After The Fitsch Shop, another Korean makeup brand was rumored to be closing offline stores in the Chinese market. Recently, some media reported that it learned from the customer service office of Itie House that Itti House has wireless stores in the mainland. In this news, nandu reporter consulted the customer service of the official flagship store of Tmall in Iti's House, and the other party said that it was not clear about other channels.
So, has Itty House really closed all offline stores Chinese mainland? Nandu reporter checked the official website of Itti House and found that in the official website announcement, there was no notice of closing all offline stores Chinese mainland, and in the brand introduction office, it was also pointed out that "as of now, it has entered 25 cities such as Beijing, Shanghai, Guangzhou, Chengdu, Tianjin, Nanjing, Hangzhou, Shenzhen, Chongqing, Changsha".
According to the store information on the official website, it is now 35 stores in Beijing, Shanghai and other cities, including 6 stores in Guangzhou. However, nandu reporters called these 6 stores, of which 4 stores could not be connected, and the answerers of 2 store phones said that the phone was wrong.
Nandu reporter in accordance with the address provided by the official website, visited 3 stores in Guangzhou, found that its stores are no longer there, of which Grandview Plaza store is now an ice cream store, Tianhe Another City store is now a clothing store, Raider Plaza store is now a doll jewelry store, it is worth mentioning that the location of these stores are near the entrance of the mall, which can be described as a golden location.
The current situation of the store address of the Tianhe city of Itti's House
So, can you no longer buy Itty House products offline? Nandu reporter noted that there are media reports that the offline channel of Itie's House is now mainly a colorist in the beauty collection store THE COLORIST.
Nandu reporter went to a THE COLORIST colorist store in Guangzhou and found that there are indeed Itti House products for sale, but the types of products on sale only include eye shadow, lipstick, eyebrow pencil, contour, blush and several types, compared to the product types provided on the official website, less pitiful.
According to the data, Itie's House is a brand of South Korean beauty giant Amorepacific Group, according to Amorepacific's financial report, from 2017 to 2020, Itie's House's global sales continued to decline, and the largest decline in 2020, Edie's House sales fell by 38% to 111.3 billion won (about 660 million yuan).
It is worth mentioning that Itti House currently has liabilities of 56.6 billion won (about 325 million yuan) and a net asset value of minus 6.6 billion won (about 37.93 million yuan).
Regardless of whether Itti House has really closed Chinese mainland all offline stores, judging from the survey results, the scenery of Itie House in the Chinese market is no longer there. Behind this, perhaps it is the decline of Korean cosmetics in the Chinese market. According to a report disclosed by the Financial Times in September 2019, South Korean cosmetics exports to China grew by only 20% in 2018, far below its average annual growth figure of 66% over the past five years.
Specifically, Korean cosmetics brands represented by Fei Shi Shop, Itti's House, Innisfree Fengyin, And nature park, etc., have been in a development dilemma in the Chinese market since 2017, and their performance has declined. At present, The Fitch Shop has closed its offline stores in the Chinese market, and Innisfree's plan to close stores in the Chinese market is in progress.
"Korean makeup is gradually no longer popular in China, which may have a lot to do with culture, and it can be said that China has gradually realized a manifestation of 'cultural self-confidence'," Wu Daiqi, CEO of Shenzhen Siqisheng Company, said in an interview with Nandu reporter, saying that he believes that the support behind beauty products is culture.
For example, Wu Daiqi said that in the early years, Japan and South Korea had a great impact on the young generation through the export of various cultures such as TV series, movies, and animations, and they shaped the life that young people yearn for, and a series of culture-related industries such as beauty and clothing that accompanied them became best-selling products in China, and even formed the circle layer of Hahan and Ha-Japan.
"However, with the strengthening of China's economic strength, the rise of local brands, and the further enrichment of materials, the closest Japan and South Korea to China are no longer mysterious," "so the industry with culture as an important support will gradually fall lonely in China," Wu Daiqi said.
Indeed, Nandu reporters have noticed that domestic cosmetics are gradually being accepted by Chinese consumers. According to the "Domestic Beauty Insight Report" released by Tencent in 2019, domestic beauty brands have occupied 56% of the domestic market share; from 2014 to 2018, the growth ratio of local brands in content marketing, brand influence and advertising exposure was 88%, 59% and 46% respectively.
Nandu reporter Qian Xiaoli