Core Viewpoint - NARS has officially entered Sephora, marking a strategic shift for both the brand and the retailer in the evolving beauty retail landscape [3][10][11]. Group 1: NARS and Sephora Collaboration - NARS announced its collaboration with Sephora, launching the "NARS Multi-Use Blush Stick" across all channels [3]. - The timing of NARS's entry into Sephora has sparked discussions about the changing dynamics of brand and channel selection in the beauty industry [5]. - NARS has established a strong presence in China, with 55 counters across 40 cities, enhancing its professional and high-end brand image [8]. Group 2: Strategic Shifts within Shiseido Group - NARS has been elevated to one of the three core brands within Shiseido Group, alongside Shiseido and Clé de Peau Beauté, indicating a shift in its role from a growth contributor to a growth driver [11]. - NARS's online sales reached 1.761 billion yuan in the first 11 months of 2025, reflecting its strong position as a key growth engine within the group [14]. - The collaboration with Sephora is seen as a strategic move to access high-end beauty retail channels and reach a broader customer base [14]. Group 3: Industry Trends and Competitive Landscape - The beauty retail environment is rapidly changing, with traditional retailers like Sasa and Mannings exiting the market, prompting Sephora to adjust its brand selection strategy [18]. - The contrasting approaches of NARS and other brands, such as Drunk Elephant, highlight the evolving strategies of brands and retailers in response to market pressures [22]. - Shiseido's recent organizational changes, including the establishment of three new departments, aim to enhance operational efficiency and brand consistency amid industry challenges [25][27]. Group 4: Future Outlook - The strategic focus on core brands like NARS reflects a broader trend among multinational beauty companies to streamline operations and enhance growth potential in key markets like China and Asia-Pacific [30][31]. - NARS's entry into Sephora is not just a channel choice but a part of Shiseido's strategic deployment to consolidate its core growth engines in the face of industry transformation [31][32].