After four years of losses in the K Beauty market, Lvmh Group’s beauty chain is to close its five stores, website and mobile app. Sephora Korea was unable to withstand competition from local ultra-leader CJ Olive Young and the pandemic.
Sephora capitulates on the South Korean market.
The inhabitants of the Land of the Morning Calm may be great consumers of beauty products, and their country may seduce the world with its own brands…but the French chain specializing in cosmetics and perfume distribution, a subsidiary of the Lvmh group, is packing up for the market.
“With a heavy heart, Sephora has decided to end its operations in Korea”. Sephora’s Korean subsidiary announced the news via an Instagram post on March 19. The withdrawal, which will affect e-commerce, the mobile application and physical distribution, will take place gradually, starting on May 6. Until mid-August, however, the customer service team will continue to handle returns and refunds.
A store closed in Seoul in early 2022
Sephora had launched in Korea in 2019, opening its first flagship store in the Parnas Mall, located in the upscale Gangnam district, south of Seoul. This was followed by the opening of five other stores, notably in the center and west of the capital, in the Myeong-dong and Sinchon districts, and in the city of Suwon (Gyeonggi province).
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Featured Photo: © Sephora
