Shared from Business of Fashion
The cosmetic giant’s net sales were up 12.4 percent year-on-year in 2021, and EBITDA, or earnings before interest, taxes, depreciation and amortisation, rose 141.7 percent, to 172.56 billion yen ($1.5 billion).
Shiseido reported operating profit for the year of 42.44 billion yen, compared to a 11.66 billion yen loss in 2020.
In releasing its full-year results, Shiseido described the year as a “challenging” one, in which the Japanese market was impacted by shortened operating hours in the retail sector and consumers staying at home under intermittent, government-imposed states of emergency. A drop in incoming tourism to Japan also continued to affect sales there. The company said that, although the pandemic was still a factor globally, more impressive rebounds were seen in its European and North American businesses.
Last year marked the beginning of Shiseido’s long-term strategic shift to focus on “premium skin beauty” as its core business. In 2021 the company sold its personal care business, as well as three makeup brands (BareMinerals, Buxom, and Laura Mercier) and terminated its global licensing agreement with Dolce & Gabbana in order to better focus its portfolio on this strategy.
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Shiseido Bets on Southeast Asia, China, for Global Sales Boost
As well as long-time stronghold mainland China, the Japanese beauty giant is counting on Southeast Asian markets to help it reach its 1 trillion yen ($8.9 billion) global sales target by 2023.
Images and Article from Business of Fashion