Shiseido Company, Limited Overview
Core identifiers
| Field | Detail | Source / note |
|---|---|---|
| Legal name | Shiseido Company, Limited (株式会社資生堂) | FY2025 Tanshin |
| Former names / origin | Founded 1872 as Shiseido Pharmacy, Ginza, Tokyo. Incorporated as a joint-stock company in 1927. Historically rendered in English as "Shiseido Co., Ltd." | Corporate history; press |
| Founding year | 1872 (founder: Arinobu Fukuhara) | Corporate history |
| Incorporation jurisdiction | Japan | — |
| Registered head office | 7-5-5 Ginza, Chuo-ku, Tokyo 104-0061, Japan | AGM notice, Mar 2025 |
| Principal business office | 1-6-2 Higashi-Shimbashi, Minato-ku, Tokyo (Shiodome) | AGM notice, Mar 2025 |
| Primary listing / ticker | Tokyo Stock Exchange Prime Market: 4911 | FY2025 Tanshin |
| Other trading lines | US OTC ADR: SSDOY. US OTC ordinary: SSDOF. Frankfurt: SHD / SHDA | Market data aggregators |
| ISIN | JP3351600006 | Aggregators |
| CUSIP (ADR) | — | — |
| Fiscal year end | 31 December. Changed from 31 March in 2015, with a nine-month transition period | Company disclosures |
| Shares issued | 400,000,000. Treasury shares: 463,674 at 31 Dec 2025 | FY2025 Tanshin |
| Accounting standard | IFRS, voluntarily adopted from FY2022 | FY2025 Tanshin |
| Auditor | KPMG AZSA LLC | confirm before reliance |
| Group structure | Parent plus about 64 consolidated subsidiaries and 3 affiliates | FY2025 securities-report summary via aggregator |
| Countries of operation | About 120 countries and regions | Company and aggregator profiles |
| Website | https://corp.shiseido.com/en/ | — |
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Employees (headcount) | 35,318 | — | 30,540 | — | 26,330 |
| Net sales per employee (JPY M) | 28.6 | — | 31.9 | — | 36.8 |
Source: FY2025 Results presentation, page 20. FY2022 and FY2024 headcounts were not given in the documents reviewed.
The workforce shrank by about 25% between 2021 and 2025. This reflects three things:
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Business disposals (Personal Care, the three makeup brands, Professional, and the Kuki and Vietnam factories).
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Early-retirement programmes in Japan in 2024 and 2025.
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About 300 role eliminations in the Americas in 2025.
Market capitalisation (indicative)
| Date | Price | Implied market cap | Source |
|---|---|---|---|
| 24 Apr 2026 | ¥3,153 | ¥1,259.7bn | Fintel |
| 7 Aug 2026 | ADR US$22.84 | US$9.1bn | PitchBook |
| Aug–Sep 2026 | ¥3,404 to ¥3,696 (previous-close snapshots) | about ¥1.3–1.5 trillion | Stockopedia |
A verified live quote for 7 October 2026 was not available. The latest verifiable snapshots are below.
Working estimate: about ¥1.3–1.5 trillion (about US$9–10bn). Confirm against a live quote before use.
Shiseido is Japan's largest cosmetics company and one of the oldest beauty groups in the world. Its portfolio is concentrated in prestige skincare, suncare, makeup and fragrance. Sales of ¥970.0bn in FY2025 are spread across five regional segments:
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China & Travel Retail: 35.3%
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Japan: 30.4%
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EMEA: 14.5%
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Americas: 11.0%
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Asia Pacific: 7.6%
Three "Core" brands (SHISEIDO, Clé de Peau Beauté and NARS) produce about 55% of sales. "Next" brands (ELIXIR, ANESSA, the fragrance licences and Dr. Dennis Gross Skincare) bring Core-plus-Next to about 77%.
After four years of declining profitability, Shiseido is in a self-declared turnaround, caused by:
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China and duty-free weakness;
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the 2023 treated-water boycott;
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the collapse of Drunk Elephant.
Structural reforms delivered ¥27.0bn of cost savings in 2025. Core operating margin is targeted at 7% in 2026 and at 10% or more by 2030. Its competitive edge rests on dermatological R&D heritage, Japanese manufacturing quality and strong Asian prestige equity. Its main exposures are Chinese consumer sentiment, Japan–China relations and an unprofitable US business.
What the company does
Shiseido develops, manufactures, markets and sells beauty products. The main categories are:
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Skincare (the largest category and the strategic core)
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Suncare (a category of global leadership through ANESSA and SHISEIDO)
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Makeup (NARS, SHISEIDO, Clé de Peau Beauté, MAQuillAGE and others)
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Fragrance (mostly licensed designer and niche houses run from Paris)
It also runs several smaller businesses:
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Healthcare in Japan: health and beauty foods ("The Collagen") and over-the-counter products.
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Shiseido Parlour: restaurants, cafés and confectionery in Ginza (reported in "Other").
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Directly operated beauty experience stores, such as SHISEIDO GLOBAL FLAGSHIP STORE and THE GINZA.
The company's own description (paraphrased from the FY2025 Tanshin segment note)
| Segment | What it covers |
|---|---|
| Japan Business | Domestic business by brand category, plus healthcare (health and beauty foods, OTC drugs). From 2025 it also includes IPSA domestic sales. |
| China & Travel Retail Business | Mainland China and worldwide duty-free operations. Merged into one segment from 31 March 2025. |
| Asia Pacific Business | Asia and Oceania, excluding Japan and China |
| Americas Business | North and South America |
| EMEA Business | Europe, Middle East and Africa |
| Other | Mainly the restaurant business |
The group's main business is manufacturing and selling cosmetics. It is managed through a matrix that combines brand categories, defined by how consumers buy (Prestige, Fragrance, Premium/Cosmetics), with five regions. Each regional leader carries broad authority and accountability for regional sales and profit.
The group mission is "BEAUTY INNOVATIONS FOR A BETTER WORLD." The 2030 vision, announced in November 2025, centres on connecting with people to pursue, create and share new beauty that enriches lives.
Business model and revenue model
| Revenue type | Approx. share | Comment |
|---|---|---|
| Product sales (wholesale to retailers and distributors) | Large majority | Department stores, specialty and cosmetics stores, drugstores, Sephora, Ulta and other prestige multi-brand retailers, and duty-free operators such as Hainan, Korea and airports |
| Direct-to-consumer product sales | Growing | Own e-commerce (Watashi+ in Japan, brand.com), marketplace flagships (Tmall, JD, Douyin in China, Amazon Premium Beauty in the Americas), flagship stores. Japan targeted an EC ratio of about 30% by 2025 (SHIFT 2025 update, Feb 2024). |
| Licensed-in fragrance sales | About 8% of group sales in 1H 2026 | Shiseido is licensee for Issey Miyake, Zadig&Voltaire, Max Mara (from 2026), Tory Burch and others. It earns product margin and pays royalties to the licensors. |
| Licensing-out / royalty income | Immaterial, n/d | e.g., the "Shiseido Professional" brand licensed to Henkel after the 2022 transfer |
| Services | Immaterial | In-store counselling, beauty services, restaurant operations (Shiseido Parlour) |
| Subscription | n/d / immaterial | No disclosed subscription model |
Gross margin. On a core basis, gross margin was 76.7% in FY2025 and 78.9% in 1H 2026. This is typical of prestige beauty and is close to L'Oréal's 74.3% in FY2025.
