"Within 3 Years, We Will Create 20 Trillion-Won Companies and 100 Billion-Won Companies Together"
Koo Jahyun, CEO of eBay Japan, Announces Ambitious Growth Plans at Qoo10 Japan K-Beauty Mega Conference
"Within 3 years, we will create 20 companies with a corporate value of 1 trillion won and 100 companies worth 100 billion won together. Qoo10 Japan will be the catalyst for that."
On the morning of the 14th, Koo Ja-hyun, CEO of eBay Japan, made this statement at the '2025 Qoo10 Japan K-Beauty Mega Conference' held at the Grand InterContinental Seoul Parnas in Gangnam-gu, Seoul.
Qoo10 Japan is a Japanese online open marketplace operated by the global e-commerce company eBay Japan. Qoo10 Japan has been conducting business since June 2010, and in May 2018, eBay acquired Qoo10's Japan business division and rebranded it as eBay Japan Joint Company. The total number of members is 25 million, with about 70% of buyers belonging to the MZ (Millennial + Gen Z) generation.
On this day, CEO Koo said, "Japan is the world's 3rd or 4th largest retail market, but the online market has remained below 10% growth annually. Over the past 15 years, Qoo10 Japan has recorded an average growth rate of 3 to 4 times, especially showing significant growth in the beauty business."
According to Bain & Company, the size of the K-Beauty market within the Japanese beauty market reached $1.8 billion last year. Considering it was about $600 million in 2019, it has grown approximately threefold. The share of online channels within the beauty market is also increasing. As of last year, the online channel accounted for 22% of the beauty market, about double the 10% in 2019.
Among these, Qoo10 Japan secured a market share of about 25%. Competitors’ shares were Rakuten (17%), Yahoo (10%), Amazon (6%), and own malls and others (40-45%). CEO Koo explained, "The Japanese online market is dominated by the big three?Amazon, Yahoo, and Rakuten?but the beauty market is the only exception."
CEO Koo pointed to Gen Z customers as Qoo10 Japan’s competitive advantage. The high demand for K-Beauty in Japan comes from female customers in their teens and twenties. In fact, a Bain & Company survey showed that K-Beauty consumption in Japan is by women aged 15 to 24. Among these women, 71% reported using K-Beauty products, while 54% of women aged 25 to 34 and 41% of women aged 35 to 41 favored K-Beauty.
High awareness of discount events such as 'Mega Wari' was also cited as a strength. CEO Koo said, "The Mega Wari held in March attracted 6 million visitors on the first day alone, and the total transaction amount during the event reached 500 billion won, a 25% increase compared to the same period last year. We plan to continuously introduce new plans and events to provide customers with differentiated shopping experiences."
CEO Koo volunteered to play the role of a catalyst for the growth of K-Beauty sellers. He emphasized, "Within 3 years, I believe that among K-Beauty companies, 20 companies with a corporate value of 1 trillion won and 100 companies worth more than 100 billion won can be born. Given the current growth rate of K-Beauty, I have no doubt that this goal can be achieved."
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