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Agenda-setting intelligence, analysis and advice for the global fashion community.

Shiseido’s Identity Crisis

Japan’s largest beauty conglomerate has had a difficult time adjusting to the shifting cosmetics market, prompting a series of pivots and restructurings. Moving forward may require breaking with past mistakes.
A Shiseido shop is seen at the Jiangbei international airport in southwestern China's Chongqing on March 6, 2025.
In the past five years, Shiseido has become increasingly reliant on the unstable China and travel retail segments of its business. (HECTOR RETAMAL)

10 years ago, Shiseido ratified a new tagline to describe its expansive ambitions to “Be a Global Winner With Our Heritage,” commencing a period of international expansion that was going well until it wasn’t.

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Further Reading

The End of the Lipstick Index

After years of double-digit growth and a perception of being impervious to wider economic downturns, the beauty industry is finding that cash-strapped customers aren’t interested in “little luxuries.”

Drunk Elephant Was Never for Kids

The clean beauty brand has faced significant challenges in the years since it was acquired by Shiseido, but its embrace of young consumers may have been its biggest misstep.

About the author
Brennan Kilbane
Brennan Kilbane

Brennan Kilbane is News and Features Editor at The Business of Beauty. He is based in London, and supports BoF’s coverage of the multifaceted cosmetics industry, from fine fragrance to wellness trends.

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