Operating costs. The cost structure is dominated by:
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Marketing investment: 29.3% of sales in FY2025
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Personnel: 22.3%
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Other SG&A: 17.0%
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Brand development and R&D: 3.8%
Value-chain position
Shiseido is vertically integrated from R&D through manufacturing, with a significant in-house production ratio. Key manufacturing sites in Japan are Nasu, Osaka-Ibaraki, Fukuoka-Kurume and Kakegawa. Overseas sites are in China, France and the US. The Hsinchu (Taiwan) plant closes in 2027.
Shiseido sells mostly through third-party retailers, with an expanding owned and marketplace e-commerce layer. It controls brand equity, formulation IP, packaging and the in-store beauty-consultant workforce. That last point is a historical differentiator in Japan and China.
Customer types and end-markets
| Dimension | Detail |
|---|---|
| End consumers | Affluent and aspirational women (core). Growing men's grooming and suncare segments. Chinese consumers at home and as travellers (the merged C&TR segment was designed around them). Inbound tourists in Japan. |
| Trade customers | Department stores (Japan, China, US); prestige specialty (Sephora, Ulta); drugstores and GMS in Japan; duty-free concessionaires (Hainan offshore duty-free, Korean and airport operators); online pure players (Tmall, JD, Douyin, Amazon) |
| End-markets | Global prestige beauty: skincare, makeup, fragrance, suncare. Japanese masstige and self-selection. Inner-beauty and wellness (small). |
Independent characterisation
Shiseido has transformed itself from a diversified Japanese cosmetics conglomerate into a focused prestige-beauty company. From 2021 to 2023 it exited mass personal care (to CVC), three US makeup brands (to Advent), the salon/professional business (to Henkel) and two personal-care factories.
The reshaped portfolio is more profitable at the gross level: the core gross margin rose from about 69% in 2022 to 76.7% in 2025. However, profit became structurally over-dependent on China & Travel Retail. In FY2025 that segment generated ¥64.5bn of the ¥99.7bn of segment core operating profit, about 65%.
That dependence was exposed by four shocks in quick succession:
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the post-COVID Chinese consumption slump;
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the August 2023 Fukushima treated-water boycott;
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tighter Hainan and Korean duty-free regulation;
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renewed Japan–China diplomatic friction from late 2025.
At the same time, Western acquisitions failed to become profitable:
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Bare Escentuals (2010) was largely written off and sold in 2021.
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Drunk Elephant (2019) collapsed in 2024–25.
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Dr. Dennis Gross Skincare (2024) declined in 2025.
The current investment case is a margin-recovery story. It depends on cost reform already banked and on modest top-line growth. It is not, at this stage, a growth story.
Strategy
Strategy lineage
| Plan | Period | Core targets | Outcome |
|---|---|---|---|
| VISION 2020 | 2015–2020 | Global prestige pivot | Strong growth to 2019 (net sales ¥1,131.5bn, OP margin 10.1% under J-GAAP), then COVID collapse |
| WIN 2023 | 2021–2023 | 15% core OP margin | Not achieved (4.1% in 2023) |
| SHIFT 2025 and Beyond | 2023–2025 | 12% core OP margin in 2025; 15% by 2027 → re-targeted in Feb 2024 to 9% in 2025 and 15% by 2028–29; cost cuts above ¥40bn | Not achieved (4.6% in 2025); cost programme largely delivered |
| Action Plan 2025-2026 | Nov 2024 – Dec 2026 | 7% core OP margin in 2026; reinforce brand foundation; rebuild profitable foundation; enhance operational governance | 2025 savings of ¥27.0bn (ahead of target); 1H 2026 core OPM 8.9% |
| 2030 Medium-Term Strategy | 2026–2030 | Core OPM above 10%, ROIC above 10%, ROE above 12%, FCF above ¥100bn | Started 2026 |
2030 Medium-Term Strategy themes (paraphrased from the 10 Nov 2025 release)
Top-line ambition: average annual sales growth 2–5 percentage points above the market from 2025 to 2030. The company reaffirmed its 2005 slogan, "In every moment, in every life, beauty," with a renewed interpretation.
Pillar 1 — Accelerate growth with brand power.
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Skincare and suncare are the core categories. Makeup, fragrance, medical and derma, and lifestyle are to be strengthened.
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Three approaches:
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Maximise innovation, integrating 10 or more new cutting-edge technologies into brands by 2028.
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Expand global reach: fragrance in the Americas and Asia Pacific; suncare in Western markets; prestige skincare for affluent consumers.
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Create new markets: "Life Stage Partnerships" for people aged 65+, "Beauty Checkups," and CEO-led co-creation models.
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Regional aim: double-digit core OP margins in Asia Pacific, the Americas and EMEA, rebalancing profit away from the current concentration in Japan and China & TR.
Pillar 2 — Evolve global operations.
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End-to-end value-chain optimisation (global optimisation and lead-time reduction).
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AI and digital deployment across value creation, back office and customer experience.
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Further development of the matrix organisation.
Pillar 3 — Drive sustainable value creation.
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Triple talent-development investment by 2030 versus 2025.
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DE&I and gender-equality programmes.
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"Shiseido Beauty Circular Model" for environmental footprint reduction and sustainable procurement.
Financial strategy:
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Cumulative operating cash flow of ¥500–600bn from 2026 to 2030.
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Capital allocation priority: capex (AI and digital first), then debt repayment, then dividends.
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DOE of 2.5% or more.
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Flexible buybacks.
