Faced with a sluggish Chinese market, the Japanese cosmetics giant’s CEO projected weaker earnings prospects for the next two years.
Double pain for Shiseido.
The Japanese cosmetics manufacturer is suffering doubly in China, a major market for the company.
Not only is it coping with the slowdown in consumer spending in the Middle Kingdom, which is also having a major impact on luxury brands. But it is still handicapped by the consequences of the post-Fukushima boycott.
The Chinese decided to shun Japanese products after the 2011 tsunami and the archipelago’s decision to release water from the Fukushima power plant into the ocean. More than ten years on, Shiseido is still one of the disaster’s collateral victims.
Caution for the next two years
Against this backdrop, Kentaro Fujiwara, who became CEO of Shiseido at the beginning of the year, was more than cautious at a press conference on November 29.
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Read also > Shiseido cuts headcount in Japan
Featured Photo: © Shiseido
