Olive Young Blossoms K-Beauty... Surpasses 100 Brands with Annual Sales of 10 Billion Won
by Lee Myeonghwan
Published 08 Jan.2025 09:05(KST)
Achievements After Over 10 Years Since the Birth of the First Brand with Annual Sales of 10 Billion in 2013
Top 10 Brands by Sales Dominated by Domestic Small and Medium Enterprises
Three Brands Also Exceeding Annual Sales of 100 Billion
CJ Olive Young announced on the 8th that the number of brands with annual sales exceeding 10 billion KRW at Olive Young reached 100 for the first time among its tenant brands in 2024. It has been over 10 years since the first 10 billion KRW brand emerged in 2013.
Among the '10 Billion Club,' three brands?Mediheal, Round Lab, and Toriden?surpassed 100 billion KRW in annual sales at Olive Young.
The top 10 brands by annual sales were also filled with Korean small and medium-sized enterprises (SMEs) and mid-sized companies. These include Gudal, Numbersin, Dr.G, Round Lab, Rom&nd, Mediheal, Banila Co, Annove, Clio, and Toriden. This is a significant increase compared to 2013, when only three domestic small brands were among the top 10 by sales. Among them, Dr.G was recently acquired by the French beauty company L'Or?al Group, riding the wave of the K-beauty boom.
Olive Young has supported the growth of K-beauty brands and manufacturers by discovering new categories based on big data analysis and market research. The 'Clean Beauty' certification, provided to eco-friendly brands excluding harmful substances to the human body, and the 'Inner Beauty' category are representative examples. The sales growth rate of Clean Beauty brands at Olive Young in 2024 increased by 51% compared to the same period last year, and the sales scale of Inner Beauty products has grown at an average annual rate of 30% over the past two years.
This strategy is said to have the effect of promoting various Korean brands to foreign tourists. Olive Young strengthened product curation and shopping services focused on tourists, especially at stores in 'global tourist commercial districts' frequently visited by foreign consumers. Skincare brand 'Biodance' and Clean Beauty brand 'Esnature' gained popularity among foreign tourists, increasing sales and making their debut in the Olive Young 10 Billion Club last year.
Overseas online sales also showed an upward trend, expanding the global touchpoints of Olive Young tenant brands. The number of global members of the 'Olive Young Global Mall,' accessible from 150 countries worldwide, more than doubled compared to the previous year.
An Olive Young official stated, "Reasonably priced yet highly functional and trendy K-beauty brands are receiving positive responses from global customers as well," adding, "We will continue to discover and nurture emerging K-beauty brands and promising K-wellness brands, and through strengthening global business, we will continuously contribute to the global expansion of K-beauty."
Annual Trend of Brands with Over 10 Billion KRW in Sales at Olive Young by Year. Provided by CJ Olive Young
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