CJ Olive Young announced on December 3 that the cumulative purchase amount by foreign visitors at its offline stores nationwide from January to November this year reached 1 trillion won.

This figure is approximately 26 times higher than the annual results in 2022, after the endemic (periodic transition of infectious diseases). The proportion of sales to foreigners, which stood at around 2% of total offline sales at that time, entered the 10% range for the first time in 2023, and surpassed 25% for the first time this year.

During this period, 88% of domestic cosmetics purchases processed through Global Tax Free (GTF) were made at Olive Young stores. In simple terms, 9 out of 10 foreigners buying cosmetics in Korea chose Olive Young. Foreigners from 190 countries, based on the United Nations (UN) member states, received tax refunds at the stores.

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According to the report "K-Beauty, Revisited Through the Eyes of Foreign Visitors to Korea" published by Olive Young on this day, about 40% of foreign customers who made purchases at Olive Young this year visited more than two stores. From January to October this year, the number of purchases by foreigners in non-metropolitan areas increased by 86.8 times compared to 2022, far surpassing the capital region (20.5 times). Jeju showed the most remarkable growth at 199.5 times, and shopping demand from foreigners also expanded significantly in most metropolitan local governments, including Gwangju (71.6 times), Busan (59.1 times), and Gangwon (57.9 times).

Additionally, more than half (58%) of foreign visitors to Olive Young stores purchased six or more brands, while 33% of customers bought more than ten brands.

Tanvi (right) and Russell (left), Americans, are signing up for the Global Mall through a vending machine set up at Olive Young Myeongdong Town. Provided by CJ Group

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In November 2023, Olive Young renewed and reopened its global specialty store "Olive Young Myeongdong Town," taking a full-fledged approach to upgrading stores and services for foreign tourists. In response to growing tourist demand in non-metropolitan areas, Olive Young also opened specialty stores such as Gyeongju Hwangnam and Jeju Hamdeok, maximizing the appeal of local commercial districts. As of last month, the number of global tourist district stores stood at 135, more than doubling from 60 the previous year.

An Olive Young representative stated, "Achieving 1 trillion won in purchases by foreign visitors is especially meaningful, as it represents an accomplishment made together with small and indie brands that meet global customers through Olive Young. We will do our best to ensure that K-beauty becomes more than just a trend, serving as both a reason for people to revisit Korea and a key driver of inbound tourism."