Korean cosmetics retailer Etude House to exit Hong Kong market following shop closures, weak retail sentiment
2023.04.21 17:53Korean cosmetics firm Etude House has announced it will exit the Hong Kong market on Monday, with the decision following the closure of several outlets in recent months and weak retail sentiment in the city.The retailer, which previously used its mass-market prices to appeal to the city’s younger generation, on Friday wrote on social media that it would “go out of business in Hong Kong starting from April 24, 2023”.The company stopped short of explaining the reasons for its withdrawal from the city.Hong Kong’s catering, retail sectors need 100,000 workers, industry chiefs sayEtude House also announced it was holding a farewell sale at its last store in the city, located in Mong Kok’s Langham Place.The decision followed the closure of at least four other stores in recent months, including outlets in Causeway Bay and Tsim Sha Tsui.It was not immediately known how many staff will be laid off by the move. Etude House’s Hong Kong customer service hotline was still operating
Korean cosmetics firm Etude House has announced it will exit the Hong Kong market on Monday, with the decision following the closure of several outlets in recent months and weak retail sentiment in the city.
The retailer, which previously used its mass-market prices to appeal to the city’s younger generation, on Friday wrote on social media that it would “go out of business in Hong Kong starting from April 24, 2023”.
The company stopped short of explaining the reasons for its withdrawal from the city.
Hong Kong’s catering, retail sectors need 100,000 workers, industry chiefs say
Etude House also announced it was holding a farewell sale at its last store in the city, located in Mong Kok’s Langham Place.
The decision followed the closure of at least four other stores in recent months, including outlets in Causeway Bay and Tsim Sha Tsui.
It was not immediately known how many staff will be laid off by the move. Etude House’s Hong Kong customer service hotline was still operating as of Friday.
Internet users expressed disappointment over the retailer’s planned departure from the city, saying they had grown up during the brand’s 10 years in Hong Kong.
Hours after the announcement, Etude House’s Facebook post received more than 320 comments from internet users, with many expressing their disappointment over the brand’s exit.
Hong Kong retail sales jump 31 per cent year on year in February
Some users said they had grown up during the brand’s 10 years in the Hong Kong market.
Official data showed Hong Kong was recovering slowly from three years of economic downturn under the coronavirus pandemic, although retail sales grew 17.3 per cent during the first two months of 2023 from the same period a year ago.
The gradual recovery followed a 3.4 per cent decline in retail sales in 2022 from the year before.
The Post has contacted Etude House for comment.
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