丝芙兰降身段引入平价“网红”美妆

Core Viewpoint - Sephora is undergoing a transformation by collaborating with several affordable makeup brands to diversify its offerings and address declining sales in the Chinese market, which has led to losses [1][5][10]. Group 1: Brand Collaborations - Sephora has partnered with popular affordable brands such as BABI, Lianhuo, and Sanzitang, which are characterized by their low prices and strong sales performance [1][3]. - Lianhuo, launched by Marubi in 2017, reported significant revenue growth, with 2023 revenue expected to exceed 1 billion yuan, reflecting a 125.14% year-on-year increase [3]. - BABI's products, priced around 50 yuan, achieved a total sales of 600 million yuan by the end of 2023, with a year-on-year growth of over 70% [3]. Group 2: Market Position and Challenges - Sephora, traditionally known for its high-end positioning and exclusive partnerships with luxury brands, is now blurring the lines between high-end and affordable makeup, which may dilute its unique market identity [4][10]. - The Chinese market for high-end cosmetics has been contracting, with a reported 8% decrease in consumption from 2021 to 2023, impacting major brands like L'Oréal and Estée Lauder [10][11]. Group 3: Financial Performance - Sephora's financial performance in China has been under pressure, with combined revenues of 3.444 billion yuan in the first half of the year, a 12.3% decline year-on-year, and a net loss of 120 million yuan [8]. - The company has faced cumulative losses exceeding 1 billion yuan since 2022, indicating a troubling trend in its financial health [8]. Group 4: Consumer Sentiment - Long-time Sephora customers express dissatisfaction with the brand's shift towards affordable products, feeling that it undermines the premium shopping experience they once enjoyed [7]. - A survey indicated that a significant portion of Sephora's customer base has lost interest, with many stating they have not visited the store in years [7]. Group 5: Industry Trends - The retail landscape for cosmetics is shifting towards online channels, with live-streaming sales becoming the dominant shopping method, which poses challenges for traditional brick-and-mortar stores like Sephora [9]. - The emergence of new beauty retail brands focusing on high cost-performance ratios has intensified competition in the market, further complicating Sephora's position [10][12].