November 21, 2024

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(Getty Images)

French cosmetics brand Sephora has said it will gradually exit from South Korea after failing to gain a share in competition with dominant local rival CJ Olive Young.

In a statement posted on its social media accounts Tuesday, Sephora's Korean unit announced its plan for a phased withdrawal starting May 6, which will affect its online mall, mobile app and offline outlets in South Korea.

The LVMH-owned beauty retailer entered the Korean cosmetics market in 2019 with a flagship store in the affluent Gangnam district, southern Seoul. It opened five more stores across the capital of Seoul.

LVMH is the luxury conglomerate that owns Sephora alongside major fashion brands, like Louis Vuitton and Dior.

Sephora Korea has struggled with weak sales in tough competition with local rivals, such as CJ Olive Young, which operates more than 1,300 stores across the nation. (Yonhap)