THE WHAT? Amorepacific is set to close approximately 170 more Innisfree stores by 2021 end, according to a report by Jing Daily.
THE DETAILS The move follows the removal of the Innisfree brand from the U.S. market and highlights the struggle for Korean brands to win over Chinese consumers due to the ongoing THAAD tensions.
THE WHY? The shuttering of bricks & mortar stores follows a drop in footfall as a result of the pandemic and a consumer shift away from mid-priced beauty in favour of luxury items.
However, while Innisfree is closing down on the high street, it is shifting focus to digital, a move which has been reflected in its recent results; the company reported a net profit increase of nearly 90 percent YOY for Q1 2021.