Retail Media Networks: Why Every Retailer Wants to Be the Next Google
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Sephora is now trimming its staff by less than 3%, or under 120 jobs.
Sephora, the luxury beauty retailer owned by LVMH, is downsizing its workforce in China as the country’s economic challenges dampen consumer spending on high-end cosmetics. Previously employing around 4,000 people in China, Sephora is now trimming its staff by less than 3%, or under 120 jobs, according to a company spokesperson.
Impact of economic challenges on China’s beauty market
The decision comes as China’s beauty market, once one of the fastest-growing globally, faces a slump due to rising unemployment and a downturn in the property sector, which have eroded consumer confidence. Major cosmetics brands have recently reported significant declines in their China sales, highlighting the broader challenges facing the industry.
Sephora’s struggles in a highly competitive market
Sephora, which operates approximately 350 stores in over 100 cities across China, has struggled to achieve the same level of success in this market as it has in other regions. The company’s performance in China has been hindered by the dominance of e-commerce platforms, where a significant portion of beauty products are sold.
Sephora is now trimming its staff by less than 3%, or under 120 jobs.
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