A Massive Cosmetics Company Is Now Closing This Spring

March 20, 2024

A massive cosmetics company is now closing this spring as it exits Korea, according to the retailer’s website for the region.

Sephora will begin phasing out its online, mobile app and store operations in Korea starting May 6, which will also be the last day customers can place an online order, per a translation of an FAQ about the closure.

Loyalty members will lose any unused points and have their information deleted at that time as well.

Sephora’s customer service team in Korea will continue operating until mid-August for returns and refunds.

The Sephora Korea site lists five stores in the country. An about page on Sephora’s Singapore website boasts “an expanding base of over 200 stores” in the Asia Pacific region, which also includes China, Australia, Thailand and other countries.

A Sephora spokesperson did not respond to a request for comment on Sephora’s exit from the market, per Retail Dive.

The news comes as Sephora’s U.S. rival Ulta recently announced an expansion into Mexico, planned for 2025.

Competition between the two has heated up over the past few years as both retailers pursue large-scale shop-in-shop partnerships — Sephora with department store Kohl’s and Ulta with mass merchant Target.

Sephora has recently shaken up leadership in some of its geographical regions, naming the next CEO of its North America region in September.

The company’s head of Greater China also reportedly left the company in January, though the retailer would not confirm the move.

Sephora CEO Guillaume Motte himself is a relative newcomer, taking over the top post in January last year.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Cosmetics Company Now Closes in New York

Other Economy News Today

A massive US company is now closing 500 locations between 2024 and 2025, including some joint ventures, sources confirm.

Shell has announced it will be divesting from hundreds of locations by the end of 2025 as the company is switching its focus to growing its public network of electric vehicle charging stations.

In its 2024 Energy Transition Strategy, the company confirmed that Shell plans to divest 500 Shell-owned sites – including some joint ventures – in 2024 and 2025.

The company said the move is “in response to changing customer needs” as they are looking to expand EV charging and convenience offers.

It was not immediately clear which sites will be directly impacted by the divestment and where they are located globally, per The-Sun.

However, the divestment is expected to only make a small dent in the number of Shell-operated sites worldwide.

In June, 2023, Huibert Vigeveno, who leads the company’s downstream, renewables and energy solutions business, told Bloomberg that 500 sites make up approximately 4% of Shell’s locations.

Meanwhile, others have suggested the closures will decrease Shell’s retail footprint by around 2.1%, according to Yahoo Finance.

Shell, widely known for their yellow and red logo featured at gas stations across the country, appears to be leaving behind the traditional way to power cars as it ramps up its efforts to support EVs.

“We are looking to strengthen our global retail and lubricants marketing businesses as the energy transition evolves, meeting the changing needs of our customers, and making value-driven choices region by region,” the company said in their 2024 strategy.

Customers can expect Shell to grow its number of charging stations for EVs in large markets such as China, Europe and the United States.

In China and Europe alone, Shell has said it is seeking to increase its number of public charging stations from 54,000 to around 200,000 by 2030.

For more news and updates like this, opt-in for push notifications.

Also Read: A Crafts Retailer Now Declares An Official Bankruptcy

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