Shanghai Jahwa’s 2024 report revealed that Sephora China, its joint venture with LVMH, posted a 19% YoY revenue decline to 7.14 billion RMB ($986 million) with losses reaching 646 million RMB ($89.1 million). Once a leader in China’s high-end beauty retail, Sephora has recorded three consecutive years of losses totaling 978 million RMB ($135 million). The company has launched restructuring efforts including leadership changes, 3% staff layoffs, and expansion into lower-tier cities and domestic brand partnerships.