L’Oreal’s YSL Beauty Worldwide Flagship Store was unveiled in Shanghai on Monday as it bets on booming demand for fragrance in the domestic market amid its continuous efforts to bring new store formats and shopping experience into the city.
With about 50 percent of space dedicated to fragrance products, the 100-square-meter specialty store is the first of its kind worldwide and also a symbolic one in a vibrant consumption and lifestyle landmark in the downtown Xintiandi area.
“The global debut of YSL Beauty’s new flagship store marks our bigger commitment to bringing the best of the world’s beauty to consumers in Shanghai and the whole China,” said L’Oreal China President and CEO Fabrice Megarbane.
Shanghai is widely considered a shopping paradise and a top-notch destination for purchases and experience.
The city is also encouraging the latest technology and novel ideas to take root and bear fruit in the city and expects them to become new engines for upgraded consumption.
Over the past month, it has witnessed clear signals of market rebound with a significant increase of consumption demands, Megarbane added.
The number of debut stores and flagship stores in Shanghai ranked the first among domestic cities over the past year and it’s stepping up efforts this year as well.
The Xintiandi YSL Beauty store has the fullest product range of existing fragrance offerings in the domestic market, with other limited makeup products.
A total of 50 limited-edition YSL Mon Paris perfumes also made their world debut at the store, along with tailor-made services such as product engraving and gift packaging.
“The pick-up of fragrance in China comes slower than personal-care and beauty products but it’s already our fastest-growing category,” said Brand General Manager of Yves Saint Laurent Beauty China Sebastian Xing.
L’Oreal said it’s bringing over 100 of new launches, including new products, new brands, new boutiques and new techs as part of Shanghai’s Double Five Shopping Festival.
The personal-care and beauty giant said its like-for-like sales growth during the Labor Day holiday in Shanghai is about four times the nationwide average level thanks to a series of promotional activities launched in the city since late April. In the first quarter this year, its China sales growth slowed to 6.4 percent compared with over 20 percent increase in 2019.