自2026年1月1日起，日本化妆品集团资生堂将开启一轮大幅度的组织架构调整与高管变动。12月12日，新京报贝 壳财经记者获悉，资生堂集团在官网发布"组织架构及人事变动"公告，将涉及三大关键领域的多个核心部门调 整、8位高管职位变动。 这场深度变革背后，是该集团前三季度营业利润亏损333.5亿日元的业绩困境，以及到2030年核心营业利润率超过 10%的目标。 "大刀阔斧"调整组织架构，8位高管职位生变 公告显示，此次组织架构调整，资生堂集团将围绕可持续发展、艺术与创意、数字化与IT三大领域进行，涉及多 个核心部门重组，同步进行8位高管的人事调整，将于2026年1月1日起实施。 图/资生堂集团官网截图 与上述调整相比，资生堂集团在数字化与IT领域的变革更为深度和复杂。 该集团在公告中指出，此次变革旨在通过整合数字部门和IT部门来提高资源利用率，"将构建一个利用全球化平台 实现资源调配的组织架构。"具体来看，将新设立"全球数字事业部"，整合分散的"数字化转型办公室""全球IT治 理部"等；撤销"业务转型部"，成立负责加强全球业务流程治理的"全球业务协作部"和推动技术标准统一的"全球 企业应用部"；"数字化转型办公室 ...

Core Insights - Shiseido Group is undergoing significant turmoil with management changes, business restructuring, and a challenging market environment, as reflected in its Q3 2025 financial results [1][19] - The overall performance remains under severe pressure, with net sales declining and operating profit showing a drastic loss [1][19] Financial Performance - For the first three quarters of 2025, Shiseido Group reported net sales of 693.817 billion yen (approximately 32.061 billion RMB), a year-on-year decrease of 4.0% [1][2] - Core operating profit was 30.08 billion yen (approximately 1.39 billion RMB), reflecting a year-on-year increase of 9.7% [1][2] - Operating profit showed a significant loss of 33.35 billion yen (approximately 1.541 billion RMB), a staggering year-on-year decline of 1627.71% [1][2] Market and Brand Performance - The decline in sales is primarily attributed to the impact of the Chinese and travel retail markets, where consumer confidence has worsened, leading to continued sluggish consumption [3][11] - The Americas market continues to struggle, with Shiseido's brands, particularly Drunk Elephant, facing negative growth [7][9] - Despite challenges, the Japanese market showed moderate growth, and there are signs of recovery in the overseas cosmetics market [3][11] Brand-Specific Insights - The Drunk Elephant brand has been a significant contributor to the overall decline, with a reported drop of 19% in Q3 2025, following a 57% decline in the first half of the year [4][6] - In contrast, the Next 5 brands, including ELIXIR and Anessa, reported sales growth, with ELIXIR showing a notable increase of 17% in Q3 [6][7] - Core brands such as Shiseido, Clé de Peau Beauté, and NARS experienced sales growth of 6%, 12%, and 2% respectively in Q3, although Shiseido's overall sales were slightly down by 1% for the first three quarters [7][13] Strategic Initiatives - Shiseido Group announced its 2030 mid-term strategy, aiming for a 7% core operating profit margin by 2026 and a compound annual growth rate in sales exceeding the market by 2-5% from 2025 to 2030 [14][19] - The company is implementing a new executive and board structure to enhance global operations and governance, with new appointments aimed at strengthening leadership [16][17][18] - The strategic focus includes high-growth categories, digitalization, and sustainability, indicating a comprehensive transformation effort [18][19]

