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In the flourishing South Korean beauty market, one health and beauty retailer has taken the clear lead. Olive Young outstripped all other H&B retailers in terms of store numbers by far, recording over stores in 2023. Some companies, such as LOHB’s, have closed their stores in favor of shop-in-shop retail, or, like Boots, exited the market completely. As the South Korean cosmetics market has continued to grow, so has the variety of products and brands. Opposite to that, offline retail channel options have started to shrink, with Olive Young being often the most accessible thanks to their increasing store numbers and e-commerce channels.

Olive Young’s rise and disappearing competition

While brand road shops defined the South Korean beauty market just a few years ago, singular brand shops have become a more conscious effort by companies. Overall, the number of such stores have decreased. While some brands still have their own road shops or brand stores within stores, Olive Young offers a large product range, including some of the most popular make-up and skin care products. (Olive Young TP) By offering many discounts, customer events, and collaborations, both offline and online, Olive Young’s focus is the consumer journey. This has been a successful strategy until now, as the market share of Olive Young in the total South Korean beauty market has kept increasing. 

The South Korean e-commerce beauty market

According to a 2024 survey, the tech-savvy South Korean consumer base preferred shopping for beauty products online. It is no surprise, therefore, that online cosmetic sales are going strong. Despite the endless possibilities of e-commerce and fierce competition, Olive Young has boasted a loyal online customer base and has recorded steady user growth for its app.ÌýÌý