South Korean retail giant Shinsegae is reentering the cosmetics scene with a renewed focus, as K-beauty leads the charge. Its beauty select shop brand Chicor will open a new flagship store in Seoul’s Gangnam district later this year. The store is not just a relocation but a complete reinvention of the brand’s strategy. Unlike the old concept, the new space will stock over half its 5,000 products from Korean brands. The decision marks a sharp shift from its previous model, which relied heavily on luxury imports.
This strategic overhaul reflects changing consumer demand and rising global interest in Korean beauty products. Chicor’s new direction is also a clear response to the dominance of rival Olive Young. While Olive Young controls more than 1,300 stores, Chicor currently operates only 19. Still, Shinsegae hopes to gain an edge by offering exclusive experiences and hard-to-find brands. With K-beauty leads the charge as its mantra, Chicor is betting big on this homegrown trend.
Leadership changes helped drive this renewed vision. Following Chung Yoo-kyung’s promotion last year, CEO Park Joo-hyung took direct control of Chicor. He recently called for a new standard in Korean beauty retail during a shareholder meeting. Park noted that the brand had halved its losses and rebalanced its offerings. He believes expanding K-beauty options will bring long-term growth and restore consumer trust.
Already, signs of progress are clear. At Chicor’s Hongdae location, Korean brands like Melixir and Nonfiction now make up over 60 percent of products. That change helped boost monthly international sales by more than 90 percent. Encouraged by the result, Shinsegae plans further expansions in tourist-heavy areas like Myeongdong and Dongdaemun. The company will focus on immersive events and exclusive launches to attract global shoppers. It remains clear that K-beauty leads the charge in Chicor’s evolving identity.
Beyond retail, Shinsegae is exploring moves into cosmetics manufacturing. Reports suggest it may invest in a private equity fund run by Ascent Equity Partners. That fund recently bought a major stake in Korean cosmetics maker C&C International. By aligning with production partners, Shinsegae could tighten its grip on the full beauty supply chain. These steps position Chicor not only as a seller of K-beauty but also a serious stakeholder in its future.
