The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The K-beauty giant announced Friday that it will shutter all Innisfree stores in North America beginning Saturday, citing the pandemic, The Korea Times reports.
The affordable beauty brand, which opened its first store in New York in September 2017, will continue to be sold through Sephora outlets. It’s not the only brand under the Amorepacific umbrella that’s struggling: Etude House, another one of the conglomerate’s high street offerings, is facing capital impairment and began shuttering stores after sales peaked in 2014.
The move is consistent with Amorepacific’s stated intention to focus on digital channels over its physical footprint. Last week, the group reported that its first-quarter earnings increased by almost 90 percent year-on-year on the back of online and strong overseas sales growth in markets like China.
Shana Randhava, Priya Venkatesh, Heela Yang and Robin Tsai will join Imran Amed and Priya Rao to identify the entrepreneurs shaping the future of the beauty industry.
By selling existing formulas under their own name, retailers can tap into the lucrative beauty market without investing in custom formulations. But that doesn’t mean the private label model is an easy win.
The San Francisco-based company is hoping to tap growing consumer demand for financing for cosmetic treatments among other services.
Once thought of as long-term disruptors who would change the way we shop forever, multi-brand online retailers that sell cosmetics, skincare, fragrance and more are facing multiple headwinds.