Sephora’s Greater China COO Lily Zhou (Zhou Yingyan) retired in late August after seven years overseeing finance, M&A, supply chain, and legal operations. Christophe Ravier, previously CFO for Louis Vuitton in the Middle East, succeeds her. The departure follows multiple senior exits, including former GM Maggie Chan in January 2024. After peaking at 10.88 billion RMB ($1.51 billion) in 2021, revenue dropped 3.7 billion RMB ($514 million) over three years. H1 2025 sales fell 12.3% YoY to 3.44 billion RMB ($478 million) with 120 million RMB ($16.7 million) net loss.