GS Retail Exits Magnificence Market, Closing All Lalavla Shops

CJ Olive Younger seems to be set to solidify its place as a frontrunner within the well being and sweetness retailer market. GS Retail has introduced the closure of all Lalavla shops.

GS Retail’s well being and sweetness retailer model, Lalavla, will shut all branches by the tip of November.

The model’s on-line shopping center will solely settle for orders till September 1st and buyer inquiries relating to refunds or exchanges till September thirtieth.

In 2005, GS Retail established Watsons Korea (a three way partnership with Hong Kong-based well being and sweetness merchandise retailer AS Watson) to function Watsons shops. In 2017 he acquired his remaining 50% stake within the three way partnership held by AS Watson, changing into the only proprietor and renaming the well being and sweetness retailer he Lalavla.

Lalavla had 200 branches in 2018, however that quantity plummeted to 34 this yr as cosmetics gross sales declined through the pandemic.

Within the second quarter of 2020, the model’s gross sales have been 25.1 billion received ($19.2 million), down 37.5% year-on-year. The working loss was 4.8 billion received in comparison with his 4.2 billion received within the earlier yr. GS Retail has not reported gross sales for the model for the reason that third quarter of the yr, reporting solely mixed gross sales for Lalavla, its e-commerce division, and subsidiaries.

GS Retail says it is going to focus extra on its comfort shops and supply enterprise after closing all Lalavla branches. Since Could, GS Contemporary Mall branches have been offering deliveries to prospects in Seoul, Gangwon and Chungcheong.

CJ Olive Younger is anticipated to be the clear chief within the native well being & magnificence retailer market. The corporate holds 59.1% of the market as of the primary quarter and has 1,265 branches.

Lotte Procuring determined final November to shut all particular person shops of LOHBs, the corporate’s well being and sweetness retailer model. You’re specifying solely the part.

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