Cosmetics enter the discount era as value-driven competition heats up
Shoppers flock to CJ Olive Young's Last Pick for deals up to 70% off
Even cosmetics shoppers now check the discount rack first. CJ Olive Young's Last Pick promotion — which sells products with limited remaining stock or those slated for discontinuation at up to 70 percent off the regular price — has become a hit among beauty enthusiasts. Items that once retailed for around 70,000 won ($52) can be found for around 20,000 won, and products in the 30,000-won range drop to around 10,000 won.
At a CJ Olive Young store in Jongno-gu, Seoul, on Monday, a Last Pick display built from black cardboard boxes stood near the entrance, emblazoned with the words "All Black LAST PICK." The shelf stocked products from CJ Olive Young's own private-label brands as well as Gooday Global, Aekyung Industrial and Isoi, spanning skincare, color cosmetics, sanitary pads and even underwear. A section was set aside for limited-edition items released in collaboration with character brands.
Each product carried a separate price tag showing the discounted price, and many had been marked down more than once. The Bring Green Tea Tree Cica Cooling Sun Stick, originally 36,000 won, was priced at 14,500 won. The Clio Essential Blusher had dropped from 18,000 won to 13,500 won, and the AGE20'S Glass Skin Essence Pact had fallen from 38,000 won to 11,400 won.
A separate CJ Olive Young location in Mapo-gu carried a different assortment on its Last Pick shelf — the selection varies by store, which has prompted some shoppers to visit multiple branches in search of specific products or to arrive at opening time to secure popular items. CJ Olive Young has also set up a dedicated Black Friday pop-up zone at Yongsan iPark Mall, bringing together a wider range of discounted products in one place.
A customer in their 20s browsing the Mapo-gu store said the varying lineups across locations had drawn them to check several branches near Mapo Station. "Trying out a wide range of cosmetics can get expensive, so it's great to be able to pick up products I've had my eye on at a much lower price," the customer said.
The buzz has spilled onto social media, where posts range from guides on how to find Last Pick products to photos of hauls picked up at store openings. Last Pick has also topped the list of trending search terms on CJ Olive Young's online shopping platform.
The promotion's popularity reflects both consumers' desire to try a variety of cosmetics and the growing financial strain of rising beauty prices. According to the Korean Statistical Information Service, the cosmetics consumer price index stood at 121.42 (base year 2020 = 100) in September, up 1.4 percent from a year earlier.
Growth in the budget cosmetics segment has also been notable. Daiso's cosmetics sales for the first nine months of this year rose about 30 percent from the same period last year.
Discount-focused cosmetics retailers have joined the price competition as well. Off Beauty is a leading example, sourcing products directly from manufacturers or acquiring pre-repackaging inventory and selling them at steep discounts. The store carries about 4,000 products from brands including Rom&nd, Dr.G and Joseon Beauty, with some items advertised at up to 97 percent off the regular price.
Off Beauty has also been expanding its sales channels. Starting Oct. 8, it joined Baemin's quick-commerce service "Jangbogi Shopping," launching same-day delivery from 30 directly operated stores in major cities including Seoul and Busan.
"As the financial burden of cosmetics grows, more consumers are looking to try a variety of products at reasonable prices," an industry official said. "Value-driven competition in beauty retail, centered on discount events and low-price specialty channels, is only going to intensify."
siuu@heraldcorp.com
