Makeup Giant Expands To South Korea
If there’s a country known for its beauty products and skincare, it’s South Korea.
The beauty retailer owned by French luxury group giant LVHM, Sephora, will be expanding in South Korea by October 24. The Korean beauty market is booming and Sephora wants a piece of this action.
“It is exciting for us to introduce Sephora to the Korean market, which leads the global beauty trend. Korea is one of the most dynamic markets in Asia. I expect Sephora will serve as a place to exchange domestic and global beauty trends,” said Benjamin Vuchot, president of Sephora Asia.
Sephora’s first Korean store will span 547 square meters in Parnas Mall in Samseong-dong, Seoul. The retailer also plans to open five other stores and an online store by 2020, and 13 additional stores by 2022.
“It is expected that Sephora would have continuously considered entering into Korea, as Korea is a powerhouse in the beauty industry,” said Jade Lee, service and payment analyst at Euromonitor International Korea.
Lee also says that Sephora’s target customers are in their 20s and 30s, that are already familiar with the retailer. But to help make Sephora stand out among other health and beauty stores like Olive Young and Lalavla, the main products offered by Sephora may be its popular brands like Hourglass.
By: Maytinee Kramer
