Sephora prepares to set up shop in South Korea
LVMH Group's top beauty and personal care store chain is expected to open in South Korea in the third quarter of 2019. In a job posting on LinkedIn, Sephora announced that it was looking for a Human Resources Manager, who "will actively participate in store openings in the country".
By setting up shop in South Korea, Sephora will be investing in a market where the beauty segment is very dynamic. According to a study by L2, the country is ranked ninth among world beauty markets, with a turnover of 12 billion dollars, up 5 percent. Still, if made-in-Korea beauty seduces European consumers – Sephora itself has created K-Beauty corners in its stores – Korean consumers are also increasingly focused on the local offering led by group AmorePacific, owner of brands LaNeige and Annick Goutal amongst others.
Sephora, which has nearly 3,000 stores worldwide, is currently present in Asia in Singapore, Thailand, and Malaysia, but also in India and Indonesia. Established in China since 2005, the brand has more than 200 points of sale in the country.
The LVMH group does not specify Sephora’s exact sales. In its last annual results published in January 2018, however, the luxury group indicated that the brand was the driving force of growth at its Selective Retailing division, which, aside from Sephora, also includes Le Bon Marché and DFS, among others.
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