CJ Olive Young, the renowned health and beauty drugstore under the CJ Group, has displayed a remarkable surge in its year-on-year performance during the first quarter.
In accordance with the company’s regulatory filing, Olive Young announced sales figures of KRW1.08 trillion (USD797 billion) for Q1 of 2024.
SEE ALSO: LVMH’s Sephora to withdraw from South Korea market
The figure represents a 30 percent increase versus the corresponding period of the previous year, thanks to robust sales in foreign markets as well as a continued influx of tourists in Korea. Olive Young operates more than 1,300 stores across Korea.
Having initially surpassed the KRW1 trillion quarterly sales milestone during the third quarter of 2023, Olive Young continued its upward trajectory.
The company’s sales for 2023 amounted to KRW3.86 trillion, accompanied by operating profits of KRW466 billion, surging nearly 70 percent from the previous year. Olive Young also surpassed sales of other Korean cosmetics giants such as Amorepacific and LG Household & Care.
The company emphasised the crucial role played by its diverse range of health and beauty products, which have resonated well with consumers. Olive Young highlighted the integrated operation of its offline and online sales channels, which have bolstered its overall performance.
SEE ALSO: Richemont annual sales up 3 percent despite ‘softening’ APAC in Q4, new CEO revealed
In recent months, LVMH-owned beauty retailer Sephora, which entered the Korean market in 2019, announced plans to withdraw operations starting May 6. The retailer faced weak sales on the back of harsh competition with local rivals, including CJ Olive Young.