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Reuters: Pharmacies in Europe gaining market share in beauty
NEW YORK — Pharmacies in Europe are reportedly stealing market share from beauty retailers like Sephora as they increasingly stock their shelves with natural and organic cosmetic brands, and consumers look to curb spending on higher-priced products, according to a Reuters report.
"Pharmacies are the No. 1 retail network attacking specialist beauty retailers and taking revenue away from them, particularly in skin care," Stephanie Poupineau, account manager at Kantar Worldpanel, was quoted as saying in the article.
Citing Kantar Worldpanel data, Reuters reported that beauty retailers like Sephora and Marionnaud in France have seen their share of the cosmetics retail market drop to 35% from 40% over the past three years. Meanwhile, pharmacies’ have enjoyed a 3-percentage point boost in market share to 18%.
According to Reuters, analysts believe that even if Sephora faced an uphill battle in western Europe, the retailer would still enjoy strong growth in the United States and emerging markets, as well as through its online efforts.