Sephora has opened its first store in Korea, where in­no­va­tive beauty prod­ucts and trends reign, the com­pany said Wed­nes­day.

The Korea Times - - FRONT PAGE - By Kwak Yeon-soo [email protected]­re­atimes.co.kr

Sephora has opened its first store in Korea, where in­no­va­tive beauty prod­ucts and trends reign, the com­pany said Wed­nes­day.

At the grand open­ing event held at Par­nas Mall in Sam­seong-dong, Seoul, Sephora Korea said it will strive to achieve dou­ble-digit growth in sales rev­enue over the next seven years, tak­ing ad­van­tage of the grow­ing in­ter­est in beauty spe­cial­ist re­tail­ers.

The com­pany also plans to open six other lo­cal stores and an of­fi­cial on­line store by 2020, as well as 13 ad­di­tional stores by 2022.

The new flag­ship shop, which cov­ers 547 square me­ters, fea­tures hun­dreds of cos­met­ics, skin­care, and fra­grance brands along with its own private la­bel.

“What sets us apart from other beauty spe­cial­ist re­tail­ers is that we of­fer a huge range of prod­ucts un­seen else­where, and with pro­fes­sional staff to help cus­tomers,” Sephora Korea CEO Kim Dong-ju said dur­ing the launch event at Par­nas Mall.

“We also de­liver the pure joy of dis­cov­er­ing and try­ing new prod­ucts. For in­stance, we have a 15-minute

Flash Makeover Com­pli­men­tary ser­vice and Dyson hair ex­pe­ri­ence zone at the store.”

Sephora’s ar­rival re­flects cus­tomers’ de­sire to ac­cess var­i­ous types of beauty prod­ucts in the same place and the grow­ing market size of beauty spe­cial­ist re­tail­ers.

“Through ex­ten­sive market re­search for the last two to three years, we found out that Korean cus­tomers tend to search by items in­stead of brands,” Kim said. “They are also savvy on loy­alty pro­grams, in terms of re­wards.”

Sales of beauty and drug prod­ucts in the coun­try came to 5.6 tril­lion won ($4.74 bil­lion) in 2018, ac­cord­ing to data com­piled by Euromon­i­tor In­ter­na­tional.

Most of the health and beauty stores here, are op­er­ated by con­glom­er­ates, like Shin­segae’s Chicor, Lotte’s LOHBs, CJ’s Olive Young and Amorepa­cific’s Ari­taum.

In­dus­try an­a­lysts ex­pected that al­though the com­pe­ti­tion may in­ten­sify, Sephora will be able to gain com­pet­i­tive­ness over lo­cal stores by in­tro­duc­ing dif­fer­ent prod­uct line ups.

“While Chicor is more fo­cused on pre­mium K-beauty brands, Sephora is ex­pected to in­tro­duce more pre­mium brands which are avail­able to buy over­seas, and for­eign lux­ury cos­metic brands,” said Jade Lee, an an­a­lyst at Euromon­i­tor In­ter­na­tional Korea.

Sephora, part of the French lux­ury goods con­glom­er­ate LVMH, has nearly 3,000 stores world­wide. The beauty con­glom­er­ate has ex­panded ag­gres­sively in Asia, open­ing stores in Sin­ga­pore, Thai­land and In­dia.

Yon­hap

Sephora’s first out­let lo­cated at Par­nas Mall in Sam­seong-dong, Seoul

Sephora Korea CEO Kim Dong-ju

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