Strategic initiatives in the last 24 months
| Initiative | Date | Detail / target | Status |
|---|---|---|---|
| Mirai Shift NIPPON 2025 (Japan) | Feb 2024 – 2025 | About ¥25bn cost improvement in Japan over two years; early retirement offered to about 1,500 staff; SKU rationalisation; EC ratio target of about 30% | Delivered. Japan core OPM rose from 8.8% to 13.1% (2025). |
| Global cost reduction | 2024–2026 | 2025: ¥27.0bn realised (COGS 4.0, marketing 2.0, personnel 15.0, other SG&A 6.0). 2026: ¥25.0bn+ planned, ¥16.0bn realised in 1H. | On track |
| China & TR integration | Effective 31 Mar 2025 | Single organisation for the Chinese consumer; Travel Retail shifted toward a tourist-focused model; lower discount reliance | Margin up to 24.6% in 1H 2026 |
| Americas restructuring | Jul 2025 onward | About 300 roles cut; office sublease; cost synergies with EMEA; structural benefit of ¥7.5bn in 2026; "Power Duos" (top three brand–retailer pairs); Amazon expansion | 1H 2026 core OP +¥2.0bn |
| Drunk Elephant turnaround | 2025–2026 | Inventory normalised; cost reform; new brand campaign; ambassadors; Kamo Drops in 2H 2026 | In progress; 1H 2026 −12% |
| Global HQ "Next Career Support Plan" | Nov 2025 – Mar 2026 | 257 voluntary retirements (target about 200); about ¥3bn cost | Completed 31 Mar 2026 |
| Subsidiary and JV simplification | 2025–2026 | Shiseido Interactive Beauty JV ended 2025 and absorbed; Japan Retail Innovation JV ended and is being liquidated; Shiseido Creative merged 1 Jun 2026 | Completed / in progress |
| R&D reorganisation | 2,025 | Closure of Asia Pacific and Korea Innovation Centers; consolidation of China R&D sites | Completed |
| Production optimisation | May 2026 | Hsinchu closure; production moved to Japan (Nasu) | Closure in 2H 2027 |
| Asset-light programme | 2025–2030 | Real-estate sales, lease terminations, relocations, asset monetisation | Ongoing |
| ROIC management | 2,026 | ROIC-linked LTI and KPIs | Being implemented |
| FOCUS global ERP | 2020–2024+ | FOCUS 1.0 rolled out to all regions by end-2024 (more than 60% of global sales); FOCUS 2.0 for manufacturing and procurement from 2024 | Implemented / continuing |
| Sustainability | Ongoing | SBTi-aligned 2030 CO₂ targets for Scopes 1–3; net zero by 2050; water targets; palm-oil traceability | CDP double "A" (FY2024, FY2025) |
Management targets and guidance
| Target | FY2025 actual | FY2026 guidance | 2030 target |
|---|---|---|---|
| Net sales (JPY bn) | 970.0 | 990.0 (+3% like-for-like) | Market +2–5 pts per year |
| Core OP (JPY bn) | 44.5 | 69.0 | n/d (absolute) |
| Core OP margin (%) | 4.6 | 7.0 | Above 10 |
| ROIC (%) | −2.0 | 5 | Above 10 |
| ROE (%) | −6.6 | 7 | Above 12 |
| FCF (JPY bn) | 66.5 | 50.0 | Above 100 |
| DPS (JPY) | 40 | 60 | DOE of 2.5% or more |
| Capex / sales (%) | 4.6 | about 4.0 | — |
Sources: FY2025 Tanshin and presentation; 2030 Medium-Term Strategy release.
Products & Services
Portfolio architecture
| Tier | Brand | Share of 1H 2026 sales (%) | 1H 2026 global YoY (%) |
|---|---|---|---|
| Core | SHISEIDO | 23 | −3 |
| Core | Clé de Peau Beauté | 20 | +2 |
| Core | NARS | 12 | +3 |
| Next | ELIXIR | 7 | +7 |
| Next | ANESSA | 7 | −10 |
| Next | Fragrance (narciso rodriguez, ISSEY MIYAKE PARFUMS, Zadig&Voltaire, Max Mara) | 8 | +1 |
| Next | Dr. Dennis Gross Skincare | 2 | −5 |
| Emerging | BAUM | ~0 | +3 |
| Emerging | d program | 1 | −7 |
| Turnaround | Drunk Elephant | 1 | −12 |
| Turnaround | IPSA | 2 | −7 |
Under the 2030 Medium-Term Strategy, brands are grouped into tiers. Sales shares below are 1H 2026 global composition (1H 2026 presentation, supplemental data 4).
Core plus Next brands rose from 68% of sales in 2021 to 77% in 2025 (FY2025 presentation, page 19).
Specifications, pricing and launch years are disclosed only for individual products, not systematically. Where a field is not available in the sources reviewed, it is marked n/d.
Core brands
| Product / franchise | Description | Target | Latest version / year | Pricing |
|---|---|---|---|---|
| ULTIMUNE (Power Infusing Serum) | Hero immunity-focused serum; "new ULTIMUNE" relaunched globally in 2025 | Global prestige skincare users | 2025 relaunch (FY2025 and 1H 2025 presentations) | — |
| Vital Perfection | Anti-sagging and lifting franchise; new Vital Perfection Serum with "Bold Science/Technology" | Mature consumers; strong in the Americas | New serum 2H 2026 (1H 2026 presentation) | — |
| REVITALESSENCE SKIN GLOW Foundation | Foundation-serum hybrid using proprietary "Serum First Technology" | Makeup and skincare cross-over | Foundation 2023; Primer 2024; Loose Setting Powder 2025 | — |
| REVITALESSENCE SKIN MATTE Foundation | Matte extension of the foundation-serum franchise | Oily and combination skin | 2H 2026 launch (1H 2026 presentation) | — |
| Future Solution LX | Ultra-prestige skincare, a focus in China | Affluent Chinese consumers | Ongoing (SHIFT 2025 update) | — |
| Technosatin Gel Lipstick | Gender-neutral pink lipstick shade | Broad audience | 1 May 2026 (MAQUIA catalogue) | ¥4,400 (Japan list price) |
| SHISEIDO serum-fragrance | Fragrance with high skincare-ingredient content, as reported in Japanese trade press | Japan | 2026 (WWD Japan) | — |
| SHISEIDO Suncare | Sun protection, a regional growth driver (Americas, Asia) | Global | Ongoing | — |
| Product / franchise | Description | Target | Year | Pricing |
|---|---|---|---|---|
| Key Radiance Care line | Core skincare line, renewed | Luxury consumers globally | Renewal 2026 (FY2025 presentation) | — |
| Cream Supreme / brightening serum | Launches using Bold Science/Technology | Luxury | 2H 2026 (1H 2026 presentation) | — |
| Rouge à Lèvres Brillant | Sheer, glossy luxury lipstick | Luxury makeup | Summer 2026 shades | ¥7,150 (Japan list price) |
| Base makeup | Ranked first in its category in Japanese best-seller rankings (WWD Japan) | Japan prestige | Ongoing | — |
| Product / franchise | Description | Year | Status |
|---|---|---|---|
| Light Reflecting (foundation and powder) | Hero complexion franchise | Ongoing | Growth driver in 2025 |
| Concealer category | Complexion | Ongoing | Growth in 2025 |
| The Multiple | Multi-use stick; strong in cheek category | Relaunched 2025 | Strong in EMEA 2025 |
| Natural Matte Longwear Foundation | Major 2026 complexion launch | 2,026 | Missed expectations in 1H 2026 |
| ORGASM franchise | Flagship blush and lip franchise; Americas promotions planned 2H 2026 | Ongoing | — |
SHISEIDO (prestige skincare, makeup and suncare; global; 23% of sales)
Clé de Peau Beauté (luxury skincare and makeup; 20% of sales)
NARS (prestige makeup; 12% of sales)
Next brands
| Brand | Licence or ownership | 2025–2026 activity |
|---|---|---|
| narciso rodriguez | Fragrance brand within the portfolio | "for her Pure Musc Blanc" (2026); strong 1H 2026 growth |
| ISSEY MIYAKE PARFUMS | Licence | Lumière d'Issey; Le Sel d'Issey parfum extension |
| Zadig&Voltaire | Licence | Zadig EDP (2025, +40% brand growth); Zadig EDP Intense (2026); geographic rollout |
| Max Mara | Long-term exclusive worldwide licence (agreed 2024) | First fragrance, simultaneous global launch in 2H 2026 |
| Tory Burch Beauty | Licence | — |
| Serge Lutens | Niche (portfolio listing) | — |
ELIXIR (premium anti-ageing skincare; Japan and Asia; 7%)
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Collagen-science positioning, with concentrated investment in five hero SKUs.
