Maggie Chan, Sephora’s managing director Larger China since November 2018, has stepped down from her function on the LVMH-owned selective perfumery chain. She is now working on the Avent Capital funding fund.
Requested by FashionNetwork.com to touch upon Chan’s departure, Sephora has not but replied. In July 2023, Bloomberg, citing a supply near the matter, reported that Sephora was envisaging an overhaul in its prime hierarchy in China, and was contemplating placing a brand new government answerable for its enterprise within the nation.
The rationale given was fierce competitors by Sephora’s native rivals, which was slowing down the perfumery chain’s progress. In consequence, Sephora’s prime administration is alleged to be mulling the appointment of a brand new nation supervisor, to supervise the chain’s subsequent growth part in China.
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Final October, talking on the re-opening of Sephora’s Champs-Elysées flagship in Paris, CEO Guillaume Motte stated that “our second precedence area [after the USA] is China (…) We’ve the capability to open many extra shops in China, the place we’re solely current in 90 cities. A few of our rivals are already established in 150, 190 cities.”
Sephora at the moment operates some 350 shops in China, nearly as many because it does in France, and “that is an inconsistency. [China] is a large land of alternative,” Motte had added.
Sephora is current in 35 nations and, in accordance with business specialists, it generated a income of €12 billion in 2022. The chain is aiming to prime the €20 billion mark, at an unspecified future date.
