雪花秀被传中国二线市场撤柜30家

Core Insights - Sulwhasoo is reportedly planning to close around 30 stores in China, primarily in second-tier cities, with significant reductions in cities like Nanning and Suzhou [2][4] - Amorepacific's representative denied claims of Sulwhasoo exiting the Chinese market, emphasizing its strategic importance [2] - The decline of high-end Korean cosmetics, including Sulwhasoo, reflects a shift in consumer preferences and cultural narratives in China [2][6] Company Overview - Sulwhasoo, a high-end herbal skincare brand under Amorepacific, has been in the Chinese market since 1992, establishing a strong presence in premium beauty sectors [3][4] - At its peak, Sulwhasoo had over 180 stores across more than 80 cities in China, but is now undergoing significant store closures [4] Market Trends - From 2019 to 2024, Sulwhasoo's market share in China's skincare sector has been declining since peaking in 2021, with its scale nearly halved [4] - The brand's strategy is shifting from broad coverage to deep penetration, focusing on high-net-worth consumers in first and new first-tier cities [5][11] - The overall Korean cosmetics market in China is experiencing a downturn, with a notable cultural shift away from Korean beauty products [10][11] Financial Performance - Amorepacific's revenue in 2023 fell by 10.5% to 4.021 trillion KRW (approximately 216.3 billion RMB), with a 44.1% drop in operating profit [8] - In the Chinese market, revenue reportedly decreased by about 20%, indicating significant challenges [8] - Despite a slight recovery in 2025, the Greater China region's revenue continued to decline by 27%, highlighting ongoing struggles [8][10] Competitive Landscape - The competitive environment for high-end cosmetics is intensifying, with local brands gaining traction through innovation and cultural resonance [11] - The shift in consumer preferences towards domestic brands and changing beauty standards is contributing to the challenges faced by Korean cosmetics [6][11]