Sephora To Withdraw From Korea

In a press release posted on Sephora Korea’s social media accounts, the corporate stated it will progressively terminate all its operations, together with its app, on-line retailer and bodily shops.

Sephora launched in Korea in 2019 with a flagship within the upscale Gangnam District in south Seoul. It presently has 5 shops in Korea, having shut down two shops within the final two years, per native press.

Stiff competitors from native retailers similar to CJ Olive Younger, which operates over 1,200 shops within the nation and sells a mixture of mass and status merchandise, in addition to a extremely selective shopper base weakened Sephora’s probabilities at wider reputation. Malls and duty-free retailers additionally stay widespread domestically for luxurious magnificence buying.

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Profit to Shrink China Presence

The LVMH-owned cosmetics line is shuttering a lot of its e-commerce presence on Jan. 28.