In a statement posted on Sephora Korea’s social media accounts, the company said it would gradually terminate all its operations, including its app, online store and physical stores.
Sephora launched in Korea in 2019 with a flagship in the upscale Gangnam District in south Seoul. It currently has five stores in Korea, having shut down two stores in the last two years, per local press.
Stiff competition from local retailers such as CJ Olive Young, which operates over 1,200 stores in the nation and sells a mix of mass and prestige products, as well as a highly selective consumer base weakened Sephora’s chances at wider popularity. Department stores and duty-free outlets also remain popular domestically for luxury beauty shopping.
Learn more:
Benefit to Shrink China Presence
The LVMH-owned cosmetics line is shuttering much of its e-commerce presence on Jan. 28.