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Brightening Lotion and Emulsion renewed in 2026.
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Day Care Revolution Tone Up: new shade.
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Total V Cream: renewal with Bold Science/Technology in 2H 2026.
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Asia Pacific growth of more than 80% in 1H 2026.
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FY2025 sales +9%.
ANESSA (suncare; 7%)
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Perfect UV franchise.
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Brush-on Powder Sunscreen: exclusive launch in 2025, nationwide in Japan in 2026.
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Daily-use series, including mass-priced mini sizes.
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Men's UV gel (2026).
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FY2025 sales −9%; FY2026 guidance high-single-digit growth.
Fragrances (8%; managed from EMEA)
Dr. Dennis Gross Skincare (dermatologist-led skincare; 2%; acquired 2024 for about US$450m)
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Alpha Beta Daily Peel: hero two-step at-home chemical peel.
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Peels and masks are the defended category.
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2026 plan includes a 360° Sephora campaign and a birthday-gift partnership.
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FY2025 sales −8% excluding acquisition timing; 1H 2026 −5%.
Emerging and turnaround brands
| Brand | Positioning | Status / latest |
|---|---|---|
| Drunk Elephant | US "clean-compatible" skincare (Protini, C-Firma) | Sales down more than 60% in Q1 2025. Inventory normalised in 2025. Kamo Drops (first complexion product) launches 2H 2026. Brand trademark carried at ¥47.0bn (end-2025). |
| IPSA | Japanese prestige skincare and makeup | Turnaround status; 1H 2026 −7% |
| BAUM | Wood-based sustainable skincare and fragrance | Emerging; 1H 2026 +3% |
| d program | Sensitive-skin dermocosmetic (Japan, Asia) | Emerging; 1H 2026 −7% |
| Gallinée | Microbiome skin, body and hair care (UK) | Acquired 2022; European growth mandate under new leadership |
| MAQuillAGE | Japanese premium makeup | FY2025 Japan growth in the high teens |
Other Japan and Asia brands and non-cosmetic businesses
Japan premium and self-selection brands (portfolio listing): INTEGRATE, MAJOLICA MAJORCA, PRIOR, HAKU (whitening), AQUALABEL, REVITAL, URARA, Perfect Cover.
China-specific: AUPRES.
Inner beauty / wellness: The Collagen and INRYU, under SHISEIDO BEAUTY WELLNESS. This business moved to Shiseido Japan from 1 January 2025.
Experience retail: SHISEIDO GLOBAL FLAGSHIP STORE (Ginza) and THE GINZA (transferred to THE GINZA Co., Ltd. from 1 January 2025).
Restaurants: Shiseido Parlour (Ginza). Yuki Sato became President on 1 July 2026.
Divested brands, for reference:
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Personal care (TSUBAKI, SENKA, uno and others) to CVC, 2021.
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bareMinerals, BUXOM and Laura Mercier to Advent, 2021.
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Professional (salon hair) to Henkel, 2022.
Financial Narrative
All figures are IFRS, JPY bn, fiscal years ending 31 December.
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Revenue by Segment
| Metric | FY2024 | FY2025 |
|---|---|---|
Japan net sales (JPY Bn) | 294.3 | 295.3 |
China & Travel Retail net sales (JPY Bn) | 357.8 | 342.2 |
Asia Pacific net sales (JPY Bn) | 71.7 | 73.3 |
Americas net sales (JPY Bn) | 118.5 | 106.6 |
EMEA net sales (JPY Bn) | 132.7 | 141.1 |
Other net sales (JPY Bn) | 15.7 | 11.4 |
Total net sales (JPY Bn) | 990.6 | 970.0 |
Japan core OP (JPY Bn) | 25.9 | 39.0 |
China & Travel Retail core OP (JPY Bn) | 72.0 | 64.5 |
Asia Pacific core OP (JPY Bn) | 4.9 | 5.1 |
Americas core OP (JPY Bn) | -9.2 | -11.6 |
EMEA core OP (JPY Bn) | 2.7 | 3.9 |
Other core OP (JPY Bn) | -1.1 | -1.3 |
Adjustments, mainly unallocated HQ and R&D (JPY Bn) | -58.7 | -55.2 |
Total core OP (JPY Bn) | 36.4 | 44.5 |
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View Subscription PlansSegment Revenue
| Segment | Core OPM FY2024 (%) | Core OPM FY2025 (%) | YoY reported (%) | YoY like-for-like (%) | Share of FY2025 sales (%) |
|---|---|---|---|---|---|
Japan | 8.8 | 13.1 | +0.4 | +0.7 | 30.4 |
China & Travel Retail | 19.9 | 18.7 | −4.3 | −3.5 | 35.3 |
Asia Pacific | 6.7 | 6.8 | +2.3 | +1.8 | 7.6 |
Americas | −7.4 | −10.4 | −10.1 | −9.5 | 11.0 |
EMEA | 1.9 | 2.7 | +6.4 | +3.2 | 14.5 |
Other | −6.6 | −9.5 | −27.2 | −14.6 | 1.2 |
Group | 3.7 | 4.6 | −2.1 | −1.8 | 100.0 |
Revenue by Segment (FY2022–FY2023)
| Metric | FY2022 | FY2023 |
|---|---|---|
Japan net sales (JPY Bn) | 237.6 | 259.9 |
China net sales (JPY Bn) | 258.2 | 247.9 |
Asia Pacific net sales (JPY Bn) | 68.0 | 67.3 |
Americas net sales (JPY Bn) | 137.9 | 110.3 |
EMEA net sales (JPY Bn) | 128.4 | 116.9 |
