Where do you go most often to buy daily necessities while living in Korea? Most people will visit Daiso often, right? However, it is not expected that you will usually choose Daiso to purchase products such as cosmetics or shampoo. Where should I go to buy these products? The answer lies within Olive Young.
Olive Young is a brand favored by the younger generation and has many stores throughout Korea. Compared to general department stores, it is widely popular because it offers good quality products at affordable prices. So this time, I would like to introduce you to Olive Young, which is popular among young Koreans.
Introduction to Olive Young
The name Olive Young is a combination of the English words 'olive' and 'young'. 'Olive' means an olive tree, and the olive tree is known as a symbol of peace and health. 'young' means youth, and is aimed at customers who pursue youthful and healthy beauty. Therefore, Olive Young has a brand identity as a health & beauty store that proposes a peaceful and healthy lifestyle.
Source: CJ Olive Young introduces online/offline integrated review service (fpost.co.kr)
Olive Young is a health & beauty store in Korea and belongs to CJ OliveNetworks, an affiliate of CJ Group. Olive Young is a lifestyle platform that offers products from various categories, including beauty, hair, body, and healthcare, all in one place, and suggests healthy beauty. Olive Young aims to establish itself as Korea's representative health & beauty store in the global market by accelerating its global expansion beyond Korea's No. 1 ranking. Olive Young is implementing an omni-channel strategy that connects online and offline, and has also introduced its own magazine on the mobile app. Olive Young is leading export and K-beauty for coexistence with small and medium-sized enterprises, and is promoting W-care and clean beauty for women's health. Through a branding campaign modeled after Hwasa and Kai, Olive Young is creating a world where all young is all you need.
sales rate increase
Olive Young's sales rate is increasing every year.
According to web search results, Olive Young recorded KRW 2,119.2 billion in consolidated sales last year, up 13% from the previous year, and KRW 137.8 billion in operating profit, up 38% from the previous year. This is a level that jumps before the spread of Corona 19, compared to 2019, which was the previous largest sales, sales increased by 8% and operating profit increased by 57%, and it is said that both quantitative and qualitative evidence of solid growth.
Olive Young is said to have completed a solid triangle for future growth with offline, online, and global performance growing together. Olive Young said that the number of brands with annual sales of over 10 billion won increased by 38% from 2021 last year, and 19 of them were small and medium-sized brands. Thanks to its omni-channel strategy, which has focused on fostering online channels and strengthening online and offline synergies, Olive Young's separate sales in the first half of this year were KRW 963.6 billion, up 3% from the same period last year, and net profit was KRW 34.8 billion, up 39.2% from the previous year.
Reason for Popularity
There are many reasons why Olive Young is so popular.
Source: CJ Olive Young, which is being 'checked', in front of 1 trillion in quarterly sales (bizwatch.co.kr)
First, Olive Young offers consumers a wide range of choices as they can find a variety of brands and products in one place. Unlike department stores or road shops, it opened a new market as a Korean-style drugstore.
Second, Olive Young has an overwhelming number of stores, so you can easily access it anytime, anywhere. There are 1259 stores across Korea, similar to Starbucks.
Third, since Olive Young is operated mainly through direct management rather than franchise, it can have strategic flexibility and uniformity. You can implement new services or marketing quickly, and you can consistently manage your brand image.
Fourth, Olive Young is implementing an omni-channel strategy that connects online and offline. We are launching a brand that becomes a hot topic on social media and providing delivery services such as Today Dream and Smart Pick.
For these reasons, Olive Young has a competitive edge as the No. 1 cosmetic platform company.
