Aesop, the fragrance and skincare brand under L’Oréal Group, will close its first mainland China store on Shanghai’s Dongping Road on May 10 due to lease expiration. The closure comes amid a broader slowdown in China’s beauty market, particularly in high-end segments. L’Oréal has acknowledged past overexpansion in China. While niche fragrances remain relatively strong, brands like Aesop and Le Labo rely on costly standalone stores, adding pressure amid weaker demand.