CJ Olive Young reported that foreign visitors spent 1 trillion won (US$680 million) at its offline stores across South Korea from January to November, a 26-fold increase compared to 2022.
The company said foreign sales, which made up about 2 per cent of total offline revenue in 2022, rose to around 10 per cent in 2023 and surpassed 25 per cent this year. This reflects Olive Young’s growing popularity among international shoppers.
“Achieving 1 trillion won in purchases from foreign visitors to Korea is meaningful in that it is an achievement made together by small and medium-sized and indie brands meeting customers from all over the world through Olive Young,” said CJ Olive Young’s spokesperson.
“We will do our best to ensure that K-beauty becomes more than just a trend; it is a reason to visit Korea again and a key element of domestic inbound tourism.”
According to the retailer, 88 per cent of domestic cosmetic purchases under the Global Tax Free (GTF) program were made at Olive Young stores, meaning nearly nine out of ten foreign shoppers choose the chain. Visitors from 190 different nationalities claimed tax refunds at the retailer.
Foreign shoppers are increasingly visiting multiple stores: about 40 per cent go to two or more locations to explore different layouts and curated product selections.
Shoppers are also diversifying their purchases: 58 per cent buy six or more brands, and 33 per cent buy 10 or more, showing growing interest in a variety of K-beauty products.
