South Korean beauty retailer, Etude House, is to shut its last store in Singapore at Bugis Junction this Friday (February 25), the brand disclosed on Instagram.
The brand, however, will continue trading online via its own website and on e-commerce marketplaces Shopee, Lazada and Zalora. Etude House members will no longer be able to redeem points from the Sweet Points program, after the closure.
Etude House, owned by beauty conglomerate Amorepacific, launched its first store in Singapore in 2009. The retailer opened 16 stores across the city, including the world’s largest Etude House flagship store at Wisma Atria.
The move came after Etude House closed all of its physical stores in China last year. The brand experienced years of accumulating losses, which resulted in its capital impairment, according to The Korea Times.
Last year, Etude House’s liabilities of US$47.2 million exceeded its total assets of US$41.6 million, forcing Amorepacific to look into a way to save the brand.
