China has yet to produce a retailer with the authority, bargaining power, and brand aggregation capabilities of Sephora, Space NK, or Ulta Beauty. The reasons are structural, historical, and deeply linked to how China’s beauty economy developed.

Known as a “club for China’s middle class,” Sam's Club, one the most successful foreign retailers in China, sparked controversy by introducing more mass-market domestic snack brands - products that consumers noted were already widely available in regular supermarkets or even roadside convenience stores.