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CJ Olive Young Gangnam Town Branch. (Photo = Yonhap News) |
[Alpha Biz= Kim Jisun] CJ Olive Young is entering the world's largest beauty market, the United States, by establishing a local subsidiary and preparing to open its first offline store.
On the 4th, CJ Olive Young announced that it has set up a subsidiary, CJ Olive Young USA, in Los Angeles, California, and is moving forward with plans for its first physical store in the country. Currently, CJ Olive Young does not operate any offline stores abroad. However, the company sees the U.S. market as the most attractive in terms of size and influence, prompting its rapid expansion efforts.
According to global market research firm Euromonitor, the global beauty market was valued at $570 billion (approximately KRW 740 trillion) in 2023, with the U.S. accounting for the largest share at $120 billion (approximately KRW 156 trillion).
CJ Olive Young plans to leverage local consumer data accumulated through its global online mall, combining it with its proven success strategies in Korea. The company aims to introduce stores featuring a diverse range of K-beauty brands and trends, catering to the growing demand for Korean beauty products in the U.S. market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
