CJ Olive Young Corp., the distribution unit of South Korean food-to-cosmetics conglomerate CJ Group, said Friday it will set up a business entity in Japan by June to supply its cosmetics products to local distribution channels.
CJ Olive Young plans to open an office in Japan within the first half to meet growing demand for its skincare and beauty products among Japanese customers, a company spokesperson said over the phone.
But the company has yet to decide on whether to open offline stores in the neighbouring country.
Product sales of CJ Olive Young’s own brands, such as Bioheal BOH, WakeMake and BringGreen, increased an average of 125 per cent annually during the 2020-2023 period. In the first quarter of the year, the brands’ product sales jumped 77 per cent from a year earlier.
CJ Olive Young sees Japan and the United States as two strategically important markets for its global expansion amid growing interest in K-beauty products.
For the whole of 2023, the company’s sales rose 39 perc ent on-year to 3.8 trillion won, helped by strong overseas sales.
Currently, the company sells its products through online platforms in global markets, without an offline store.
It established a business entity and opened 10 outlets in China in 2018 but later withdrew from the country due to accumulated losses.
This story was originally published by Yonhap, via Korea Bizwire.
