CJ Olive Young, riding K-beauty wave, becomes must-visit stop for foreign tourists SEOUL, November 03 (AJP) - At the Olive Young flagship store in Myeongdong, the aisles are crowded not just with locals but with visitors from Tokyo, Bangkok and Los Angeles, filling baskets with sheet masks, toners and serums. What began as a domestic health and beauty chain has quietly become one of South Korea’s most popular tourist destinations — and a symbol of how K-beauty has gone global. From Seoul’s bustling shopping districts of Myeongdong, Hongdae and Gangnam to stores in Busan and Jeju, CJ Olive Young has emerged as a key stop for international travelers. The influx has buoyed both in-store and online sales, reflecting the powerful pull of Korean skincare and cosmetics abroad. Industry data show that from January to September, Olive Young’s offline foreign sales jumped more than 50 percent from a year earlier. Foreign purchases, which accounted for single digits in early 2023, climbed to 26.4 percent this year, surpassing 30 percent in the second quarter alone. According to data from the Korea Tourism Data Lab, roughly 7.2 million people visited South Korea between January and May, and about 5.96 million — or 80 percent — shopped at Olive Young. The brand’s international reach has even found its way into diplomatic circles. During the 2025 APEC Summit in Gyeongju, White House Press Secretary Karoline Leavitt was seen browsing the shelves of an Olive Young branch, later posting her haul of 13 skincare products on Instagram. Last year, the wives of Los Angeles Dodgers players shared their own visits online, helping to amplify Olive Young’s global profile. Much of the retailer’s success lies in its deliberate courting of foreign shoppers. Olive Young has designated over 110 stores nationwide as “global tourist zones,” equipped with multilingual staff and signage in English, Japanese and Chinese. Product displays highlight bestsellers favored by foreign customers, while promotions are tailored to shopping behaviors by region. The company’s global e-commerce platform, launched in 2019, has further extended its reach. Many travelers who discover Olive Young in Korea continue to shop from their home countries. From January to August, sales rose 230 percent in Britain and 140 percent in Japan, according to company figures. “K-beauty is no longer just a trend — it’s becoming a lifestyle,” an Olive Young spokesperson said. “As more travelers experience our products firsthand, they’re helping expand Korea’s beauty culture worldwide.” During the APEC Summit, Olive Young presented curated K-beauty gift packages to world leaders, featuring 17 products spanning skincare, makeup and personal care. The gesture symbolized both national pride and the growing cultural weight of Korean brands. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 10:02:32

OPINION: Coupang can't build Korea's AI future alone SEOUL, October 21 (AJP) - Artificial intelligence is fast becoming the engine of global economic growth. According to Precedence Research, the global AI market is projected to expand from 1,033 trillion won this year to more than 5,020 trillion won — about $3.68 trillion — by 2034. That figure is seven times South Korea’s annual budget and roughly half the size of the United States’ federal spending. Against this backdrop, South Korea has set its sights on becoming a “sovereign AI” nation — one capable of developing and operating its own artificial intelligence technologies and infrastructure without depending heavily on foreign systems. The government has positioned itself as the “control tower,” coordinating policy and resources, while the private sector — the “playmakers” — are expected to drive innovation, exports and global competitiveness. But despite this ambitious vision, South Korea remains behind in the race to cultivate AI "unicorns" — startups valued at over 1 trillion won. Since the launch of ChatGPT in November 2022, more than 100 AI unicorns have emerged worldwide. Two-thirds are based in the United States, followed by China and the United Kingdom. Tech giants like Nvidia and Google have invested in nearly half of them. Today, there are 498 AI unicorns globally — but few in South Korea. Amid this shortfall, Coupang, one of the country’s largest e-commerce companies, has announced a significant investment aimed at nurturing domestic AI startups. In partnership with the government’s “Next Unicorn Project,” Coupang plans to create a 150 billion won AI fund, contributing 75 billion won of its own capital. The fund will provide over 10 billion won each to 14 domestic AI firms, with the goal of accelerating Korea’s AI innovation ecosystem. Coupang’s move is a rare bright spot in an otherwise underfunded sector. In 2024, South Korea’s private AI investment totaled just $1.3 billion — barely 1 percent of the $109 billion poured into AI by U.S. companies. Despite the inherent risks, Coupang sees AI as indispensable to national competitiveness, echoing calls from policymakers for deeper private-sector involvement. Other tech and financial firms have also increased their AI spending, but a broader base of investors is needed to sustain momentum. A single company’s effort, no matter how bold, cannot transform an entire industry. Building a vibrant AI ecosystem will require collaboration among corporations, universities, and startups — as well as a policy environment that rewards long-term innovation over short-term profit. For a nation grappling with a shrinking population and slowing productivity, AI is not merely a technological pursuit but an economic necessity. Becoming an “AI powerhouse” will depend on more than government ambition; it will require a private sector willing to take risks, invest deeply, and think globally. South Korea’s future competitiveness may hinge on whether its entrepreneurs — not just its policymakers — are ready to lead the next wave of intelligence. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-21 09:47:10