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Shiseido banks on PHL’s ‘rapidly growing beauty market’ to lift sales
Japanese cosmetics giant Shiseido Co. Ltd. is eyeing double-digit sales growth in the Philippines, cementing its domestic presence with a newly-established Philippine unit.
In partnership with Luxasia Partners Pte. Ltd., Shiseido launched on Thursday Shiseido Philippines Corp. to strengthen the Japanese firm’s cosmetics business in the country amid a “rapidly growing beauty market.”
“In terms of sales, our target is double-digit growth,” Shiseido Philippines managing director Koji Nakata said during a media roundtable in Taguig City. He did not disclose the sales numbers.
“At this point, our objective is to accelerate our business and expand our market share in the Philippines,” he said.
The Japanese cosmetics giant is banking on the Philippines’ growing beauty industry.
The Shiseido brand currently has 27 standalone boutiques in the Philippines.
Asked if the company will expand the number of its stores, Nakata said Shiseido Philippines has no specific target at this point regarding distribution channels.
“But once we find an excellent location we will expand there,” he said.
Apart from the Shiseido branded beauty products, Shiseido Philippines will also launch brands such as NARS, Laura Mercier, Dolce & Gabbana, Issey Miyake, Narciso Rodriguez, and Senka facial cleansers.
“The Philippines is an important and strategic market for Shiseido in Southeast Asia, and it is an exciting time to be part of the country’s booming beauty industry,” Shiseido Asia Pacific president Jean-Philippine Charrier said.
“I hope that Shiseido’s entry to the Philippines will enable more Filipinos to have access to a wider range of beauty brands and products,” Charrier said. —VDS, GMA News
