Sephora is giving up in South Korea. From May 6, the perfumery and cosmetics chain will gradually close all its operations, as communicated through its Sephora Korea social profiles.
In addition to the impact of the pandemic, Sephora had to adapt to national beauty trends and its own retailers. By 2020 and 2021, the luxury conglomerate's chain had already posted operating losses and saw its turnover shrink, which some industry experts said could be indicative of its departure from the country.
Until now, Sephora had five physical points of sale, although it closed two in the last two years. As Modaes points out, Sephora has not been able to compete with local retailers such as CJ Olive Young, which has more than 1,200 shops in the country and offers mass-market and prestige products.
Up to now, Sephora had five physical points of sale although it closed two in the last two years. As it signals Modaes, Sephora has not been able to compete with local retailers like CJ Olive Young, that has more than 1.200 shops in the country and offers massive products and of prestige.
Sephora has a presence in up to 35 countries with a network of over 2,000 physical points of sale. The company, founded in 1969, is currently led by Guillaume Motte and has experienced expansive international growth, opening more than 1,000 shops and entering twelve new markets between 2011 and 2020.