Gu Jae-hyun targets 120 K-beauty firms worth 30 trillion at Qoo10 Japan conference

In the future, we will nurture 20 corporations with a value of 100 billion yen (approximately 98 billion won) in K-beauty and 100 corporations with a value of 10 billion yen (approximately 980 million won). Qoo10 Japan will serve as a catalyst for K-beauty to create a value of 30 trillion won on a global stage.

Gu Jae-hyun, CEO of eBay Japan and vice president of eBay Global, noted on the 14th at the '2025 Qoo10 Japan K-beauty Mega Conference' held at the Grand Intercontinental Seoul Parnas that this is the management policy. eBay Japan operates the online open market 'Qoo10 Japan (Qoo10.jp)' in Japan.

Qoo10 Japan, which started its business in Japan in June 2010, is an e-commerce platform with 25 million members. Although it is a latecomer in the Japanese e-commerce market, following Rakuten, Yahoo, and Amazon, it focuses on the beauty product category and leads that sector.

According to consulting firm Bain & Company, Qoo10 holds the highest market share at 25% in the Japanese beauty e-commerce market, followed by Rakuten (17%), Yahoo (10%), and Amazon (6%). Japan is the third-largest beauty market globally, following the United States and China.

Naturally, Qoo10 Japan also holds an overwhelmingly high market share in K-beauty e-commerce in Japan. Accordingly, there is an ambition to actively nurture K-beauty brands in the Japanese market in the future.

Gu noted, "Qoo10 Japan has focused on the Japanese market for the past 15 years and has recorded a growth rate 3 to 4 times the market average every year," adding, "The driving force behind this growth is K-beauty, which has grown an average of 64% each year, propelling the growth of Qoo10 Japan."

He further stated, "Some may look at the goals announced today and wonder, 'Can this be achieved?' but I believe that these figures are too conservative." He also projected that based on recent growth trends in the K-beauty market, at least 10 companies will achieve annual sales in the trillion won range within three years.

Qoo10 Japan is targeting customers in their 10s and 20s in Japan. According to the company, 90% of customers in this age group are aware of Qoo10 Japan, and its quarterly large-scale discount event, 'Mega Sale,' is more recognized than the U.S. Black Friday. The Mega Sale for the first quarter of this year, which ended on the 13th, saw revenue increase by 25% year-on-year to 500 billion won over 12 days. The number of visitors on the first day was 6 million, and the number of transactions and transaction amount on the first day were 73,000 and 4.3 billion won, respectively.

Gu remarked, "The Mega Sale is not merely a sales promotion for selling products but a branding platform that introduces your products to Japanese customers," mentioning that there is research showing that when asked where Japanese customers first encountered K-beauty new products, the answer often is Qoo10 Japan.

Gu emphasized that Qoo10 Japan's strength lies in being a U.S. company operating in Japan with a base in Korea. More than half of the total workforce, including those in sales, marketing, and development, are Korean. This results in a high understanding of K-beauty and corporations, making them a suitable partner for supporting and operating Korean sellers.

Qoo10 Japan prioritizes and focuses on the beauty business, including K-beauty. Following that, the plan is to target inner beauty (edible cosmetics), fashion, and daily necessities, which have high affinity with their main customers, the young demographic.

He stated, "In the past, K-beauty grew primarily among customers in their 10s and 20s in Japan, but recently, even those in their 30s, 40s, and even 50s are purchasing Korean cosmetics," adding, "K-beauty is not popular just because it has a 'K' attached; its attractiveness lies in its design, quality, reasonable pricing, and branding. Given its strong competitiveness, it will receive even more love from people through more active global expansion in the future."