CJ Olive Younger to hurry up on-line push forward of IPO subsequent yr

, CJ Olive Younger to hurry up on-line push forward of IPO subsequent yr


Well being and sweetness retailer chain CJ Olive Younger plans to transcend brick-and-mortar retail and rework itself into an “omnichannel platform” that connects e-commerce with offline retail, forward of its plans to go public subsequent yr.

“Nobody inside the corporate defines Olive Younger as a well being and sweetness retailer. We see our model as an omnichannel platform,” Olive Younger CEO Koo Chang-geun mentioned at a press occasion at Dongdaemun Design Plaza in Seoul on Friday.

The renewed push to reposition itself as an omnichannel platform is broadly seen as an effort to lift its valuation as a lot as attainable forward of its preliminary public providing plans for 2022. 

CJ Olive Younger can be a key affiliate for CJ group, with shut hyperlinks to the possession construction of the retail and leisure big.

“Folks ask if there may be any extra room for a dominant participant like Olive Younger to develop. But when we take a look at your complete magnificence business (and never simply the well being and sweetness retailer market) there may be extra room,” the CEO mentioned.

The corporate’s Olive Younger chain boasts a whopping 85 p.c market share, with its gross sales exceeding 2.4 trillion gained ($2.03 billion) this yr, a sturdy 13 p.c development from final yr regardless of the protracted pandemic.

However Koo mentioned the corporate has an extended method to go, citing a modest 14 p.c market share within the magnificence retail market as an entire, the place a slew of potent gamers compete fiercely, from luxurious department shops to small boutiques.

Koo mentioned an underwriter for the IPO has been determined, however declined to elaborate.

As a part of its renewed on-line push, Koo mentioned its last-mile supply service shall be additional strengthened amid slowing gross sales at offline shops.

The last-mile supply service goals to ship orders to prospects’ doorways inside three hours through the use of stock on the firm’s retail shops as a substitute of at distant warehouses.

Extra assets additionally shall be poured into revamping its on-line platform, the corporate mentioned, including that the platform has full potential to develop as an export gateway for Ok-beauty merchandise, that are more and more gaining recognition amongst worldwide prospects.

By Kang Jae-eun ([email protected])


Source link


Leave a Reply