A foreign customer is shopping at Olive Young. Provided by Olive Young.

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Olive Young has played a key role in popularizing domestic small and medium-sized cosmetics brands (indie brands), serving as a catalyst for the growth of 'K-beauty'. The growth of Olive Young is directly linked to the growth of small brands. Over 80% of the brands available at Olive Young are small and medium-sized brands.

For this reason, Olive Young puts the most effort into discovering competitive brands. Even after onboarding, it continues to guide brands so they can grow further. The MD who discovers a brand is directly responsible for the product after it enters Olive Young, operating a system that helps generate positive responses in the market. Going forward, Olive Young plans to expand support across all stages of brand development, including product planning, R&D, sales, and marketing for small and medium-sized brands.

Foreign tourists visiting an Olive Young store. Provided by Olive Young.

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As of last year, the number of domestic companies achieving KRW 10 billion in sales at Olive Young increased to 100. In 2021, only 41 companies reached this milestone, but the number has more than doubled in just three years. Among them, three brands achieved annual sales of KRW 100 billion, growing into 'mega brands'. In 2023, there were only two such brands, but within a year, another brand joined the KRW 100 billion club.

Olive Young store interior. Provided by Olive Young.

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The strong competitiveness of domestic small and medium-sized brands is well known among foreigners. As global interest in Korean cosmetics grows, more small and medium-sized brands are expanding their markets overseas. This is why Olive Young has become a must-visit destination for foreign tourists visiting Korea. Whereas foreigners once bought Korean cosmetics in bulk at duty-free shops, now they use Olive Young as their main channel.

Last May, Myeongdong in Seoul was bustling with foreign tourists, who were walking down the street carrying shopping bags full of cosmetics. Photo by Younghan Heo younghan@

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Olive Young is implementing a specialized store strategy for foreign customers. First, it has designated areas popular with foreign tourists?such as Myeongdong, Seongsu, and Hongdae?as global tourist districts and is working to improve services at these locations. Staff members wear country-specific badges, and 16 real-time translation devices have been installed in stores nationwide. Separate spaces like 'Foreign K-Beauty Now' and 'Global Hot Issues' have been created to showcase notable small and medium-sized K-beauty products.

Olive Young is also strengthening its omnichannel competitiveness through offline stores, online malls, and mobile apps. In November this year, it opened the innovative 'Olive Young N Seongsu' store in Seongsu-dong, Seoul. This store brings together all of Olive Young's beauty distribution know-how. As for the mobile app, the quick commerce service 'Today Dream' continues to expand. Responding to consumer demand for non-face-to-face delivery services, Olive Young first introduced this service in 2019 and has since expanded nationwide. From 2019 to 2023, this service has achieved an average annual sales growth rate of more than five times.

Olive Young N Seongsu store exterior. Provided by Olive Young.

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These strategies have led to explosive sales growth. Olive Young recorded KRW 3.8612 trillion in sales in 2023, joining the 'KRW 3 trillion club'. After reaching KRW 2.1091 trillion in 2021 and joining the 'KRW 2 trillion club', sales increased by KRW 1.7 trillion in just two years. As of the third quarter of 2024, sales have reached KRW 3.52 trillion, and it is expected to join the 'KRW 4 trillion club' with annual sales in the mid-KRW 4 trillion range.