CJ Chairman Lee Jae-hyun, right, visits CJ Olive Young’s first U.S. store in Pasadena, Calif., May 31. Courtesy of CJ Group
CJ Group plans to grow its North American revenue to 12 trillion won ($8.48 billion) by 2028, as it links its food, entertainment and beauty businesses to capitalize on the growing demand for Korean culture and products
The conglomerate unveiled its vision at a strategy event in Los Angeles on Friday (local time), as Chairman Lee Jay-hyun returned to the United States just three months after touring the group’s U.S. operations to accelerate its K-culture expansion strategy
During his latest visit, Lee toured KCON LA and Olive Young Festa in the city, visiting booths showcasing Korean small and medium-sized businesses seeking to expand overseas and sampling Bibigo’s kimchi noodle product that was recently launched in the U.S
“Just as CJ’s cultural business began 30 years ago with the belief that culture is the future, let us now become a global K-lifestyle leader that fills the daily lives of people around the world through content, food and beauty,” Lee said during the visit
The group generated more than 8 trillion won in North American revenue last year, up more than tenfold from 2017, and has invested a cumulative 9.7 trillion won in the region as of the first half of this year
The company operates across food, entertainment, logistics and beauty through brands including Bibigo, KCON, Olive Young and Tous Les Jours, with North America emerging as a key overseas market
The group’s strategy goes beyond expanding individual brands to link its food, content and beauty businesses into what it calls a K-lifestyle ecosystem, turning interest in K-pop and K-dramas into everyday consumption of Korean food and beauty products
According to CJ’s survey last year, about 30 percent of 1,000 U.S. consumers had experienced all four categories — Korean food, beauty, pop music and entertainment — while 75 percent had engaged with at least two
“CJ has been investing in the U.S. for 20 to 30 years, and we are the only company in the world with a portfolio encompassing food, content, beauty and culture,” CJ Corp. CEO Heo Min-hoe said during the strategy event
“Based on this, we will continue to expand in the North American market by going beyond the K-wave and building a K-lifestyle ecosystem.”
CJ Foodville plans to expand its Tous Les Jours bakery chain in North America to 1,000 stores by 2030 from 205 currently, while Olive Young will grow both its online business and partnerships with local retailers including Sephora
CJ CheilJedang also plans to broaden Bibigo’s presence beyond frozen foods into shelf-stable products such as rice, sauces and snacks, building on its strong position in the U.S. Asian frozen food market
