Retail in Asia

In People

Shiseido offers staff promotions as profits plunge 44.4pc

Cosmetics maker Shiseido Co. will promote some 2,000 beauty consultants now employed on fixed-term contracts to regular employee status through qualification tests by 2017.

It comes as Shiseido’s group operating profit for the year to March 31 plunged 44.4 percent from the previous year to JPY27.6 billion (USD232.2 milion) due to a sales slump following last April’s consumption tax hike and a rise in personnel costs.

But consolidated net profit increased 28.8 percent to JPY33.6 billion as Shiseido booked a special one-time profit from the sale of two overseas subsidiaries to L’Oreal of France.