comes just a year after Korea overtook Germany to become the world's third-largest cosmetics exporter, behind only France and the US. The nation's cosmetics exports in the first half of this year reached a record high of $5.5 billion, up 14.8 percent from a year earlier, according to data released by the Ministry of Food and Drug Safety.
Korea Herald
15-06-2025
- Business
- Korea Herald
Shinsegae's beauty gambit: Chicor rivals Olive Young in tourist hubs
South Korean retail giant Shinsegae Group is making a bold return to the cosmetics scene through its beauty select shop brand Chicor, aligning closely with the latest waves of K-beauty. A new flagship store is set to open in Seoul's bustling Gangnam district -- not just a relocation, but a complete reimagining following the closure of its previous Gangnam branch. Chicor aims to make a striking impression by stocking more than half of its 5,000 products from Korean brands. This marks a significant pivot from its previous strategy, which favored foreign imports by a margin of 70 percent, a shift as much cultural as it is commercial. The Gangnam flagship, for its part, aims to offer a multisensory experience, inviting shoppers to sample textures and experiment with color in immersive, hands-on spaces. Exclusive brand partnerships, sourced through Shinsegae International's global network, will help set the retailer apart, the company explained. As one industry insider noted, the rising popularity of K-beauty has likely prompted the company to move away from its traditional focus on luxury foreign beauty products. Launched in 2016 as a curated showcase of everything from niche imports to cult-favorite middle-market brands, Chicor once bloomed into 30 locations until the pandemic clipped its wings. Chicor's resurgence was set in motion following Chair Chung Yoo-kyung's promotion late last year, which catalyzed a broader realignment across Shinsegae's beauty operations. Formerly housed within Shinsegae's broader sales division, Chicor now reports directly to CEO Park Joo-hyung. Park, speaking at the company's shareholder meeting in March, called for the creation of a 'new standard' in K-beauty retail, even as he acknowledged the road so far had been rocky. According to Park, who noted that Chicor's operating losses had been halved from the previous year, the key lies in rebalancing the product mix. 'Chicor was long anchored by luxury offerings,' he said. 'But we've worked to broaden the portfolio and place K-beauty at the forefront.' In a consequential turn, the move sets Shinsegae on a collision course with CJ Group's Olive Young, the undisputed leader in Korean beauty retail. Today, Chicor's footprint has contracted to 19 stores, with annual sales hovering around 100 billion won ($73 million), a figure dwarfed by Olive Young's sprawling 1,370 locations and 4.8 trillion won in revenue last year. And yet, Shinsegae's distinct approach to curation may well ruffle Olive Young's feathers, particularly as it sets its sights on tourist-heavy districts like Myeongdong and Hongdae to entice foreign shoppers with exclusive brand offerings and pop-up theatrics. At its Hongdae location, for instance, increasing the proportion of K-beauty brands such as Melixir and Nonfiction, from 40 to over 60 percent last October led to a marked uptick in international sales, with monthly revenue surging more than 90 percent year-on-year. 'We plan to continue expanding Chicor's footprint in areas with high tourist traffic, with K-beauty leading the charge,' a company official said. Shinsegae is said to be exploring additional store openings in areas like Myeongdong and Dongdaemun, ahead of the upcoming launch of its new flagship in Gangnam. Alongside efforts to refine its beauty platform, Shinsegae is charting a deeper structural push into the industry. According to industry sources, Shinsegae is reportedly weighing a financial investment in a private equity fund managed by Ascent Equity Partners, which last month signed a 285 billion won deal to acquire a 40 percent stake in local cosmetics manufacturer C&C International.
