Published in
Mar 21 from 2024
French cosmetics giant Sephora has announced that it will exit the South Korean market after a challenging battle for market share against local competition.
Sephora will leave South Korea. – Sephora
Sephora’s Korean unit took to social media on Tuesday (20) to detail its phased exit strategy, scheduled to begin on May 6. The withdrawal concerns Sephora’s e-commerce, app and physical stores throughout South Korea.
The beauty retailer, which belongs to French luxury group LVMH, entered the Korean market in 2019 with the opening of a flagship in the Gangnam district, south of Seoul, and opened five additional stores in the capital Seoul.
Sephora Korea’s sales difficulties were compounded by the dominance of local players such as CJ Olive Young, which operates a network of more than 1,300 stores across the country. Sephora currently operates in other retail locations across the Asia-Pacific region, including China, Australia, Thailand, among others.
Last month, Sephora launched a new slogan – We belong to something beautiful – in all 35 of its markets. The company said this underlines its “purpose to inspire its communities through its inclusive vision, within which all forms of beauty are celebrated.” It launched in the North American market in 2019 and is now coming to life in Europe, the Middle East and Asia through an engaging campaign.
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