Sephora to Withdraw from the South Korean Market

blog image

Sephora to Withdraw from the South Korean Market: After a tough struggle for market share against local competitors, French cosmetics giant Sephora has announced plans to depart the South Korean market.
On Tuesday, the Korean branch of Sephora used social media to announce the start of a phased pullout beginning on May 6. All of Sephora’s physical stores, mobile app, and online shopping malls in South Korea would be affected by the departure.

In 2019, the cosmetics shop, which is owned by LVMH, entered the Korean market with the opening of a flagship store in the Gangnam neighborhood in southern Seoul. Five more stores were then opened in the capital of Seoul.

Estee Lauder Local players like CJ Olive Young, which has a network of more than 1,300 outlets across the country, have been contributing to Korea’s sales woes. Besides China, Australia, Thailand, and other countries in the Asia Pacific region, Sephora also runs other retail sites there.

September saw the debut of Sephora’s new brand trademark, “We belong to something beautiful,” across all 35 of the company’s markets. “Our purpose is to inspire our communities through its inclusive vision, within which all forms of beauty are celebrated,” the firm stated in a statement explaining the changing brand tagline.

An immersive campaign is bringing it to life in Europe, the Middle East, and Asia after launching in the North American market in 2019.

Mia Collins

Mia's love for beauty innovation and her insights into modern lifestyle choices make her the go-to writer for readers seeking to stay ahead of the style curve.

Read more