THE WHAT? Maggie Chan, CEO of Sephora Greater China, has resigned after a five-year tenure.

THE DETAILS  Her departure comes as the company, part of LVMH Group, struggles in China’s competitive beauty market. Faced with strong local competition and a challenging economy, the company has yet to name a successor.

THE WHY?  Sephora is grappling to increase its market share. The company’s ambitious goal of €20 billion in global sales is hampered by intense competition from Chinese beauty retailers and a slow recovery post-COVID-19.