Sephora Korea announced on March 19 that it will gradually withdraw from the South Korean market starting from May 6. Sephora, a cosmetics brand under the luxury goods giant LVMH Group, opened its flagship store in the Gangnam District of Seoul in 2019, entering the South Korean cosmetics market. Faced with competition from local brands such as Olive Young, Sephora's sales have remained weak, with net losses of $12.76 million (14.8 billion Korean won) and $17.41 million (20.2 billion Korean won) in 2021 and 2022, respectively.