被国产美妆集合店包围的丝芙兰

Core Insights - The article highlights the contrasting growth trajectories of domestic beauty retail stores like HARMAY and the struggles of high-end beauty retailer Sephora in China, indicating a shift in consumer preferences towards affordable and experiential shopping options [1][5]. Company Performance - Sephora China reported a revenue decline, with total revenue for the first half of 2025 at 34.44 billion yuan, down 12.3% from 39.25 billion yuan in the same period of 2024, and a net loss of 1.2 billion yuan [3]. - In 2024, Sephora Shanghai generated 59.15 billion yuan in revenue with a net loss of 5.1 billion yuan, while Sephora Beijing had 12.25 billion yuan in revenue and a net loss of 1.36 billion yuan, leading to a combined revenue drop of 19% year-on-year [3][5]. Consumer Behavior - Young consumers are increasingly disinterested in shopping at Sephora, citing reasons such as poor service, aggressive sales tactics, and a preference for trying products before purchasing online [2][4]. - A survey on social media platform Xiaohongshu showed that 51% of respondents found it hard to say whether they liked shopping at Sephora, while 49% expressed a positive sentiment [2]. Market Competition - The decline of Sephora is attributed to external competition from emerging beauty retail stores that offer affordable prices and engaging shopping experiences, as well as internal challenges related to outdated business models [4][6]. - New beauty retail brands have gained popularity among young consumers, leading to a significant loss of market share for Sephora, which has seen nearly 30 brands exit its partnership in recent years [6]. Strategic Recommendations - Experts suggest that Sephora should balance its offerings by incorporating both international brands and local emerging brands to attract younger consumers seeking novelty and personalization [7]. - Sephora has initiated programs to support local high-end beauty brands, aiming to enhance its appeal and adapt to changing consumer preferences [7].