The Biggest Online Beauty Retailer Doesn't Win on Every KPI

The biggest retailer does not always win on every KPI. That is what our latest data on online beauty retail shows, once four retailers are plotted against each other on the same set of metrics.

Sephora Leads in Size, Not Every KPI

Sephora is the largest of the four by a wide margin, with €5.0 billion in global online sales in 2025.

But on conversion rate, it trails: 3.52%, just behind Flaconi's 3.52%. Its average order value of €59 also sits behind Douglas (€69) and Notino (€76).

• Sephora: €5.03bn / 3.52% conversion rate / €59 AOV

• Notino: €2.17bn / 3.11% / €76

• Douglas: €1.34 bn / 3.38% / €69

• Flaconi: €0.65bn / 3.60% / €54

Oddly enough, the smallest retailer in this depiction converts best: Flaconi. With an average basket size of €54, Flaconi holds both extremes at once: the highest conversion rate and the lowest AOV in the comparison.

Buyers Turn These Percentages Into Revenue

Conversion rate and AOV explain how much value a retailer extracts per visit. Buyer count and purchase frequency capture how many visits happen in the first place, and that is where the picture shifts again.

Purchase frequency sits in a similar range across the group, close to two orders per buyer per year for both Sephora and Notino. Buyer count is where the real gap opens up.

As a global player with a wide social visibility, Sephora's buyer base reaches 41.3 million, far ahead of its regional rivals. Notino follows at 12.3 million, Douglas at 8.2 million, and Flaconi at 6.6 million.

Market Footprint Explains the Buyer Gap

Much of that gap traces back to reach. Sephora runs storefronts in 29 markets spanning Europe, the Americas and Asia.

Notino operates in 27, mostly across Europe. Douglas runs 18, and Flaconi, the most regionally focused of the four, runs 12. Buyer counts track that footprint closely, in the same order.

Why Sephora Emerges on Top

Sephora wins on footprint and reach, which is enough on its own to outweigh trailing on conversion rate and AOV. A wider buyer base compounds faster than a higher per-visit yield, at least at this size.

For retailers without Sephora's global footprint, the lesson cuts the other way. Competing on conversion rate and AOV is the more available lever, and Flaconi is proof that lever can carry a business further than size alone.