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Core Insights - Shiseido is currently undergoing a painful reform period, with a decline in net sales and operating profit reported for the third quarter [1][7] - The company has lowered its sales forecast for the entire year of 2025, indicating ongoing challenges in its transformation efforts [1][7] Performance Decline - 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 [2] - In 2023, net sales were 973 billion yen, down 8.8%, and operating profit was 28.1 billion yen, a decline of 39.6% [2] - The decline is attributed mainly to the impact of the Chinese and travel retail markets, with sales in these regions dropping by 6% and 9% respectively [2] - The high-end makeup brand, Drunk Elephant, saw a significant revenue drop of 49% in the first three quarters, marking it as a key factor in the overall performance decline [2][3] Transformation Strategy - Shiseido has been implementing a transformation strategy called "SHIFT 2025 and Beyond," focusing on revitalizing its domestic business in Japan [4] - The company introduced a more actionable "Action Plan 2025-2026" to achieve three main goals: consolidating brand foundations, rebuilding profit bases, and enhancing operational management [4] - Shiseido has identified eight priority brands, including "Core 3" and "Next 5," and plans to invest an additional 30 billion yen (approximately 1.45 billion RMB) in marketing for these brands [4] Management Restructuring - In 2025, Shiseido initiated a global management restructuring plan to optimize organizational structure and improve operational efficiency [5] - The company has made 12 key executive changes across various strategic regions, impacting brand management, marketing, and travel retail [6] - The appointment of new leadership, including a new CEO, aims to strengthen the company's strategic direction and operational capabilities [6] Future Outlook - Shiseido has revised its sales forecast for 2025 from an initial 995 billion yen to 965 billion yen, with expected losses increasing to 42 billion yen [7] - Industry experts suggest that the current performance decline may be temporary, and with ongoing reforms, Shiseido could return to growth in the near future [6][7]