Foreign tourists have led the increase in sales, and CJ Olive Young has set a record for its highest-ever sales in the second quarter of this year.
According to CJ's semi-annual report released on the 14th, CJ Olive Young recorded separate sales of 1.4619 trillion won and a net profit of 144 billion won in the second quarter of this year. Compared to the same period last year, sales increased by 21.0% and net profit grew by 15.2%.
The performance was driven by foreign tourists and the rapid growth of online sales. Olive Young's offline and online channel sales in the second quarter increased by 17.0% and 33.0%, respectively, compared to the same period last year.
CJ Olive Young's sales in the first half of this year were 2.6961 trillion won, with a net profit of 270.3 billion won, representing an increase of 17.9% and 17.1%, respectively, compared to the same period last year.
Olive Young plans to open offline stores in strategic countries such as the United States and localize its online mall. The company also aims to expand its global private brand (PB) business through region-specific major brand-focused marketing.
A CJ Olive Young official noted, "We have achieved strong performance centered on foreign customers visiting Korea by continuously innovating retail through experiential beauty services and enhancing the shopping convenience for global customers. We have also made active investments to improve our omni-channel competitiveness, resulting in balanced growth in both online and offline sales. We will expand investments at the industry level to fulfill our role as the 'representative platform for K-beauty,' where the world experiences K-beauty first."