The French cosmetics chain, Sephora, is planning on opening 100 new stores each year over the next five years, in a bid to reach its target of a 10% increase in average turnover.The group will place its focus on expansion within existing markets and plans to open 10 new stores each year within its home market, France, where it already holds 320 stores. It plans to add 20 stores annually to its important market within the United States, with China due to get an additional 30 to add to its current 170.
New markets are due to be sought by the chain, to add to its new franchise store within Indonesia, which opened earlier this year. Its first Australian store is due to open during December in Sydney.
Sephora forms part of the luxury group LVMH and no longer holds a presence within Belgium and the Netherlands. The chain vacated the Netherlands, where it formed part of V&D, in a plan to place its focus on other markets. The chain currently holds 2000 stores, but its aim is to reach 2500 over the next few years.