Color lenses are emerging as a core product not only in beauty but also at offline stores of fashion platforms. After officially entering CJ Olive Young Seongsu last year and drawing attention, color lenses have reportedly continued their success, ranking among the top sellers at the recently opened Musinsa Megastore Seongsu.
According to the related industry on the 20th, the "PONPISH" color lens store inside Musinsa Megastore Seongsu in Seongsu-dong, Seoul surpassed 2,300 units sold in about two weeks after opening on the 24th of last month. Although specific transaction amounts have not been disclosed as it is still in the early stages of opening, monthly figures are expected to reach the hundred-million-won level.
During the same period, in sales rankings by transaction amount at Musinsa Megastore Seongsu, beauty, including color lenses, overtook other accessories such as shoes and bags after fashion apparel and accessories like hats. There are about 700 beauty brands, and color lenses rank in the top 10. It is considered unusual for beauty products like color lenses to rank high by transaction amount at a fashion select shop.
The result is that color lenses have become more than a popular product and now serve as an experiential content. The lens display features an Augmented Reality (AR) fitting device that lets shoppers virtually try on lenses in various designs and colors. In addition, a licensed optician is on site to provide on-the-spot eye exams and vision correction consultations.
Demand for color lenses appears concentrated among people in their teens and 20s. About 60% of customers visiting Musinsa Megastore Seongsu are in their teens and 20s. Analysts say Seongsu-dong's distinctive experiential consumption culture and unique store layout have combined to boost demand among younger shoppers.
Color lenses have also been popular at Olive Young. Hapa Kristin, a color lens brand that became famous with idol Chang Won-young as its model, opened its first shop-in-shop at Olive Young Seongsu last year. The store recorded about 200 million won in monthly sales just two months after opening.
In recent years, as color lenses have established themselves as a key item in K-beauty and the fashion industry, the competition among distribution channels to bring them in has intensified. While they once had a strong image as medical devices for vision correction, they are now perceived as a beauty item that completes makeup and fashion styling.
Some expect color lenses could emerge as an anchor tenant that increases visits and dwell time among customers in their teens and 20s and foreign visitors. In fact, Hapa Kristin has expanded the number of stores at Olive Young beyond the Seongsu location and, in early this month, entered Shinsegae Department Store Centum City, opening its first department store location.
According to U.S. market research firm Grand View Research, the global contact lens market size, which was $14.6 billion (about 19 trillion won) in 2021, is expected to post a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. As of the end of last year, the domestic market size was estimated at about 480 billion won, maintaining an annual growth rate in the 5% range.