Olive Young Q3 Sales Reach 1.2342 Trillion KRW, Up 23% YoY

Cumulative Sales of 3.5214 Trillion KRW in Q3
"Effect of Increased Foreign Tourists"

CJ Olive Young announced on the 14th that its sales for the third quarter reached 1.2342 trillion KRW, a 23% increase compared to the same period last year.

The cumulative sales for the third quarter amounted to 3.5214 trillion KRW. This figure is 26% higher than the same period last year (2.7971 trillion KRW) but about 300 billion KRW less than last year's total sales of 3.853 trillion KRW. Net profit recorded 115 billion KRW, marking a 21% growth compared to the same period last year, the company said on the 14th.

Considering that CJ Olive Young records over 1 trillion KRW in quarterly sales and that the Olive Young Festa will be held at the end of the year, it is predicted that this year's sales will reach the high 4 trillion KRW range.

The increase in sales is attributed to foreigners. Expanding specialized stores for foreign tourists has led to the rise in sales. Since opening a foreigner-specialized store in Myeongdong Town last November, Olive Young expanded its stores to Hongdae Town in April this year and Myeongdong Station in August. This month, it will open 'Olive Young N Seongsu' in Seongsu-dong, a must-visit travel course for foreigners. This store incorporates all of Olive Young's store operation capabilities and is the largest store.

A CJ Olive Young representative said, "The expansion of town stores and specialized stores to enhance the K-beauty experience, the increase in foreign tourists, and the growth of the online mall contributed to the strong third-quarter performance," adding, "We will continue to focus on supporting exports of small and medium beauty brands and market innovation to globalize the K-beauty industry."