China Was No. 1 for Shiseido’s Overseas Profit, Sales in First Half
Liao Shumin
DATE:  Nov 04 2020
/ SOURCE:  Xinhua
China Was No. 1 for Shiseido’s Overseas Profit, Sales in First Half China Was No. 1 for Shiseido’s Overseas Profit, Sales in First Half

(Yicai Global) Nov. 4 -- Sales of Japanese cosmetics giant Shiseido’s China business tallied about CNY6.5 billion (USD969.4 million) in the first half, exceeding the company’s expectations and once again topping sales among the personal care product maker’s overseas markets, with its profits also the most, said Masahiko Uotani, its president and chief executive.

Tokyo-based Shiseido’s China business swiftly revived and logged growth amid the pandemic-induced global economic downturn, Uotani stated, adding it greatly supported the entire group’s performance, Xinhua News Agency reported yesterday.

The company will also actively invest in China to fuel larger-than-average market growth. Turnover in the firm’s Chinese operations is expected to grow by over 10 percent this fiscal year, he continued.

The personal care product maker has continued to splurge in the Chinese market, building on the two research and development centers it already has in the country by siting its third R&D base in the ‘Oriental Beauty Valley’ in Shanghai’s southern Fengxian district in March.

The move aims to enable Shiseido to better attend to Chinese customers’ views and demands for its products and services so local R&D facilities may more immediately carry out corresponding development or join hands with Japanese research institutes to this end, Uotani noted, adding the company also wishes to start innovating products and services of Chinese origin.

China’s hosting of the 3rd China International Import Expo offline as scheduled after reining in the Covid-19 pandemic is of great reference to Japan and many other nations, Uotani also said. The opening of the CIIE shows the world China is gradually overcoming the coronavirus and further spurring domestic consumption. Shiseido also intends to contribute in this regard, he pledged.

The firm will debut its The Ginza luxury line and Baum skincare brand for the first time outside Japan at the five-day CIIE, which is set to start in Shanghai tomorrow.

Editor: Ben Armour

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Keywords:   Shiseido,CIIE