Olive Young Reports 24.5% Revenue Increase in Q1 Driven by Foreign Customers

CJ Olive Young achieved sales of 1.5372 trillion won in the first quarter of this year, marking a 24.5% increase compared to the same period last year. This growth was supported by an increase in foreign visitors, the expansion of specialized stores, and the launch of wellness-focused outlets.

According to the Financial Supervisory Service's electronic disclosure system on May 15, the company's net profit for the quarter rose by 2.9% to 130 billion won.

The surge in sales is attributed to the influx of foreign customers. At the 'Olive Young Myeongdong Town,' one of the company's top-performing stores, 95% of total sales came from foreign patrons. Additionally, the newly launched wellness-centered store, 'Olive Better,' reported that nearly 50% of its sales were generated from foreign customers.

CJ Olive Young plans to invest 123.8 billion won this year to expand its presence outside the capital region, renovate existing stores, and enhance its logistics infrastructure. This strategy aims to strengthen both regional markets and logistics networks, moving away from a focus solely on the metropolitan area.

A company representative stated, "We recorded solid growth through offline innovations centered on specialized stores, the launch of Olive Better, and investments in region-based retail and logistics. We will continue to invest domestically and internationally to secure future growth drivers."

Meanwhile, CJ Olive Young is also intensifying its overseas operations. The company is set to open its first international store in Pasadena, California, at the end of this month, with plans for additional locations in key areas of Los Angeles, including Westfield Century City and Del Amo Fashion Center.

Olive Better is also accelerating its expansion, with plans to increase the number of stores to ten by the end of the year, and there are discussions about opening hybrid stores that combine Olive Young and Olive Better offerings.