Travel Retail net sales (JPY Bn) | 163.7 | 132.5 |
Other net sales (JPY Bn) | 73.5 | 38.2 |
Total net sales (JPY Bn) | 1,067.4 | 973.0 |
Japan core OP (JPY Bn) | -13.1 | 1.8 |
China core OP (JPY Bn) | -3.9 | 7.0 |
Asia Pacific core OP (JPY Bn) | 4.7 | 5.1 |
Americas core OP (JPY Bn) | 7.7 | 11.2 |
EMEA core OP (JPY Bn) | 6.9 | 3.3 |
Travel Retail core OP (JPY Bn) | 37.7 | 17.1 |
Other core OP (JPY Bn) | 7.1 | -23.3 |
Adjustments (JPY Bn) | 4.3 | 17.6 |
Total core OP (JPY Bn) | 51.3 | 39.8 |
Revenue by Segment (Half-Yearly)
| Metric | 1H FY2025 | 1H FY2026 |
|---|---|---|
Japan net sales (JPY Bn) | 145.9 | 144.7 |
China & Travel Retail net sales (JPY Bn) | 173.9 | 191.4 |
Asia Pacific net sales (JPY Bn) | 33.7 | 37.1 |
Americas net sales (JPY Bn) | 51.5 | 54.6 |
EMEA net sales (JPY Bn) | 59.5 | 66.9 |
Other net sales (JPY Bn) | 5.4 | 4.4 |
Total net sales (JPY Bn) | 469.8 | 499.0 |
Japan core OP (JPY Bn) | 19.5 | 20.9 |
China & Travel Retail core OP (JPY Bn) | 38.8 | 47.6 |
Asia Pacific core OP (JPY Bn) | -0.1 | 2.2 |
Americas core OP (JPY Bn) | -5.8 | 2.0 |
EMEA core OP (JPY Bn) | -2.6 | -3.4 |
Other core OP (JPY Bn) | -0.9 | -0.2 |
Adjustments (JPY Bn) | -25.5 | -24.8 |
Total core OP (JPY Bn) | 23.4 | 44.4 |
Segment Revenue (Quarterly)
| Segment | Q1 2026 | Q2 2026 |
|---|---|---|
Japan | −4 | +3 |
China & Travel Retail | −1 | +1 |
Asia Pacific | −1 | +5 |
Americas | +5 | −8 |
EMEA | −10 | +9 |
Total | −3 | +2 |
Segment Overview
| Segment | FY2026 like-for-like guidance |
|---|---|
Japan | Mid-single-digit growth |
China & Travel Retail | Low-single-digit decline |
Asia Pacific | High-single-digit growth |
Americas | High-single-digit growth |
EMEA | High-single-digit growth |
Other | Low-single-digit growth like-for-like; reported down more than 30% |
Total | +3% (¥990.0bn reported) |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (JPY Bn) | 1,010.0 | 1,067.4 | 973.0 | 990.6 | 970.0 |
Gross profit (JPY Bn) | — | 744.2 | 713.4 | 753.2 | 743.0 |
Core operating profit (JPY Bn) | 42.6 | 51.3 | 39.8 | 36.4 | 44.5 |
Non-recurring items (JPY Bn) | — | -4.8 | -11.7 | -28.8 | -73.3 |
Operating profit (JPY Bn) | 41.6 | 46.6 | 28.1 | 7.6 | -28.8 |
EBITDA, company definition (JPY Bn) | — | 102.4 | 91.8 | 89.6 | 95.2 |
Profit before tax (JPY Bn) | 99.1 | 50.4 | 31.0 | -1.3 | -27.7 |
Profit attributable to owners (JPY Bn) | 46.9 | 34.2 | 21.7 | -10.8 | -40.7 |
Basic EPS (JPY) | 117.4 | 85.6 | 54.4 | -27.06 | -101.83 |
Dividend per share (JPY) | 50 | 100 | 60 | 40 | 40 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | — | 69.7 | 73.3 | 76.0 | 76.6 |
Core OP margin (%) | 4.2 | 4.8 | 4.1 | 3.7 | 4.6 |
Operating margin (%) | 4.1 | 4.4 | 2.9 | 0.8 | -3.0 |
EBITDA margin (%) | — | 9.6 | 9.4 | 9.0 | 9.8 |
Net margin (%) | 4.6 | 3.2 | 2.2 | -1.1 | -4.2 |
Reported net sales growth (%) | — | 5.7 | -8.8 | 1.8 | -2.1 |
Like-for-like net sales growth (%) | — | — | 1.8 | — | -1.8 |
Key Financials and Margin Analysis (%)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
Net sales (JPY Bn) | 228.2 | 241.6 | 224.0 | 276.2 | 232.0 | 267.0 |
Core OP (JPY Bn) | 8.3 | 15.1 | 6.7 | 14.4 | 13.0 | 31.4 |
Core OP margin (%) | 3.6 | 6.3 | 3.0 | 5.2 | 5.6 | 11.8 |
Like-for-like sales growth (%) | -9 | -3 | 4 | 1 | -3 | 2 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (JPY Bn) | 1,179.4 | 1,307.7 | 1,255.5 | 1,331.8 | 1,267.3 |
Cash and equivalents (JPY Bn) | — | 119.0 | 104.7 | 98.5 | 91.8 |
Inventories (JPY Bn) | — | 130.9 | 149.6 | 160.5 | 147.1 |
Goodwill (JPY Bn) | — | — | 62.1 | 108.0 | 58.8 |
Bonds and borrowings, short-term (JPY Bn) | — | — | — | 107.0 | 30.0 |
Bonds and borrowings, long-term (JPY Bn) | — | — | — | 131.6 | 181.6 |
Total debt including leases (JPY Bn) | 191.0 | 297.2 | 281.0 | 363.2 | 323.2 |
Equity attributable to owners (JPY Bn) | 540.7 | 604.3 | 618.7 | 632.5 | 600.8 |
Total equity (JPY Bn) | 567.4 | 625.8 | 640.4 | 654.6 | 621.3 |
Balance Sheet and Margin Analysis (%)
| Item (JPY Bn) | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|
Intangible assets (excl. goodwill) | 179.4 | 176.1 |
— of which trademarks | 71.8 | 71.1 |
— Drunk Elephant trademark | 47.1 | 47.0 |
— Dr. Dennis Gross trademark | 18.8 | 18.8 |
Right-of-use assets | 104.9 | 88.0 |
Lease liabilities (current + non-current) | 124.5 | 111.5 |
Long-term loan receivable (Advent seller note) | 43.1 | 47.8 |
Total current assets | 477.8 | 471.5 |
Total current liabilities | 398.6 | 345.0 |
Working capital (CA − CL) | 79.2 | 126.5 |
Net debt, excl. leases (bonds and borrowings − cash) | 140.1 | 119.8 |
Net debt, incl. leases | 264.7 | 231.4 |
Company-reported net D/E (excl. leases) | — | 0.16x |
Equity ratio (%) | 47.5 | 47.4 |
Equity attributable per share (JPY) | 1,583.47 | 1,503.64 |
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View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (JPY Bn) | 134.2 | 46.7 | 89.0 | 48.4 | 109.9 |
Capital expenditure, company definition (JPY Bn) | — | 59.8 | 55.4 | 48.9 | 43.0 |
Free cash flow, company definition (JPY Bn) | — | — | 53.5 | -35.3 | 66.5 |
