屈臣氏三冲IPO背后，看美妆零售行业的变局

Core Viewpoint - The beauty retail industry is facing significant challenges, with over 20 domestic brands shutting down and 15 international brands exiting the Chinese market. Watsons Group is planning a dual listing in Hong Kong and the UK, which could provide insights into the transformation of the beauty retail sector [2][4]. Company Overview - Watsons Group is in discussions for a dual listing in Hong Kong and the UK, aiming to raise up to $2 billion (approximately 14.2 billion RMB) by mid-2026. This would be its third attempt at an IPO since 2014, with a potential valuation exceeding $30 billion (approximately 213.4 billion RMB) [4]. - Founded in 1841 and acquired in 1981, Watsons operates over 17,000 stores across 31 markets, serving over 6 billion customers annually. The company is particularly focused on the beauty retail sector [4]. Industry Challenges - The traditional beauty retail sector is experiencing a growth ceiling, with major players like Watsons and Sa Sa facing declining performance. The shift towards digital retail and changing consumer preferences are putting pressure on traditional business models [6][7]. - Watsons has seen a net reduction of 145 stores in China by mid-2025, with total store numbers down over 500 from their peak in 2021. Revenue from health and beauty products in China has declined for four consecutive years, dropping from 10.6 billion RMB in 2021 to 6.666 billion HKD [6][5]. Competitive Landscape - Sa Sa International has closed all its offline stores in mainland China, reporting a 9.7% decrease in revenue to 3.942 billion HKD for the 2024/25 fiscal year, with a 10.5% drop in mainland sales [7]. - New players like HARMAY and THE COLORIST are emerging, focusing on unique shopping experiences and product offerings, which are attracting younger consumers and challenging traditional retail models [10][11]. Transformation Efforts - Traditional retailers are attempting to innovate by reducing aggressive sales tactics and enhancing customer experience. Watsons has implemented a new compensation model for sales associates to create a more comfortable shopping environment [8]. - Watsons is also expanding its online order fulfillment capabilities and introducing new brands to attract younger consumers, including local and Korean brands [8][9]. Market Dynamics - The rise of direct-to-consumer (DTC) brands is changing the relationship between brands and retail channels, as these brands can now reach consumers without relying on traditional retail platforms [17]. - The beauty retail sector is shifting from a focus on sales to providing services and experiences, with companies like Watsons introducing health management services and personalized consultations to enhance customer engagement [15][16]. Conclusion - The beauty retail industry is undergoing a significant transformation, with traditional players needing to adapt to new consumer expectations and competitive pressures. The success of Watsons and others will depend on their ability to innovate and provide unique value propositions to consumers [18].