资生堂持续承压：上半年销售额下滑7.6%，多品牌销售不振

Core Insights - Shiseido Group is still in a "low period" with a sales decline of 7.6% year-on-year, reporting sales of 469.83 billion yen for the first half of the fiscal year ending June 30, 2025 [1] - The core operating profit increased by 21.3% to approximately 23.37 billion yen, indicating some operational efficiency despite the sales drop [1] Brand Performance - Among the eight brands, only three achieved sales growth, with the "Zui Xiang" brand experiencing a significant sales decline of 57% [2] - The three core brands (Shiseido, Clé de Peau Beauté, and NARS) saw Shiseido's sales drop by 4%, while Clé de Peau Beauté and NARS grew by 3% and 2% respectively [2] - The future brands saw mixed results, with only the anti-aging brand "Irisir" achieving a 12% increase, while others like "Anessa," "Narciso Rodriguez," and "Issey Miyake" faced declines of 15%, 1%, and 9% respectively [2] Zui Xiang Brand Challenges - The Zui Xiang brand, acquired for $845 million in 2019, has faced a continuous decline, with a 25% drop in sales in 2024 and a staggering 65% decrease in the first quarter of 2025 [3] - The brand's sales fell by 57% in the first half of the year, leading to a 5.3% decrease in Shiseido's sales in the European market [3] - Zui Xiang has exited the Japanese market entirely, including online channels and six physical stores [3] Market Performance - Sales in all regional markets declined, with the smallest drop in Japan at 0.6%, totaling approximately 145.9 billion yen [4] - The Americas market saw a 10.1% decline to 51.5 billion yen, heavily impacted by Zui Xiang's poor performance [4] China and Travel Retail Business - The China and travel retail segment accounted for 37% of Shiseido's total sales, despite a 12.4% year-on-year decline to 173.9 billion yen [5] - Core operating profit in this segment fell by 15.65% to approximately 38.8 billion yen [5] - The company is restructuring its operations in China to enhance brand consistency and improve cost efficiency, with a focus on online sales where the main brand Shiseido is performing well [5] Future Outlook - Shiseido aims to minimize risks from sales declines through structural reforms and cost management, maintaining a target of 36.5 billion yen in core operating profit by 2025 [5] - The company plans to revitalize Zui Xiang through new product launches and expects to return to stable growth by 2026 [5] - Cost reductions of 13.5 billion yen have already been achieved in the first half of the year, with a target of 25 billion yen for the entire year [5]