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Biz News Korea(Eng)

CJ Olive Young enhances shared growth with suppliers

Collected: 2024.02.06

Distributed: 2024.02.07

Source: Go Direct

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[Courtesy of CJ Olive Young]

CJ Olive Young Corp., a health and beauty retailer under South Korea’s CJ Group, said on Tuesday that the number of supplier brands with annual sales exceeding 10 billion won ($7.5 million) increased by 30 percent in 2023 compared to the previous year.

More than half of the brands achieving the annual sales figure were domestic small and medium-sized enterprises (SMEs), the company said.

Among the skincare brands that joined CJ Olive Young in 2019, Torriden, Rejuran, Medipeel, Ariul, Ilso, Cosnori, Fwee, Hince, OBgE, and Healing Bird are among the brands that achieved 10 billion won in annual sales in 2022.

The proportion of SMEs among brands with 10 billion won in annual sales has increased significantly compared to 39 percent in 2020.

Particularly, color brand Clio and sunscreen brand Round Lab recorded annual sales of 100 billion won.

Last year, seven of CJ Olive Young’s top-selling brands were emerging and SME brands, highlighting the increasing influence of newer players in the market.

CJ Olive Young said it takes pride in being a catalyst for the growth of domestic small brands, serving as a foundation with over 1,300 offline stores nationwide and its fast delivery service.

Starting this year, CJ Olive Young plans to invest about 300 billion won over the next three years to strengthen collaboration with small brands, supporting them in product planning, research and development, marketing, and facilitating the overseas expansion of emerging brands.

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