Group 1 - Japanese cosmetics companies are experiencing collective anxiety in the Chinese market, with Shiseido's executives acknowledging a decline in brand equity [2] - The Japanese beauty industry has been a significant player in China for over 40 years, but recent years have seen challenges due to the rise of local brands and external pressures from Western competitors [2][3] - In the first half of 2025, major Japanese beauty companies reported declines in their Chinese operations, with Shiseido's sales dropping by 10%, Kosé's by 7.3%, and POLA's net profit plummeting by 38% [2][3] Group 2 - The performance of Japanese beauty companies reflects a broader restructuring of the beauty industry, highlighting the need for multinational companies to adapt to the changing market dynamics in China [3] - Despite global profit growth, the persistent weakness in the Chinese market is a common challenge for these companies, indicating a significant shift in the competitive landscape [3][16] Group 3 - Shiseido's overall sales in the first half of 2025 were 469.83 billion yen (approximately 22.86 billion RMB), a decrease of 7.6%, while core operating profit increased by 21.3% to 23.37 billion yen (approximately 1.14 billion RMB) [7][10] - The Chinese and travel retail segment for Shiseido saw sales of 173.94 billion yen (approximately 8.46 billion RMB), down 12.4%, but it contributed nearly 80% of the group's core profit [10] Group 4 - Kao Corporation reported a global sales increase of 2.7% to 809 billion yen (approximately 39.3 billion RMB) in the first half of 2025, with operating profit rising by 19.9% to 69.5 billion yen (approximately 3.3 billion RMB) [10][13] - Kosé's sales were 160.5 billion yen (approximately 7.8 billion RMB), a slight increase of 0.9%, but operating profit fell by 17.7% to 11.3 billion yen (approximately 0.55 billion RMB) [15] Group 5 - POLA ORBIS Group's total revenue was 832.53 billion yen (approximately 38.3 billion RMB), a slight decrease of 0.7%, with net profit dropping by 38.1% to 4.64 billion yen (approximately 0.23 billion RMB) [16] - The performance of these companies illustrates a clear divide between global profitability and challenges in the Chinese market, with POLA facing additional difficulties due to delayed strategic adjustments [16] Group 6 - Japanese beauty companies are optimistic about the long-term potential of the Chinese market and are accelerating transformations to navigate current challenges [17] - Strategies include focusing on high-end products, channel innovation, and localization to better respond to the evolving consumer landscape in China [17][19]

Core Viewpoint - Japanese cosmetics companies are facing significant challenges in the Chinese market, with declining sales and profits, prompting a need for strategic transformation to regain market share and adapt to local consumer demands [2][3][14]. Group 1: Market Performance - Shiseido's sales in China fell by 10% in the first half of 2025, while Kose's business declined by 7.3%, and POLA's net profit dropped by 38% due to market weakness [3][10][13]. - The overall sales of Japanese cosmetics in China have been adversely affected by the rise of local brands and external factors such as the nuclear wastewater incident [3][4]. - In the first half of 2025, Shiseido's global sales were 469.83 billion yen (approximately 22.86 billion RMB), down 7.6% year-on-year, but core operating profit increased by 21.3% to 23.37 billion yen (approximately 1.14 billion RMB) [7][8]. Group 2: Strategic Adjustments - Japanese companies are focusing on high-end markets and localizing their operations to better meet consumer needs in China [16][22]. - Shiseido plans to integrate its China and travel retail operations into an independent profit center to enhance brand synergy and respond to the trend of high-end market penetration [16][32]. - Kose is implementing a strategy of channel optimization and brand restructuring, emphasizing high-end and mass-market segments while enhancing local R&D and marketing efforts [24][31]. Group 3: Future Outlook - Despite current challenges, Japanese companies remain optimistic about the long-term growth potential in the Chinese market and are accelerating their transformation efforts [16][32]. - The focus on high-quality growth rather than short-term sales boosts is evident in Shiseido's strategy, which includes significant investments in core brands and new product launches [18][32]. - The ability to adapt to local consumer preferences and integrate local insights into product development will be crucial for Japanese brands to maintain competitiveness in the evolving Chinese beauty market [27][32].

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]

Core Insights - Shiseido Group reported a net sales of 469.83 billion yen for the first half of 2025, a year-on-year decline of 7.6%, while core operating profit increased by 21.3% to 23.37 billion yen [1][5] - The company has merged its China and travel retail businesses, with the CEO of the China division also taking on the role of CEO for the combined division, indicating a strategic shift to enhance brand appeal and operational efficiency in a challenging market [3][4] - The Chinese market is crucial for Shiseido, accounting for nearly 40% of net sales in the first half of 2025, surpassing the Japanese market, but the combined sales in this segment fell by 12.4% year-on-year [4][5] Business Performance - The sales in the China and travel retail segment experienced a significant decline, with a 12.4% drop, highlighting challenges in both online and offline retail channels [4][5] - Despite the downturn in sales, Shiseido's core operating profit showed growth, particularly in the Japanese market, indicating a focus on profitability amidst declining revenues [5][6] - The company is implementing a "2025-2026 Action Plan" aimed at consolidating brand foundations, rebuilding profitability, and enhancing operational management [5][6] Industry Context - Other international beauty giants like L'Oréal, Unilever, and Procter & Gamble are also undergoing significant changes, including management shifts and strategic realignments, in response to market pressures [1][6] - The beauty industry is witnessing a transformation as traditional business models face challenges from digital innovations and the rise of domestic brands, which are capturing market share from established players [6][7] - The focus on core business and profitability is becoming a common strategy among international beauty companies as they adapt to changing market dynamics [7][8]

