Olive Young Gives Up 1 Billion Won Investment for Seongsu Station Name Co-Signage Rights... Submits Return Application

Won 1 Billion KRW for Seongsu Station Secondary Ticket on August 10
"Decided to Return Considering Various Circumstances"

CJ Olive Young is returning the naming rights for Seongsu Station on Seoul Subway Line 2.

According to the distribution industry on the 15th, Olive Young submitted an application containing this information to Seoul Metro.

A design screen installed outside the Factorial Seongsu building ahead of the opening of 'Olive Young N Seongsu'. Photo by CJ Olive Young

Earlier, Olive Young participated in Seoul Metro's subway "station name co-naming sales project" bidding last August and won the bid by paying 1 billion KRW to have Seongsu Station named "Seongsu (CJ Olive Young) Station" for three years. Following the bid, co-naming was possible at Seongsu Station starting this month, but with Olive Young's decision to return the naming rights, this will no longer take place.

Olive Young secured the naming rights while preparing to open an innovative store, "Olive Young N Seongsu," in the Factorial Seongsu Building near Exit 4 of Seongsu Station. Scheduled to open on the 22nd, this location has a total of five floors, each featuring specialized spaces. Olive Young plans to showcase the future blueprint of K-beauty through Olive Young N Seongsu.

Regarding the reason for returning the naming rights, an Olive Young official explained, "Various circumstances were considered." However, the industry believes that controversy over private companies and businesses paying to use subway station names likely caused Olive Young to feel burdened.

Olive Young is expected to bear a certain level of penalty fees due to the return of the naming rights.