World’s top cosmetics retailer opens first store here
Sephora, the world’s largest cosmetics retailer, has opened its first store in Korea this week. Hereafter, the business bellwether plans to launch more than 10 shops here over the next three years.
The first store is located at Parnas Mall in southern Seoul, and the second one, which will open later this year, will be situated in downtown Seoul.
The first store, which covers 547 square meters, features almost 100 brands ranging from affordable products to luxury.
During the launch event of the flagship shop, Sephora Korea CEO Kim Dong-ju said that the outfit will chalk up double-digit growth every year by providing differentiated products and services.
“We plan to offer more various products than our competitors, and our professional staff will help customers,” Kim said.
It remains to be seem whether Sephora will be able to make a splash in Korea where Affiliates of the country’s conglomerates dominate the market.
They are LOHBs of Lotte, Olive young of CJ, and Aritaum of Amorapacific to name but a few.
Korea’s market for beauty and drug products amounted to almost $5 billion as of last year, according to Euromonitor International.
Sephora is a multinational chain of personal care and beauty stores founded in 1969. The Paris-based entity features nearly 300 brands along with its own private label.
Sephora, which is owned by luxury conglomerate LVMH, covers cosmetics, skincare, body, fragrance, nail color, beauty tools, and hair-care.