U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
Asian Stocks Slip as Oil Rebounds Amid Fed Rate Hike Fears 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Trump Orders DOJ Investigation Into Exxon, Chevron Over High Gas Prices 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Oracle Cuts 21,000 Jobs as AI Reshapes Workforce and Cloud Expansion Accelerates 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
AmorePacific is said to have decided to pull out Innisfree, one of its popular brands, from North America. The South Korean beauty and cosmetic company will be closing out all of the said brand’s stores, and the shutdowns have already started.
The decision was announced by AmorePacific on Friday, May 7. The closing of Innisfree stores started as early as the following day after the announcement.
The affected outlets in North America
As per The Korea Times, the company actually stated its plans to leave from the North American market in December last year during a conference call. In February, it closed the doors of at least 10 outlets in the U.S.
Prior to the last weekend’s announcement, AmorePacific already stopped the operations in two stores in Canada, and these are the branches in CF Markville Mall and the Toronto Eaton Centre. On Saturday, May 8, it shut two more outlets, and these are located in Scarborough Town Centre and the Yorkdale Shopping Centre.
"We opened our first Innisfree store in Canada to introduce updated K-beauty products there, but due to the prolonged COVID-19 situation, we have decided to close down our shops," the company official explained.
But then again, while AmorePacific is closing down its Innisfree stores, it clarified that customers can still get them through online cosmetic platforms like Sephora. It was revealed that the company launched the first Innisfree store in New York nearly four years ago, in September 2017.
The company is struggling to keep its popularity
In January, the Korean cosmetic business was reportedly battered by the COVID-19 pandemic. The Inquirer mentioned that K-beauty has been a bustling business that some tourists even go to South Korea to buy these products.
However, the pandemic has stopped tourists from coming, and shopping has dramatically declined. In any case, AmorePacific is one of the K-beauty companies that were badly affected, and it led to the shut down of its stores overseas.
At this time, it was reported that the company is also struggling to maintain its popularity in China, one of its biggest markets. People are not looking for cheaper brands but will give the same effects, so its sales have been declining. Finally, AmorePacific is aiming to boost its e-commerce sales now so it can recover soon.
