资生堂的转型阵痛还要多久

Core Insights - Shiseido is currently undergoing a painful reform period, as indicated by its recent third-quarter performance report, which shows a decline in net sales and operating profit losses [1][3] - The company has been experiencing a consistent decline in net sales over multiple quarters, prompting the implementation of a transformation strategy and the establishment of growth targets [1][5] - Shiseido has lowered its sales forecast for the entire year of 2025, reflecting ongoing challenges in its business operations [1][9] Financial Performance - For the first three quarters of 2025, Shiseido's net sales amounted to 693.817 billion yen, a year-on-year decrease of 4%, with an operating loss of 33.35 billion yen [3] - In 2023, Shiseido's net sales were 973 billion yen, down 8.8% year-on-year, and operating profit was 28.1 billion yen, a decline of 39.6% [3] - The decline in performance is primarily attributed to the impact of the Chinese and travel retail markets, with sales in these regions dropping by 6% and 9% respectively [3][4] Brand Performance - The significant decline in revenue from the high-end makeup brand "Drunk Elephant" has adversely affected Shiseido's overall performance, with a 49% year-on-year drop in revenue for the first three quarters [4] - In the third quarter alone, Drunk Elephant's revenue fell by 19%, following a 57% decline in the first half of the year [4] - The brand's management has acknowledged issues with its market positioning and is focusing on inventory management [4] Strategic Initiatives - Shiseido has been actively pursuing transformation strategies over the past two years, including the "SHIFT 2025 and Beyond" mid-term strategy aimed at revitalizing its domestic business [5] - The company has outlined an "Action Plan 2025-2026" to achieve three main goals: consolidating brand foundations, rebuilding profitability, and enhancing operational management [5] - Shiseido has identified eight priority brands for development, including "Core 3" and "Next 5," with an additional marketing investment of 30 billion yen (approximately 1.45 billion RMB) planned for these brands [5] Management Changes - In 2025, Shiseido initiated a global management restructuring plan to enhance human resource efficiency and streamline operations [6] - Key leadership changes include the appointment of Kenji Fujihara as the new CEO and the introduction of new executives to strengthen the company's travel retail business in the Asia-Pacific region [6] Future Outlook - Shiseido has set ambitious targets in its 2030 mid-term strategy, aiming for a core operating profit margin of over 10% by 2030 and a compound annual growth rate in sales exceeding market growth by 2%-5% from 2025 to 2030 [7] - Despite current challenges, there are indications that Shiseido's performance may improve in the future as it adapts to market demands and consumer preferences [8] - The company reported an 8% growth in its China travel retail segment in the third quarter, driven by the performance of its core brands [8] Sales Forecast Adjustment - Shiseido has revised its sales forecast for the entire year of 2025 from an initial 995 billion yen to 965 billion yen, with expected losses widening to 42 billion yen [9] - The ongoing adjustments in business operations and management are seen as efforts to mitigate the impact of the current reform period [9]