Core Insights - Shiseido Group faces significant challenges, with a notable decline in performance across all regions, particularly in China and travel retail markets, which experienced double-digit drops compared to the previous year [1][2][5] Financial Performance - For the first half of 2025, Shiseido Group reported net sales of 469.83 billion yen (approximately 22.846 billion RMB), a year-on-year decrease of 7.6% [1][2] - Core operating profit increased by 21.3% to 23.372 billion yen (approximately 1.137 billion RMB), while operating profit recovered from a loss of 2.728 billion yen (approximately 133 million RMB) to 18.084 billion yen (approximately 880 million RMB) [1][2] - The decline in net sales is attributed mainly to weak performance in the Chinese and travel retail markets, as well as the impact of the Drunk Elephant brand [2][5] Market Performance - The overall net sales decline of 8% in the first half of 2025 marks the first drop for Shiseido in three years [2][5] - The Japanese market saw the smallest decline at -0.6%, while the Chinese and travel retail markets experienced the largest drop at -12.4% [2][5] - In the second quarter, all markets except for the Americas and travel retail showed low single-digit growth, with travel retail down approximately 20% [2][5] Brand Performance - The Drunk Elephant brand significantly impacted overall performance, with a 43% year-on-year decline in Q2 and a 57% drop in the first half of 2025 [10][12] - Despite challenges, the Shiseido and NARS brands showed growth when excluding the impact of the Chinese and travel retail markets, with Shiseido brand sales increasing by 4% [12][19] - The Next 5 brands, particularly ELIXIR, demonstrated double-digit growth in the second quarter and the first half of 2025 [10][12] Regional Insights - Shiseido's performance in the Chinese market is affected by economic downturns leading to low consumer spending, with offline channels continuing to decline [16][19] - The Americas market is facing challenges, particularly for the Drunk Elephant brand, while other brands like Shiseido and NARS have seen some growth [23][31] - The company has announced significant layoffs in the Americas region as part of restructuring efforts [26][31]

Core Insights - Shiseido Group's Q1 2025 financial results indicate a significant decline in net sales and core operating profit, reflecting ongoing challenges across all regional markets [1][3][7] Financial Performance - The net sales for Q1 2025 were 228.24 billion yen (approximately 11.10 billion RMB), a decrease of 8.5% year-on-year, marking the lowest in four years [3][7] - Core operating profit fell to 8.25 billion yen (approximately 0.40 billion RMB), down 27.2% compared to the previous year [3][7] - The company reported a turnaround in operating profit, achieving 7.20 billion yen (approximately 0.35 billion RMB) compared to a loss of 8.75 billion yen (approximately -0.43 billion RMB) in the same quarter last year [2][3] Regional Market Performance - All regional markets experienced declines, with the Chinese and travel retail sectors down by 12.1% year-on-year [5][21] - The Americas market saw a significant drop of 14.5%, primarily due to the poor performance of the brand Drunk Elephant, which plummeted by 65% [10][13] - In Europe, the decline was less severe at 9.2%, aided by growth in the brands SK-II and NARS [13][21] Brand Performance - Among the Core 3 brands, Shiseido and NARS saw net sales decrease by 7% and 2% respectively, while SK-II was the only brand to show growth at 2% [10][19] - The Next 5 brands had mixed results, with only Elixir showing an increase of 11%, while others experienced declines [10][19] Strategic Adjustments - Shiseido announced a two-year mid-term plan, "Action Plan 2025-2026," focusing on restructuring and enhancing brand performance [24][25] - The company is undergoing leadership changes, particularly in the Americas and travel retail sectors, to address declining sales [24][25] - The merger of travel retail and China business units aims to create a more flexible and consumer-centric business model [24][25]