CJ chairman visits Japan seeking Olive Young's entry

CJ Group Chairman Lee Jay-hyun speaks during his visit to the group's Japanese headquarters, April 2. Courtesy of CJ Group

CJ Group Chairman Lee Jay-hyun visited Japan last week to review the retail group’s local operations and explore expansion opportunities there, including beauty product retailer Olive Young’s entry into the Japanese market, the group said Wednesday.

According to CJ, Lee paid a three-day visit to Tokyo from April 2 to 4, inspecting the group’s Japanese bases and holding meetings with counterparts in Japan’s entertainment, retail and financial industries.

During his visit to CJ’s Japanese headquarters, Lee said the current popularity of Korean culture is not just a passing trend but a critical opportunity for global expansion, and the group’s established businesses in Japan, such as Bibigo, must not miss the momentum.

“We need to accelerate localization and the establishment of global infrastructure to enhance competitiveness and swiftly expand into global markets, aiming for CJ to become a leading global company,” Lee said.

During a meeting with CJ’s managing leaders, Lee asked them to proactively seek new business opportunities, such as Olive Young’s entry into the Japanese market, as well as collaboration with Japanese partners.

During his stay, Lee met with top executives of Japanese media giant TBS Holdings, including Chairman Takashi Sasaki and President Ryujiro Abe, to reaffirm the two groups' partnership.

Lee also had meetings with Itochu Corp. Chairman Masahiro Okafuji, Mizuho Financial Group Chairman Seiji Imai and Mizuho Bank President Masahiko Kato to explore opportunities for CJ’s potential cooperation with each company.

Along with business gurus, Lee met with leading experts on the Japanese economy and finance, including Professor Takeo Hoshi of the University of Tokyo, as well as cultural content professionals from both Korea and Japan, to identify opportunities for business expansion in light of changing economic conditions and market trends.

CJ Group is expanding its presence in Japan across various sectors, including food, entertainment and beauty. CJ CheilJedang is focusing on growing its ready-to-eat products, such as Bibigo dumplings and gimbap, in the Japanese market. CJ ENM established Lapone Entertainment, a joint venture in Japan, in 2019.

Since last year, Olive Young has been seeking global expansion, setting Japan and the U.S. as its strategic markets. Olive Young set up its Japanese unit in May last year and plans to scale up its offline retail business with its own brand stores while promoting its global online mall.