Sephora lays off 400 staff (10%) in China to address losses in the country's beauty market.
Cosmetics retailer Sephora, owned by LVMH, is laying off 400 staff (10%) in China, aiming to improve its loss-making operations. This includes both office and store staff and the departure of senior executives. The cuts come as the Chinese beauty market, which has experienced rapid growth, faces a downturn, and Sephora China incurred about 330 million yuan in losses in 2022 and 2023.
August 21, 2024
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