Sephora goes solo after three years of losses: was Shanghai Jahwa's move worth it?

As someone who knows absolutely nothing about the retail and cosmetics industry, I spent the weekend tracing the whole story behind Shanghai Jahwa liquidating its stake in Sephora. Calling it a 'hands-on review' is a stretch; basically, I just lined up financial data, original announcements, and a few in-depth articles, comparing them item by item like conducting an experiment.