Dividends paid to owners (JPY Bn) | — | — | — | 24.0 | 12.0 |
Share buybacks (JPY Bn) | — | — | — | 1.0 | 0.0 |
Depreciation and amortisation, incl. ROU (JPY Bn) | — | — | — | 75.7 | 71.7 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE (%) | 6.0 | 3.6 | -1.7 | -6.6 |
ROA, net income / average total assets (%) | 2.8 | 1.7 | -0.8 | -3.1 |
ROIC, company definition (%) | — | 4.0 | 0.6 | -2.0 |
Current ratio (x) | — | — | 1.20 | 1.37 |
Bonds and borrowings / equity attributable (x) | — | — | 0.38 | 0.35 |
Net debt excl. leases / EBITDA (x) | — | 0.39 | 1.56 | 1.26 |
Interest coverage, core OP / interest expense (x) | — | — | 9.0 | 9.6 |
Asset turnover, sales / average total assets (x) | 0.86 | 0.76 | 0.77 | 0.75 |
Days sales of inventory, company definition (days) | 148 | 197 | — | — |
Revenue by Region and Region Margins & Growth (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Japan (JPY Bn) | 294.3 | 295.3 |
China & Travel Retail (JPY Bn) | 357.8 | 342.2 |
Asia Pacific (JPY Bn) | 71.7 | 73.3 |
Americas (JPY Bn) | 118.5 | 106.6 |
EMEA (JPY Bn) | 132.7 | 141.1 |
Japan like-for-like growth (%) | 10 | 1 |
China & Travel Retail like-for-like growth (%) | -11 | -3 |
Asia Pacific like-for-like growth (%) | 2 | 2 |
Americas like-for-like growth (%) | -7 | -9 |
EMEA like-for-like growth (%) | 8 | 3 |
Brand Details
| Brand | Japan | China & TR | Asia Pacific | Americas | EMEA |
|---|---|---|---|---|---|
SHISEIDO | +high teens | +LSD | +HSD | −HSD | −HSD |
Clé de Peau Beauté | −low teens | +HSD | +low teens | −low teens | −LSD |
NARS | −low teens | +high teens | +MSD | −mid teens | +high teens |
Drunk Elephant | — | +30%+ | — | −mid teens | — |
ANESSA | +high teens | +LSD | +low teens | — | — |
Zadig&Voltaire | — | — | — | — | +30%+ |
Dr. Dennis Gross Skincare | — | — | — | −mid 20s | — |
Share Price History
| Date | Price (JPY) | Note | Source |
|---|---|---|---|
11 Nov 2025 | about 2,423 | Close after Q3 2025 miss (−9.1%); near 52-week low | Investing.com via Parqet |
Feb 2026 | intraday up to +15% | On FY2025 beat and 2026 outlook | Cosmetics Business |
24 Apr 2026 | 3,153 | Market cap ¥1,259.7bn; 1-year change +33.9% | Fintel |
7 Aug 2026 | ADR US$22.84 | Market cap US$9.1bn | PitchBook |
Aug–Sep 2026 | 3,404–3,696 | Previous-close snapshots | Stockopedia |
Valuation Multiples
| Multiple | Basis | Value |
|---|---|---|
Market cap | 399.5m × ¥3,500 | about ¥1,398bn |
P/E (FY2026E) | Guidance EPS ¥105.12 | about 33.3x |
P/E (consensus, next FY) | Consensus EPS ¥108–110 (Stockopedia) | about 32x |
P/B | Equity per share ¥1,503.64 (Dec 2025) | about 2.3x |
EV | Market cap + net debt incl. leases (¥231.4bn) + NCI (¥20.5bn) | about ¥1,650bn |
EV/EBITDA (FY2026E) | EBITDA guidance ¥119.0bn | about 13.9x |
EV/EBITDA (FY2025A) | ¥95.2bn | about 17.3x |
EV/Sales (FY2026E) | ¥990.0bn | about 1.67x |
Capital Markets
| Item | Value | Source |
|---|---|---|
Analysts covering | About 29–30 | Simply Wall St |
Consensus target price | ¥3,362–¥3,680 (varies by snapshot date) | Stockopedia |
Target range | ¥2,494 (low) to ¥4,288 (high) | TradingView |
Consensus EPS, next FY | ¥108–110 | Stockopedia |
Per-Share Data and Margin Analysis (%)
| Metric | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E |
|---|---|---|---|---|---|---|---|---|
Dividend per share (JPY) | 60 | 40 | 50 | 100 | 60 | 40 | 40 | 60 |
DOE (%) | — | — | — | — | — | 2.6 | 2.6 | 3.9 |
Capital Markets — Credit ratings
| Item | Detail |
|---|---|
Credit ratings | No Moody's, S&P or Fitch rating was confirmed. |
Bonds and borrowings, 31 Dec 2025 | ¥211.6bn: ¥30.0bn current (due within 12 months) and ¥181.6bn non-current |
Lease liabilities | ¥111.5bn |
2025 activity | Redeemed ¥40.0bn of bonds; repaid ¥32.0bn of short-term borrowings and CP; repaid ¥12.0bn of long-term loans; raised ¥57.0bn of new long-term borrowings |
2024 activity | Issued ¥15.0bn of bonds; ¥51.0bn of long-term borrowings; +¥42.0bn short-term (DDG funding) |
Maturity ladder beyond 12 months | n/d (see the borrowings note in the FY2025 Annual Securities Report) |
Analyst Conclusions
Management guidance (FY2026, unchanged at 5 Aug 2026)
| Item | FY2026 guidance | 1H 2026 actual | 1H as % of FY |
|---|---|---|---|
| Net sales (JPY bn) | 990.0 | 499.0 | 50 |
| Core OP (JPY bn) | 69.0 | 44.4 | 64 |
| Operating profit (JPY bn) | 59.0 | 41.9 | 71 |
| Profit attributable (JPY bn) | 42.0 | 29.7 | 71 |
| EBITDA (JPY bn) | 119.0 | 70.0 | 59 |
| FCF (JPY bn) | 50.0 | 22.5 | 45 |
| EPS (JPY) | 105.12 | 74.32 | 71 |
| DPS (JPY) | 60 | 30 | 50 |
Management said it is targeting core OP above plan, helped by cost discipline and yen weakness. It also flagged downside sales risk in EMEA and the Americas and continued uncertainty in China and TR.
FX assumptions were USD/JPY 150 and CNY/JPY 20.5. Actual 1H rates were 158.1 and 23.0, a translation tailwind.
Consensus expectations
Consensus EPS for the next fiscal year is about ¥108–110 (Stockopedia), slightly above guidance of ¥105.12. This implies the market expects a modest beat. Consensus revenue growth is n/d.
