万宁关闭内地所有门店 深业上城门店21日撤店五折清仓

Core Viewpoint - Mannings China announced the closure of both offline and online stores, marking a significant exit from the mainland market, with the last offline store set to close on January 15, 2026, and various online platforms ceasing operations by late December 2025 [1][3]. Company Summary - Mannings, founded in 1972, entered the mainland market in 2004 and expanded to over 200 stores by 2011, focusing on "pharmaceutical cosmetics" and health products [4]. - The brand struggled to compete against similar retailers like Watsons and faced challenges from e-commerce, leading to a gradual decline in its presence in the mainland market [4][6]. Industry Context - The exit of Mannings reflects a broader trend among Hong Kong beauty retail chains facing operational difficulties, with Watsons also reporting a 3% revenue decline in the first half of 2025, closing 145 stores in China [8]. - The beauty retail sector is undergoing significant transformation due to e-commerce growth and changing consumer preferences, with younger consumers demanding personalized and experiential shopping [10][11]. - Rising operational costs, including rent and labor, combined with inefficiencies in traditional supply chains, have further strained the survival of established beauty retailers like Mannings [11].