案例库 · 战略与领导 · 战略决策 · 2022–2025
这条还没译成中文，下面是英文原文。
Amorepacific kept betting on single-brand stores while Olive Young ate the format
Amorepacific's Aritaum and Innisfree stores shrank 9–19% in a year while CJ Olive Young, selling every brand under one roof, grew revenue 21.8% to a record.
Amorepacific · CJ Olive Young · 2025-08
怎么回事
Amorepacific built its Korean retail presence on single-brand storefronts: Aritaum sold only Amorepacific-family cosmetics, and Innisfree ran its own dedicated stores nationwide, following a roadshop model that had defined Korean beauty retail for over two decades.
That model kept losing ground through 2025. Aritaum's franchise count fell from 410 to 372 stores in a single year, down 9.3%. Innisfree's franchise stores fell harder, from 234 to 190, down 18.8%. A third single-brand chain, Tonymory, lost 12.6% of its stores over the same period. Nationwide, the number of cosmetics storefronts fell by nearly 2,000 in a year, a 5.4% drop, with the average franchise store's revenue down 12.6% and a 15.9% closure rate.
CJ Olive Young ran the opposite playbook — one store selling every brand a shopper wanted, from mass-market to prestige, alongside skincare devices and supplements. While single-brand roadshops shrank, Olive Young's revenue grew 21.8% to a record ₩5.8335 trillion, cementing the multi-brand collection-store format as the format Korean beauty shoppers actually wanted.
Amorepacific's response was to fold its surviving single-brand stores into Olive Young's own shelves, redirect investment to e-commerce, and expand overseas — an admission that the storefront model it had run for over two decades no longer worked domestically, arriving only after years of the two formats moving in opposite directions.
为什么会这样
- Amorepacific kept operating single-brand-only storefronts for years after Korean shoppers had visibly shifted toward multi-brand collection stores, rather than converting its retail footprint sooner.
- A single-brand store cannot offer the comparison shopping and discovery that drove Olive Young's growth, so Amorepacific's stores lost the very customers most likely to browse across brands.
- The company only began redirecting toward Olive Young shelf space, e-commerce and overseas markets after its franchise network had already shed hundreds of stores, not while it still had scale.
教训
A format that once defined a market does not fail all at once — waiting until a rival format has taken years of share makes the eventual pivot far smaller than the loss it answers.
后来呢
Amorepacific moved its remaining single-brand retail toward Olive Young placement, online platforms and overseas expansion. Olive Young's dominance of Korean beauty retail continued unchallenged by any competing multi-brand format, while Aritaum, Innisfree and Tonymory continued closing stores faster than they opened new ones.
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