突发，资生堂代理的“美国毛戈平”退出日本

Core Insights - Shiseido ranks 8th among international beauty giants, but its sales have declined by 7.6% compared to the same period last year [1] - Shiseido is more adept at incubating its own brands, while its capabilities in brand acquisition and management are relatively weak [1][26] - Laura Mercier, a brand previously under Shiseido, is set to exit the Japanese market, raising questions about Shiseido's operational capabilities with acquired brands [1][26] Brand Performance - Laura Mercier was acquired by Shiseido in 2016 for $260 million (approximately 1.86 billion RMB) as part of a strategy to expand into the North American market [11] - The brand's sales in 2015 were $160 million (approximately 1.15 billion RMB), but it has struggled in recent years, with a 28% sales decline in 2020 [12][11] - Shiseido's overall performance has been declining, with revenue growth slowing from 2019 to 2024, including an 18.6% drop in 2020 [15][21] Market Dynamics - The Japanese beauty market is facing challenges, with Shiseido's sales in Japan declining by 0.6% in the first half of 2023, despite a slight recovery in previous years [21] - Other brands, such as Too Faced under Estée Lauder, have also exited the Japanese market, indicating a broader trend of difficulties in this region [33] - Shiseido's strategy includes focusing on core brands and increasing the proportion of skincare sales, which has led to the decision to terminate the partnership with Laura Mercier [26][24]