Korean magnificence model Etude Home can be closing its final bodily retailer in Singapore at Bugis Junction on February 24.
Owned by conglomerate Amorepacific — which homes different Korean magnificence manufacturers like Innisfree and Sulwhasoo — Etude Home will proceed to be out there in Singapore on-line by way of its web site and e-commerce platforms Shopee, Lazada and Zalora.
Following the shop closure, Etude Home members will not be capable to redeem their ETUDE Candy Factors, based on an announcement on its web site.
Apart from Singapore, Etude Home additionally closed all its bodily places in China final March after seven years of operations.
The model has reportedly been making losses for the previous 5 years, with its web fairness reaching minus 66 billion received (S$74 million) final March.
Driving the wave of Okay-beauty in Singapore
Launched in 1995, Etude Home is a Korean magnificence model promoting make-up and skincare merchandise recognized for its pink castle-like exterior.
It first opened its doorways in Singapore in 2009 and had 16 retailers throughout the island at its peak. In distinction, it had 525 Etude Home retailers in Korea and 232 worldwide shops open in 2016.
It made waves in 2014 when it opened its flagship outlet at Wisma Atria, which was its largest retailer globally then. It relaunched the flagship outlet in 2018, which featured a customisable lipstick manufacturing facility amongst different issues.
That very same yr, it began promoting its merchandise on Shopee Mall. Enterprise of Vogue reported that “its gross merchandise quantity grew over 13-fold and its regional e-commerce enterprise doubled by 2020”.
In Could 2019, its father or mother firm Amorepacific additionally signed a Memorandum of Understanding with e-commerce big Lazada to promote its manufacturers — together with Etude Home — on-line in Southeast Asia.
Quick ahead to right this moment, Etude Home is the one model beneath Amorepacific that’s dealing with capital impairment.
Characteristic Picture Credit score: SG Journal