Unlocking Growth: CJ Chair’s European Expansion with New K-Food Plant and Booming Beauty Sales

CJ Group Chair Lee Jay-hyun recently launched his first European business trip in London. This trip marks a significant moment as the Korean conglomerate aims to grow its investments in food, beauty, and entertainment across Europe.

Starting on September 9, this journey follows his earlier visits to Saudi Arabia, Japan, and the United States. Lee was joined by key executives like Vice Chair Miky Lee and CEOs from different branches of CJ Group.

In London, he engaged with various experts, including those from think tanks and investment firms, to explore collaboration opportunities and analyze European consumer trends. Notably, he met with Len Blavatnik, founder of Access Industries, to discuss amplifying the reach of Korean content. They exchanged ideas on how to boost competitiveness in the constantly evolving media landscape.

Lee also spoke with Bronwen Maddox, CEO of Chatham House, about the impact of changing trade dynamics on European markets. Another insightful meeting was with Oxford professor Jieun Kiaer, who specializes in Korean culture. They looked at trends in consumer behavior and the prospects for Korean food and beauty products.

As part of this expansion, CJ CheilJedang is setting up a “European K-Food” plant near Budapest, aimed at supplying Bibigo dumplings throughout Europe by late 2026. Plans are also in place to offer Bibigo chicken products.

CJ Olive Young, a beauty and health retailer, has increased its online sales presence from 16 to 26 countries since 2021. With the UK identified as a crucial market, localized marketing efforts in Europe have yielded impressive results, with regional sales surging nearly 180 percent in the first half of this year compared to last.

Lee emphasizes the need for CJ Group to accelerate its global outreach. He encourages the team to harness the momentum of the Korean Wave, a cultural phenomenon that has gained traction across Europe. Establishing a strong presence now could position CJ as a leading player in the market.

According to a recent report from the Korea Trade-Investment Promotion Agency, the demand for Korean beauty products in Europe has grown by over 30% annually. This growth aligns with CJ’s strategy to tap into the expanding interest in Korean culture and products.

Understanding these trends is crucial. With a well-defined plan and robust market research, CJ Group is poised to make significant strides in Europe.

[Source: Korea Trade-Investment Promotion Agency]



Source link

The Korea Herald, Korean news, koreaHerald, South Korea news, South Korea news in english, Asia News, K-POP, KPOP, 코리아헤럴드,더코리아헤럴드,코리아 헤럴드