CJ Olive Young and KOTRA Sign Business Agreement to Promote Cosmetics Export

CJ Olive Young signed a business agreement with KOTRA on the 29th to promote K-beauty exports. (From left) Kim Sangmuk, Head of KOTRA Innovation Growth Division, and Jung Yoonkyu, Executive Director of Management Support at CJ Olive Young.

Cooperation to Activate Overseas Direct Purchase Driven by K-Beauty
"Opening Overseas Export Routes for Domestic Cosmetics SMEs"

[Asia Economy Reporter Yuri Kim] CJ Olive Young announced on the 29th that it has signed a business agreement with KOTRA to promote the export of cosmetics by promising domestic small and medium-sized enterprises (SMEs) and mid-sized companies.

On the same day, the two companies held a signing ceremony for the business agreement at KOTRA Invest Korea Plaza (IKP) in Seocho-gu, Seoul. The ceremony was attended by Jung Yoon-kyu, Executive Director of Management Support at CJ Olive Young, and Kim Sang-mook, Head of the Innovation Growth Division at KOTRA.

Since 2016, cosmetics have accounted for more than 30% of the entire direct overseas purchase market. Olive Young and KOTRA focused on the fact that cosmetics are the products driving the overseas direct purchase market and joined forces to revitalize exports for promising SMEs. They plan to actively promote the excellence of Korean cosmetics overseas by leveraging Olive Young’s experience in incubating SMEs and KOTRA’s global network.

The cooperation projects under this business agreement include two initiatives: the K-Box subscription service and a special K-Beauty promotional event on Olive Young Global Mall. The K-Box subscription service is a business that regularly delivers experience boxes composed of new K-Beauty brand products to key overseas buyers related to beauty. It aims to provide promotional opportunities to domestic SMEs struggling to open sales channels due to lack of exposure and to arrange non-face-to-face meetings with buyers to explore export routes.

Based on its capabilities in nurturing key players in K-Beauty, Olive Young plans to select about 50 brands listed on the Global Mall to compose the 'K-Box.' The product composition will be differentiated according to K-Beauty trends preferred by each country, and the boxes will be sent three times by December to a total of about 30 buyers in North America, Europe, and Asia.

In connection with the Korea Sale Festa held every year in the second half, a 'K-Beauty Special Promotion' will also be held for one month in November on Olive Young Global Mall.

Olive Young Global Mall is a representative cosmetics 'reverse direct purchase' platform operating in over 150 countries overseas. Since its launch in 2019, it has established itself as a leading platform for K-Beauty within two years. More than 80% of its sales are concentrated in the North American region, including the United States, which has the world’s largest cosmetics market.

This content was produced with the assistance of AI translation services.