Recently, the fate of beauty brand Benefit in the Chinese mainland market has attracted widespread attention. Less than two months after it announced its "withdrawal from the network", Benefit was once again revealed to be fully withdrawn from the Sephora channel, and is expected to completely withdraw from the Chinese mainland market at the end of June or early July 2024. This news has undoubtedly added new waves to the already turbulent beauty market.
According to Tianyancha data, Benefit is a professional makeup brand from the United States, with a global reputation for its unique product design and innovative ideas. However, in recent years, the brand's performance in the Chinese market has not been satisfactory. Previously, Benefit had successively closed its *** on platforms such as **, JD.com, and Douyin, leaving Sephora as its only purchase channel in the Chinese mainland market.
Now, with the news that Benefit will be withdrawing from the Sephora channel, its future prospects in the Chinese mainland market are bleaker. A number of netizens said on social platforms that they had received a notice from Benefit's eyebrow trimmer, reminding them to try to use up their eyebrow cards before the brand withdraws, or redeem equivalent products in stores. The move has undoubtedly exacerbated consumer concerns about Benefit's exit from the Chinese market.
As for Benefit's retreat, industry analysts believe that this is not only the result of the brand's own strategic adjustment, but also closely related to the current competitive situation in China's beauty market. In recent years, with the rise of domestic beauty brands and the intensification of competition from foreign brands, Benefit has faced increasing pressure in the Chinese market. At the same time, the brand's positioning and marketing strategies in the Chinese market have failed to effectively attract consumers, resulting in a gradual decline in market share.
In addition, Tianyancha's industry data shows that in recent years, although China's beauty market has maintained an overall growth trend, the competition has become increasingly fierce. Domestic and foreign brands have increased investment to compete for market share through product innovation and marketing upgrades. In this context, Benefit's retreat may also be a helpless choice.
However, Benefit's exit has also brought new opportunities for the Chinese mainland market. As the market continues to mature and consumer demand becomes increasingly diversified, domestic beauty brands are expected to take this opportunity to further expand their market share and enhance their brand influence.
To sum up, Benefit's retreat is the inevitable result of market competition and an important milestone in the development of China's beauty market. For brands, how to gain a foothold and continue to develop in a highly competitive market will be an important issue for them in the future.
Data support: Tianyancha).