Shiseido Co. Ltd. said Thursday that its nine-month profits and revenues both rose, spurred by a last-minute pre-tax-hike spending rush, growth in its domestic activity, China and travel retail.
Also contributing to the gains were the moderate economic recovery in Japan and the group’s more consumer-oriented focus. To speed growth, Japan’s largest beauty company continues to accelerate digitization, develop new businesses and invest in marketing activities.
Still, due to market uncertainties, Shiseido downgraded its guidance for the fiscal year ending Dec. 31.
The company also said on Thursday that it had completed its acquisition of “clean beauty” brand Drunk Elephant Holdings. The transaction, valued at about $845 million, was first announced in early October. It is the latest step in the Japanese beauty company’s push to become a bigger player with a more global footprint.
“Adding this U.S.-based brand with large global demand potential to Shiseido, Clé de Peau Beauté and other Japanese-based brands will further strengthen and expand the core prestige skin-care business and reinforce the sales and profit base in the Americas business,” the company said in a statement.
Shiseido’s net profits for the nine months ended Sept. 30 reached 72.46 billion yen, or $663.8 million, up 13.2 percent year-on-year, thanks to a
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