Beauty and the East lure LVMH unit
By Janet Ong Bloomberg News
Tuesday, March 15, 2005
Sephora cosmetics chain aims to open 100 stores throughout China
SHANGHAI Sephora, the cosmetic unit of the world's largest luxury-goods maker, said Monday that it planned to invest $50 million to open as many as 100 stores in China, where rising income is spurring demand for perfume and beauty aids.
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Sephora, a unit of LVMH Moët Hennessy Louis Vuitton, will open its first Chinese store next month in Shanghai, the country's biggest commercial city. The Paris-based company, which stocks hundreds of fragrances and makeup brands including Chanel, Borghese and Guerlain, is following other beauty chains like Avon Products, which have been expanding in China.
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"Demand is very strong in China, and the purchasing power has improved, especially in Shanghai, which is booming," Thierry Jaugeas, president of Sephora (Shanghai) Cosmetic, said in an interview. "It is a trendy, international city, not much different from New York."
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