Bull case
-
The margin math is mostly done. 1H core OP of ¥44.4bn already exceeds FY2025's full year. The 2H requirement (¥24.6bn) is only modestly above 2H 2025 (¥21.1bn), even though ¥25bn+ of 2026 savings are locked in from actions completed in 2025. A beat toward ¥72–75bn (above 7% OPM) is plausible. Re-rating would follow on the credibility of the ≥10% 2030 margin path.
-
The Americas inflection is under way. The swing from a ¥5.8bn loss to a ¥2.0bn profit in 1H 2026 is structural (¥7.5bn of reform benefits in 2026). Drunk Elephant's Kamo Drops and a SHISEIDO-led e-commerce acceleration (+HSD% in Q2) provide upside. Removing a ¥10–12bn annual loss is a large lever on a ¥69bn profit base.
-
Capital efficiency and returns are rising. FY2026 ROE moves from −6.6% to 7%. DPS rises 50% to ¥60. Planned cumulative 2026–30 OCF of ¥500–600bn against a capex need of about ¥40bn a year leaves room for buybacks, which IFP (about 8.3%) is likely to encourage.
Bear case
-
The top line is not growing. Like-for-like sales fell in 2025 (−1.8%) and were flat in 1H 2026 (−0.2%), while L'Oréal grew +4%. The +3% FY2026 plan requires a 2H acceleration that 1H commentary already calls below plan. The 2030 ambition of beating the market by 2–5 points a year has no supporting track record.
-
The China/TR and geopolitical hostage problem persists. About 65% of segment profit comes from one consumer group whose purchases depend on Japan–China relations, Hainan policy and Chinese sentiment. One shock, as in 2023, could erase a year of cost savings. Japan inbound fell −M-teen% in Q2 2026.
-
Asset-quality and earnings-quality risks remain. There is ¥71.1bn of trademarks (including ¥47.0bn for a brand with 1% of sales and −12% growth) and a ¥47.8bn subordinated seller note. Part of the 1H 2026 profit benefit came from inventory-provision reversals and provision releases, which will not recur. At about 33x FY2026E EPS, the valuation already discounts much of the recovery.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| about 10 Nov 2026 | Q3 2026 results: 2H like-for-like growth; Americas profitability; C&TR in a quarter that includes the "Golden Week" period of China's October holiday |
| Oct–Nov 2026 | Double 11 performance in China (Clé de Peau, NARS, SHISEIDO) |
| 2H 2026 | Sell-through of the Max Mara fragrance launch; Kamo Drops reception; SHISEIDO REVITALESSENCE SKIN MATTE; Clé de Peau Cream Supreme |
| Ongoing | State of Japan–China relations; Chinese visitor numbers to Japan; Hainan duty-free recovery |
| Ongoing | US tariff developments; Middle East supply normalisation |
| about Feb 2027 | FY2026 results; FY2027 guidance (first year of the 2030 plan executed beyond the Action Plan); potential buyback announcement |
| Feb 2027 | Year-end impairment tests on the Drunk Elephant and DDG trademarks and the Americas CGU |
| Mar 2027 | 127th AGM; any IFP proposals |
| 2,027 | Hsinchu closure (production ends Q1 2027; ¥1.5bn cost in 2027) |
Analyst verdict
Shiseido is no longer a broken company. It is now a repaired, but not yet rebuilt, one.
The evidence of repair is strong. Over 2024–2026, management cut roughly a quarter of the workforce and exited non-core businesses. It merged its most important regions, wrote down its worst acquisition and lifted core gross margin to about 79%. The result is core operating profit up 90% in 1H 2026, with the Americas back in the black. FY2026's 7% margin target looks not just achievable but likely to be exceeded, and the dividend is rising by half.
What has not been rebuilt is the growth engine. Organic sales have not grown for six consecutive quarters on a half-year view. The flagship SHISEIDO brand declined in 1H 2026. NARS's major 2026 launch disappointed. ANESSA fell double digits. The 2030 plan's promise of beating the market by 2–5 points a year rests on an innovation pipeline that is credible on paper but unproven commercially.
Meanwhile, profit concentration in China and Travel Retail leaves earnings exposed to political shocks the company cannot control, as 2023 and late 2025 both showed.
At an indicative 32–33x forward earnings, about 14x forward EV/EBITDA and roughly 2.3x book, the shares price in successful delivery of the 2026 plan and a meaningful part of the 2030 margin journey. The risk-reward from here therefore depends less on cost and more on revenue: 2H 2026 launches, the Americas sustaining profitability without relying on reversals, and C&TR stability.
Net assessment: a credible self-help story with improving capital discipline, an engaged shareholder base and an ESG profile that supports institutional ownership, but limited valuation cushion. We would characterise the stock as neutral-to-constructive, with conviction contingent on two quarters of positive like-for-like growth and on 2030-plan milestones in the regions outside Asia.
SOURCE NOTES
Primary (corp.shiseido.com):
-
FY2025 Consolidated Settlement of Accounts (10 Feb 2026)
-
2025 Results and 2026 Outlook presentation (10 Feb 2026)
-
2023 Results and SHIFT 2025 update (9 Feb 2024)
-
2030 Medium-Term Strategy release (Nov 2025)
-
2026 First Half Results presentation and Tanshin (5 Aug 2026)
-
Q2 2026 briefing transcript (5 Aug 2026)
-
Hsinchu factory notices (12 May 2026)
-
Shiseido Creative merger notice (15 Apr 2026)
-
Executive changes releases (Dec 2025; Jun 2025; Mar–Jun 2026)
-
Corporate Governance Report (Apr 2025)
-
CDP releases (Mar 2025, 2026)
-
DDG acquisition release (23 Dec 2023)
-
Gallinée release (Sep 2022)
-
Personal-care transfer notices (2021–2022)
-
FY2023 Annual Securities Report (IFRS five-year table)
Secondary:
-
Trade press: Cosmetics Business; Modaes; Global Cosmetics News; Moodie Davitt; Jing Daily; GCI Magazine; Happi; Bloomberg
-
Market data: Fintel; Stockopedia; PitchBook; Simply Wall St; TradingView; StockAnalysis; Envalith; Quartr
-
Peer filings: L'Oréal 2025 Annual Results and Universal Registration Document; Estée Lauder FY2025 earnings release (SEC Exhibit 99.1)
Aggregator figures are flagged in the text and should be verified against primary filings before investment use.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Background (as disclosed / known) | Committee notes |
|---|---|---|---|
