CJ NowCJ OnStyle to discover small and medium-sized health and beauty brands through “OnCubating”
▶ CJ OnStyle will run an OnCubating program to discover and nurture outstanding South Korean small and medium-sized brands. Interested companies can participate in the program via CJ OnStyle's OnCubating website from the 3rd to the 14th.
CJ OnStyle is conducting a large-scale recruitment of small and medium-sized brands in the H&B (health and beauty) field equipped with differentiated materials or functional products
CJ OnStyle will unveil a new OnCubating program to support the growth of small and medium-sized South Korean H&B (health and beauty) brands. The purpose is to discover and nurture new brands that show good potential in their early stages of growth, introduce them to consumers, and, at the same time, help them to develop a differentiated competitive edge.
The OnCubating program focuses on discovering competent small and medium-sized brands equipped with differentiated materials or functional products, especially in the fields of health functional food and beauty, with an aim to expand their product portfolios and build an ecosystem that can grow together with the small and medium-sized brands.
Various opportunities will be provided to selectees, including the opportunity to work with CJ OnStyle multi-channel stores, e.g., mobile, live commerce, T commerce, and TV live
CJ OnStyle will recruit companies to join the 1st installment of the OnCubating program via the program's official website (http://oncubating.cjonstyle.com) from the 3rd to the 14th and plans to regularize recruitment in the future. The selection process will involve document and face-to-face screening based on criteria such as product competitiveness, brand growth potential and channel suitability. First, brands that are to be carried by its stores will be selected, and then, after up to 6 months of in-store performance and internal and external performance evaluations, a decision will be made on whether to provide additional support to each selectee, such as additional nurturing and investment.
The brand companies finally selected into the OnCubating program will receive practical, wide-ranging personalized solutions including support for sales expansion using CJ OnStyle's multi-channels, product quality improvement support, brand planning and public relations consulting, and overseas public relations and sales promotion support. In addition, they will benefit from brand development support provided in conjunction with various partners who can provide professional help in brand development and growth, such as brand aggregator Boosterz, commerce solution company Uneedcomms, comprehensive marketing company AdQUA and marketing platform company StoreLink, in addition to opportunities to get matched with the investment institutions that have participated in OnCubating, such as IMM Investment, A Ventures and Gravity PE.
Support funds worth 100 million KRW in total and venture capital (VC) investment opportunities will also be provided through the holding of Demo-Day
At the end of this year, CJ OnStyle will hold Demo-Day. The plan is to actively support brands, so that they can scale up by such means as selecting brands with outstanding performance, awarding them a total of 100 million KRW in support funds, and providing them with opportunities to attract venture capital (VC) investment.
CJ OnStyle's growth promotion team leader Bae Min-wook, who is in charge of open innovation and M&A, said, “We plan to actively discover new H&B brands that show good potential and combine the capabilities of CJ OnStyle as well as various other partners to help develop each final selectee into an innovative brand with a differentiated competitive edge. Through this program, we will do our best to discover and nurture a number of competitive small and medium-sized brands so that they can grow together with CJ OnStyle.”
Recruiting poster for the 1st installment of CJ OnStyle OnCubating
▶ ONCubating website: oncubating.cjonstyle.com