Japanese companies embrace premiumisation
Japanese cosmetics group Shiseido has said that while sales of skin care products went up 3% last year, those of items priced at over ¥20,000 increased by 24%. The company has confirmed a trend emerging in the Japanese cosmetics sector towards the development of higher value and higher priced products at a time of restricted consumer spending. The clientele for the higher priced cosmetics are older women with relatively strong spending power.
Japanese cosmetics group Shiseido has said that while sales of skin care products went up 3% last year, those of items priced at over ¥20,000 increased by 24%. The company has confirmed a trend emerging in the Japanese cosmetics sector towards the development of higher value and higher priced products at a time of restricted consumer spending. The clientele for the higher priced cosmetics are older women with relatively strong spending power.
Kanebo, for example, has been selling an anti-ageing face cream retailing at ¥126,000 for a 40g pack while Orlane's Japanese subsidiary will launch a night cream priced at ¥31,500 for 50ml later this month (23 August). Shiseido itself is revamping its Synergique range and will launch a cream at 126,000 for 40g and a moisturising solution at ¥21,000 per 125ml just after mid-September.
Other companies relaunching cosmetics include Noevir, whose top of the range face cream Speciale was introduced last month and Kose with its August launch of new versions of face make-up and lipstick products. Kose has said it believes there is room for sales growth for top of the range products despite foreign competition.