Kohl's soared after it announced its deal with Sephora
One of the largest American department store chains and one major beauty retailer announced that they would partner up and open some shops. The deal involves Kohl's and Sephora.
The LVMH-owned brand Sephora plans to open 200 locations in the fall of 2021. According to the deal, the number could reach at least 850 stores by 2023.
"Sephora at Kohl's" will have 2,500 square feet of space and a "prominent" location at the front of the store, Kohl's said in a statement. Sephora at Kohl's shops will replace Kohl's current in-store beauty offerings."
Given that "Sephora is the largest specialty beauty retailer in the world," according to Kohl's statement, the partnership flatters the latter. With more than 1,150 locations across the US, the Sephora store-in-store shops plan to attract "new and younger customers to Kohl's."
Following the news, Kohl's stock price surged more than 13%. On the European trading session, LVMH is up 0.03%.
Sources: thestreet.com, markets.businessinsider.com