K-Fashion and K-Beauty Open Foreign Wallets... Musinsa and Olive Young Overseas Sales 'Booming'

[Financial News] In major commercial districts in Seoul, where foreign tourists continue to flock, the popularity of K-Fashion and K-Beauty is translating into sales. Musinsa and Olive Young are seeing significant effects from the influx of foreign customers as leading brands in the fashion and beauty sectors.
According to the fashion industry on the 22nd, Musinsa's 'Musinsa Store Seongsu@Daelim Warehouse' in Seongsu-dong, Seoul, saw a 257% increase in transaction volume from Chinese customers in the second quarter of this year compared to the previous quarter. This store, which opened in September last year, targets foreign and female customers as a fashion select shop, with monthly visitors now exceeding 100,000. At the Hongdae branch, sales to Chinese customers increased by about 180% year-on-year, with 60% of them being in their 10s and 20s. A Musinsa representative explained, "Chinese tourists in their teens and twenties are consistently visiting as a place to experience the latest fashion trends in Seoul."


CJ Olive Young, a leading K-Beauty brand, is also experiencing a rise in sales due to the influx of foreign consumers. In the first half of this year, the proportion of foreign sales in Olive Young's offline stores was 26.4%, a significant increase compared to the single digits in the first half of 2023 when the endemic began. Notably, in the second quarter, foreign sales exceeded 30% of the total for the first time, reaching an all-time high.
Olive Young has designated over 110 stores nationwide, including in Seoul's Myeongdong, Gangnam, and Hongdae, as 'global tourist commercial districts', enhancing convenience for foreigners with foreign language guides and customized shopping services. Services such as personal shopper guidance available by reservation, and immediate VAT refund for purchases over 15,000 won, have been well-received, with 8 out of 10 foreigners reportedly enjoying shopping at Olive Young.
Olive Young's regionally specialized stores are also seeing steady growth in foreign sales. Stores like the Gyeongju Hwangnam branch with a hanok concept and the Busan Haeundae branch have grown by triple digits year-on-year, while new stores like Jeju Yongdam branch and Gangneung Town branch are gaining attention as tourist attractions through local collaborations.
An Olive Young representative stated, "As Olive Young has established itself as a 'must-visit shopping course in Korea', it will continue to play the role of a 'global K-Beauty gateway' introducing K-Beauty to foreigners, while continuously discovering and introducing various small and emerging K-brands to enhance global awareness of K-Beauty."

clean@fnnews.com Lee Jeong-hwa Reporter