Kentaro Fujiwara | Director; Representative Corporate Executive Officer; President and CEO | Joined 1991. Roles in France, Germany and South Korea. Chairman and President of Shiseido China (2016). China Region CEO (2020). President and COO (2023–24). CEO since 1 Jan 2025. Born 1966 (aggregator). | — |
Ayako Hirofuji | Director; Representative Corporate Executive Officer; CFO | Finance, accounting and corporate management (skills matrix). | — |
Yoshihiko Hatanaka | Chair of the Board (external) | — | — |
Hiromi Anno | Director | Skills: corporate management, B2C/adjacent industries, brand (skills matrix). Other details n/d. | — |
Hitoshi Okamoto | Director | Listed-company top-management experience (skills matrix) | — |
Mariko Tokuno | Director | Corporate management experience (skills matrix) | — |
Ritsuko Nonomiya | Director | Per skills matrix | — |
Andrew House (new, 2026) | External Director | Former global head of an entertainment business (former President and CEO of Sony Interactive Entertainment). Brand marketing and North American expertise. | Nominating; Compensation |
Takuya Nakata (new, 2026) | External Director | Governance expertise. | Nominating; Compensation |
Yasuko Gotoh | Director | Per skills matrix | — |
Yasuhiro Nakajima | Director | Finance and accounting (skills matrix) | — |
Keiko Kaneko (new, 2026) | External Director | Lawyer specialising in global corporate law and M&A; law-firm management | Audit |
Executive Leadership Team
| Name | Title | Note |
|---|---|---|
Kentaro Fujiwara | Representative Corporate Executive Officer, President and CEO | Also held the Japan Region CEO role until 1 Jul 2025 |
Ayako Hirofuji | Representative Corporate Executive Officer, CFO | — |
Mizuki Hashimoto | Corporate Executive Officer | Newly appointed 1 Jan 2026 |
Yosuke Tojo | Corporate Executive Officer | Newly appointed 1 Jan 2026 |
Toshinobu Umetsu | China Region CEO | — |
Alberto Noé | CEO, Americas Region (from 1 Jan 2026) and CEO, EMEA Region | Interim Americas CEO from 2025 |
Koji Nakata | CEO, Japan Region; Representative Director, President and CEO of Shiseido Japan | From 1 Jul 2025 |
Directors' Remuneration
| Executive | Year | Base | Annual incentive | Stock / LTI | Total | Source |
|---|---|---|---|---|---|---|
Kentaro Fujiwara (CEO) | FY2025 | US$453k | US$434k | US$1.34m | about US$2.2m (about ¥349m per Simply Wall St) | Cosmetics Business, 28 Apr 2026, citing company documents |
Kentaro Fujiwara (then President/COO) | FY2024 | about ¥70m | — | — | about ¥132m | Simply Wall St (aggregator) |
Masahiko Uotani (Senior Advisor; former CEO) | FY2024 | — | — | — | about US$1.58m | Yahoo Finance profile (aggregator) |
Major Shareholders
| Holder | Shares | % |
|---|---|---|
The Master Trust Bank of Japan (trust account) | 76,196,000 | 19.07 |
Custody Bank of Japan (trust account) | 27,073,800 | 6.77 |
State Street Bank and Trust Co. 505001 | 8,498,086 | 2.12 |
Major Shareholders by #
| # | Holder | Stake (%) | Shares |
|---|---|---|---|
| 1 | Independent Franchise Partners LLP | 8.30 | 33,186,380 |
| 2 | BlackRock, Inc. | 8.15 | 32,588,505 |
| 3 | Nomura Asset Management | 6.01 | 24,020,778 |
| 4 | Norges Bank Investment Management | 5.25 | 20,997,953 |
| 5 | Baillie Gifford & Co. | 4.07 | 16,260,963 |
| 6 | Vanguard Capital Management | 3.79 | 15,133,843 |
| 7 | Amova Asset Management | 2.83 | 11,327,400 |
| 8 | Sumitomo Mitsui Trust Asset Management | 2.72 | 10,871,161 |
| 9 | Artisan Partners | — | — |
| 10 | Mitsubishi UFJ Trust and Banking (asset management) | — | — |
Competitive Landscape
Key Competitors
| Competitor | HQ | Overlap with Shiseido | Latest scale (as reported) | Relative positioning |
|---|---|---|---|---|
L'Oréal | France | All prestige categories (Lancôme, YSL, Kiehl's, Helena Rubinstein); derma (La Roche-Posay, CeraVe vs DDG) | FY2025 sales €44.05bn; operating margin 20.2%; like-for-like +4.0% | Global leader; about 7x Shiseido's sales; margin benchmark |
Estée Lauder Companies | US | Prestige skincare (Estée Lauder, La Mer vs Clé de Peau); makeup (MAC, Too Faced vs NARS); TR and China exposure | FY2025 (June) sales $14.33bn (−8%); adjusted operating margin 8.0%; reported −5.5% | Closest strategic analogue: TR and China crisis, restructuring ("Beauty Reimagined") |
Kosé | Japan | Japanese prestige (DECORTÉ vs Clé de Peau; Albion; Sekkisei); Tarte in the US | FY2025 sales up 2.3% YoY (Happi); FY2025 guidance was ¥336bn sales and ¥20bn OP | Main domestic prestige rival; smaller and Japan-heavy |
Kao (Kanebo, SENSAI, KATE, curél, Bioré UV) | Japan | Japanese cosmetics; suncare (Bioré UV vs ANESSA) | Cosmetics segment figures n/d | Large domestic competitor in masstige and suncare |
Pola Orbis Holdings | Japan | Japanese premium skincare (POLA B.A.) | — | Niche anti-ageing competitor |
LVMH Perfumes & Cosmetics (Dior, Guerlain, Fenty) | France | Luxury skincare and makeup; fragrance; Sephora channel owner | — | Luxury and channel power |
Chanel | France (private) | Luxury makeup, skincare, fragrance | Not publicly disclosed (private) | Luxury benchmark |
Coty | US | Prestige fragrance licensing (vs Shiseido's designer fragrances) | — | Fragrance licensing competitor |
Puig | Spain | Designer and niche fragrance, Charlotte Tilbury | — | Fragrance and makeup |
Amorepacific | South Korea | Asian prestige skincare (Sulwhasoo); China and TR | — | Asian peer with similar China/TR problems |
Proya, Chicmax and other Chinese local brands | China | Mid-to-prestige skincare in China e-commerce | — | Fast-rising local share-takers |
Beiersdorf (La Prairie, NIVEA Sun) | Germany | Luxury skincare; suncare | — | Luxury and suncare competitor |
Peer Comparison FY2026
| Metric | Shiseido (FY Dec-2025) | L'Oréal (FY Dec-2025) | Estée Lauder (FY Jun-2025) | Kosé (FY Dec-2025) |
|---|---|---|---|---|
Net sales (local) | ¥970.0bn | €44.05bn | $14.33bn | about ¥330bn (approx.; guidance ¥336bn) |
Net sales (approx. USD Bn) | 6.5 | about 49.7 | 14.3 | about 2.2 |
Organic / like-for-like growth (%) | −1.8 | +4.0 | −8.0 | n/d (reported +2.3) |
Gross margin (%) | 76.6 | 74.3 | 74.0 (adjusted) | — |
Adjusted operating margin (%) | 4.6 (core) | 20.2 | 8.0 | about 6 (guidance-implied) |
Reported operating margin (%) | −3.0 | 20.2 | −5.5 | — |
R&D / brand-development intensity (%) | 3.8 (brand development and R&D combined) | — | — | — |
