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China and travel retail ‘bottomed out’ at Shiseido – resilient margins amid declining sales
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China and travel retail ‘bottomed out’ at Shiseido – resilient margins amid declining sales
Japanese beauty house Shiseido posted an -8% decline (reported, -6% like-for-like) in H1 sales year-on-year to ¥469.8 billion, dragged down by the newly combined China & Travel Retail division and a weak showing by Drunk Elephant. However, groupwide core operating profit moved from a ¥2.7 billion loss to an ¥18.1 billion surplus, based on what the company called “steady execution of Action Plan 2025-2026”, involving accelerated fixed cost reduct…
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