Olive Young to launch its own credit card with Hyundai Card

Home > Business > Industry

Olive Young to launch its own credit card with Hyundai Card

Published: 07 May. 2024, 17:46

SEO JI-EUN
seo.jieun1@joongang.co.kr

Olive Young CEO Lee Sun-jung and Hyundai Card CEO and Vice Chairman Chung Tae-young sign a memorandum of understanding on partnerships between the two companies on April 29. [CJ OLIVE YOUNG]

Hyundai Card and CJ Olive Young have announced a partnership to launch a specialized Private Label Credit Card (PLCC) tailored for commercial use.

The collaboration will also encompass efforts in branding, marketing and data science, according to a joint announcement by the companies on Tuesday.

Hyundai Card, known for pioneering data science-based PLCCs globally since 2015, has forged partnerships with 18 leading brands across various industries such as retail, aviation, automotive and food and beverage — including brands like Emart, Starbucks, Costco and Korean Air. The addition of Olive Young marks its 19th partnership.

The collaboration between the two companies aims to combine Hyundai Card's expertise in data science branding with Olive Young's proficiency in delivering exceptional customer experiences within the beauty platform sector, fostering synergy between them.

"Olive Young, with its continuous innovation in products, delivery and services, aims to provide greater benefits to existing members and introduce novelty to new customers through the PLCC with Hyundai Card," said Olive Young CEO Lee Sun-jung.

"Through our partnership with Olive Young, we anticipate Hyundai Card's PLCC domain to expand further, and that collaborative efforts based on data science among partners will strengthen significantly," said Hyundai Card CEO and Vice Chairman Chung Tae-young.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]