CJ Olive Young is purchasing the KDB Life Tower near Seoul Station, which it has been leasing for its headquarters. The building is valued at over 600 billion won.
CJ Olive Young noted on the 19th that it has been selected as the preferred negotiation partner for the acquisition of KDB Life Tower.
KDB Life Tower is located at 372 Hangang-daero in Yongsan District, Seoul, near Seoul Station, and is an office building with a total floor area of approximately 82,000 square meters, spanning from 9 underground floors to 30 above-ground floors.
It has been used by CJ Olive Young as headquarters since it began leasing in 2021. Olive Young is currently leasing 40% of this building.
CJ Olive Young plans to secure acquisition funds in the late 600 billion won range through self-procurement.
CJ Olive Young is reported to have decided to purchase the building as the business has experienced rapid growth.
CJ Olive Young, which began operations in 1999, surpassed 1 trillion won (based on individual standards) in sales for the first time in 17 years in 2016 and reached 2 trillion won five years later in 2021. Sales are expected to exceed 4 trillion won last year from over 3.8 trillion won in 2023.
More than 80% of CJ Olive Young's stores are directly operated, and it mostly sells beauty products through direct purchases.
As the popularity of K-Beauty products has risen, CJ Olive Young has established a local corporation in the U.S., following the establishment of its Japanese subsidiary, and plans to open its first offline store by the end of the year, thereby expanding its business globally.