Sephora launches support program for Chinese beauty brands
Sephora has recently launched the ‘China Accelerate’ brand incubator programme. Over the next three years, the LVMH group’s selective perfumery retailer will support the development of five Chinese premium beauty brands. The goal is to help each of them generate annual sales worth CHY100 million (approximately €14 million).
“As a recognised world leader in beauty products distribution, Sephora will not only offer support and a route to commercial expansion for these brands, but will also help them develop an international vision,” said Maggie Chan, managing director of Sephora Greater China in a press release.
Sephora has been active in China since 2005, and recently partnered with Tencent Smart Retail, owned by Chinese conglomerate Tencent, well-known for its QQ and WeChat messenger apps.
With Tencent Smart Retail, designed to help brands reach their retail customers, Sephora has launched ‘The Rising Powers’, a three-month programme enabling niche brands to gain visibility and benefit from advice and training, such as courses on how to tap WeChat’s potential. Sephora will instead rely on its own omni-channel infrastructure to accelerate the growth of these brands.
Sephora is aiming to strengthen its position on the Chinese beauty market, which was worth €34.6 billion in 2021, and is expected to grow to €49 billion in 2024.
Sephora operates 2,650 stores in 35 countries and employs more than 35,000 people, of whom approximately 6,000 are based in France. The AFP agency estimated that Sephora’s revenue in fiscal 2019 was €10 billion.
Earlier this month, Sephora announced that its CEO Martin Brok will leave on June 30.
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