MUSINSA BEAUTY Strengthens K-Derma Offerings to Compete with Olive Young

[Financial News] MUSINSA BEAUTY is joining forces with a pharmacy to enter the high-performance K-beauty market. As the derma (dermatological) cosmetics market expands, the company aims to offer a differentiated beauty-shopping experience by incorporating a pharmacy’s expertise.
According to MUSINSA on the 7th, Onnuri Pharmacy will open inside the MUSINSA BEAUTY Hongdae store, which is scheduled to open on the 11th in Seoul’s Mapo District. The two companies formed a partnership last month to cooperate in the pharmacy beauty sector.
Through the partnership, MUSINSA BEAUTY will create a shopping environment where customers can explore pharmacy-exclusive products and related medicines in one place.
The store was organized by selecting Onnuri Pharmacy’s high-performance and inner-beauty product lines based on MUSINSA’s customer data. A pharmacist will be stationed at the store to assist customers with product selection. Specialized zones for hair and scalp care, as well as acne and other skin concerns, will provide professional consultations and product guidance. The entire basement level of the four-story store, covering 176 square meters, or approximately 53 pyeong, will be dedicated to Onnuri Pharmacy.
MUSINSA BEAUTY pursued the partnership in response to growing domestic and international interest in high-performance cosmetics. The company aims to expand its engagement with foreign customers by incorporating pharmacies, which have recently emerged as new shopping destinations amid an increase in medical tourists visiting South Korea for aesthetic treatments.
According to the Korea Tourism Organization’s Korea Tourism Data Lab, foreign medical spending totaled 213.07968 billion won in July, exceeding 200 billion won for the fifth consecutive month. Dermatology accounted for the largest share by medical specialty at 55%, followed by plastic surgery and pharmacies. Pharmacies have maintained a double-digit share since exceeding 10% in January.
CJ Olive Young, which leads K-beauty tourism, is also focusing on high-performance cosmetics. After launching the Advanced Derma (dermatological) category in April, Olive Young has installed dedicated displays at approximately 650 stores, nearly half of its locations nationwide. Pharmaceutical companies are also developing cosmetics as new growth drivers, including Dongkook Pharmaceutical with Centellian24 and Dae Woook Pharmaceutical with easydew.
A MUSINSA representative said, "As more cosmetics customers carefully examine product efficacy, demand for specialized experiences is growing." The representative added, "We will continue to advance our partnerships so customers can experience specialized K-beauty shopping."

[email protected] Reporter Kang Myeong-yeon Reporter