L’Oréal Is Already in Vietnam. The Window for V-Beauty Is Narrower Than It Looks
V-beauty’s competitive window is narrowing. In 2025, more than 20 international beauty brands closed stores or withdrew from China. The exits cut across ownership structures, price tiers, and brand heritage – Laneige, SEKKISEI, Aesop, and TATCHA. These are not coordinated decisions. They are independent business judgments that have converged on the same conclusion: the Chinese…