实地调查！万宁“清仓大甩卖”正撤出内地，传统美妆连锁为何不香了？

Core Viewpoint - Mannings, a drugstore chain in China, will close all offline stores and online sales channels in mainland China, retaining only cross-border e-commerce services for mainland users [1][4]. Group 1: Company Overview - Mannings was established in Hong Kong in 1972 and was acquired by Dairy Farm International Holdings Limited in 1976, which also operates other brands like 7-11 and Maxim's [4][6]. - The company entered the mainland market in 2004, focusing on "pharmaceutical cosmetics" and health products, differentiating itself from competitors like Watsons and Sa Sa [6]. Group 2: Market Challenges - Since 2016, Mannings has faced intensified competition and the impact of e-commerce, particularly from platforms like Tmall International and JD Global Purchase, which eroded its unique advantage in "imported pharmaceutical cosmetics" [6][7]. - The company's revenue from its health and beauty segment was reported at $1.291 billion in the first half of 2025, with same-store sales in Hong Kong growing by 6%, while specific revenue from the mainland was not disclosed [6]. Group 3: Competitive Landscape - New beauty retail formats, such as HARMAY and THE COLORIST, have disrupted traditional retail models by offering immersive shopping experiences rather than just products [8]. - Competitors like Watsons and Sa Sa are also struggling, with Watsons reporting a 3% decline in revenue to HKD 6.666 billion in the first half of 2025 and closing 145 stores [9]. Group 4: Strategic Insights - Experts suggest that traditional beauty chains need to redefine their store presence and focus on consumer needs rather than just operational metrics [9][10]. - There is a call for these companies to reposition themselves and upgrade their brand image to better align with market demands, despite the high costs associated with such transformations [10].