THE WHAT? Luxury clothing sales platform Yoox Net-a-Porter (YNAP) is ceasing its operations in China. This strategic decision comes as part of a broader plan by Richemont, YNAP’s parent company, to concentrate investments and resources on its core and more profitable geographies.
THE DETAILS YNAP operated in China through a joint venture with Alibaba, which will now be liquidated. This move highlights the retailer’s struggle to maintain profitability in China’s luxury market. A prolonged property slowdown and weak consumer demand have created a challenging environment for international luxury brands. YNAP had launched a store on Alibaba’s Tmall platform in 2013 and expanded its presence in 2018 through a partnership with Alibaba, distributing 950 luxury brands.
THE WHY? The closure reflects the increasing difficulties high-end retailers face in China. François-Henri Pinault, chair of Kering, and other industry leaders have pointed to sluggish market conditions in China affecting their performance.
Clinical aesthetics products refer to a category of products used in the field of medical aesthetics or cosmetic dermatology. These products are typically designed and formulated to be used under the supervision of healthcare professionals, such as dermatologists, plastic surgeons, or trained aestheticians. They are distinct from over-the-counter cosmetics in that they often contain active ingredients or formulations that require expertise in their application or administration.
Examples of clinical aesthetics products include:
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Dermal Fillers: Injectable substances used to add volume, smooth wrinkles, and enhance facial contours. Examples include hyaluronic acid fillers like Juvederm and Restylane.
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Botulinum Toxin (Botox): Injectables that temporarily paralyze facial muscles to reduce the appearance of wrinkles caused by repetitive movements, such as frown lines and crow's feet.
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Chemical Peels: Solutions applied to the skin to exfoliate and improve its texture. They can treat acne, pigmentation issues, and signs of aging.
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Laser and Light Therapies: Devices that emit focused light or laser energy to treat various skin conditions, including acne, scars, and signs of aging.
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Prescription Skincare Products: Formulations containing active ingredients like retinoids (vitamin A derivatives), hydroquinone, or prescription-strength antioxidants to address specific skin concerns under medical supervision.
