Olive Young is one of the most well-known multi-brand store models in South Korea, specializing in cosmetics, skincare products, and health products. This model stands out with its integrated shopping experience that combines online and offline platforms, offering maximum convenience for customers. Olive Young not only focuses on products with natural, vegan, and organic ingredients but also targets younger customers who love K-Beauty. Its international expansion, particularly through e-commerce, has allowed Olive Young to reach a wider audience, including Vietnam, where the demand for clean and natural beauty products is on the rise.
The skincare cosmetics market in Vietnam has been witnessing strong growth. Vietnamese consumers, particularly the younger generation, increasingly favor skincare products from countries such as South Korea, Japan, and the United States. Trends like clean beauty and vegan beauty (cruelty-free cosmetics) are becoming more popular as consumers prioritize natural and safe products for their skin. The rapid development of e-commerce has made shopping more convenient, further increasing competition in the cosmetics market.
Competition in the Vietnamese cosmetics market is fiercer than ever, with both international and domestic brands participating. Major South Korean brands like Cosrx, Dr.Jart+, Laneige, and Innisfree have established a strong foothold thanks to their high-quality products and deep understanding of customer needs. Meanwhile, Etude House, a brand known for its youthful style and affordable prices, is also widely loved. The Ordinary and Klairs are internationally recognized brands highly rated for the effectiveness of their active ingredients, offered at reasonable prices, making them suitable for Vietnamese consumers.
Skincare brands like Mediheal and Some By Mi are also extremely popular in Vietnam, especially in the face mask and acne treatment segments, with products containing AHA, BHA, PHA ingredients. Nature Republic, known for natural products like aloe vera, and Banila Co., famous for its cleansing balm, are also top choices among Vietnamese consumers.
Adopting the multi-brand store model like Olive Young in Vietnam, combined with the renowned brands mentioned above, offers significant growth potential. Particularly, the shift towards clean and natural products, along with the growing influence of e-commerce, presents great opportunities for businesses to develop and capture market share.
Building multi-brand retail stores not only meets consumer demand but also creates opportunities to integrate online shopping with in-store experiences, a modern and smart shopping trend. Skincare brands can leverage multi-brand stores to reach their target customers, optimize distribution channels, and increase brand recognition more effectively.