Shiseido has appointed Kentaro Fujiwara as president of China, one of its most important foreign markets moving forward in 2017.
Japanese fragrance and cosmetics group Shiseido said Fujiwara will oversee all of the beauty behemoth’s China activities including Shiseido China Co. Ltd., Shiseido Liyuan Cosmetics Co. Ltd. and Shiseido Hong Kong Ltd.
Commencing the role January 1, Fujiwara will also look to strengthen the cooperation between Shiseido’s innovation centre in charge of research and development and the company’s factory for the Chinese market.
“In 2017, led by Mr. Fujiwara, Shiseido China will continue to be the forerunner in the Chinese cosmetics market,” the company said.
Fujiwara was appointed president of Shiseido China Co. Ltd. in November 2015. In this role, he actively promoted business restructuring and allowed Shiseido to claw back competitive advantages in China.
“Although there has been a certain slowing down in the Chinese consumer goods segment, the large scale of the Chinese market still harbours huge potential,” said Fujiwara in the statement.
The appointment follows a shift in Shiseido’s strategic development in China and beyond. In December, Shiseido also announced the creation of the Shiseido Venture Partners division, focusing on innovative business initiatives.
The division’s objective: to invest in promising new brands and support them via the added value brought on by Shiseido’s professional. The group said it is a means for the brand to foster creativity and research in the cosmetics industry.
Shiseido already owns Shiseido, BareMinerals, Issey Miyake and Nars brands among others. Despite the impact of financial investment in Asia, Shiseido has forecast for the year a revenue of JPY848 billion (-1.8% on a yearly basis) and a net income of JPY30 billion (+1.8% on a yearly basis).