Source: Photo.com
Recently, the American makeup brand Benefit issued notices on the three major online channels of Tmall's official flagship store, JD.com's self-operated official flagship store, and Douyin's official flagship store, saying that the store will end its operation and accept new orders until 23:59 on January 28, 2024, and the customer service channel and membership rights redemption will also be open until this time, and the membership rights and interests will also expire after the store ends operation.
This means that the U.S. brand will end all online business in China, and domestic consumers will only be able to buy products from Sephora's offline stores and official online stores. Benefit also said that after-sales problems can be solved by calling the brand's 400 hotline.
It is reported that at present, there are only four offline stores in Chinese mainland, distributed in Shanghai, Guangzhou, Shenzhen and Beijing, and the others are sales points.
Founded in 1976, Benefit has been in the Chinese market for 16 years, and is the beauty enlightenment of many post-8090s generations, and has occupied the makeup table of an era. But in recent years, although it has tried to transform online, it has missed the best time for e-commerce to grow the fastest.
In response to the notice of Benefit's withdrawal from China's e-commerce channels, many Chinese netizens expressed their surprise on social media, saying that the brand has become a "tear of the times", some netizens said that they have used the brand's products for more than ten years, and it will not be so convenient to buy in the future after withdrawing from mainstream e-commerce channels, and some netizens believe that Benefit's positioning group is actually young, but the product is not cheap, and there are more choices at the same price at the moment, and it is not surprising that the store is closed.
Regional Competitive Landscape: The U.S. Makeup Market Accounts for Over 26%
The U.S. is the world's largest makeup market. According to public statistics, the United States currently accounts for the highest proportion of the regional development of the global cosmetics industry, about 26%; In addition, China and Japan accounted for 12% and 8% of the makeup market, respectively.
The global makeup market is expected to reach $118.8 billion by 2028
In the long run, in the current "beauty economy", everyone has a love for beauty, and more and more consumers are more willing to spend money on the road of "beauty". Coupled with the rapid economic development of emerging developing countries in recent years, people's spending power has been increasing, and the demand for makeup has gradually expanded, the future development potential of the cosmetics industry is huge, and the global cosmetics market is expected to reach $118.8 billion by 2028.
GF Securities pointed out in the latest research report that with the improvement of the epidemic situation and economic recovery, the makeup industry is expected to usher in a greater rebound in the short term.
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