The Japanese cosmetics company aims to be among the top 3 companies in the global prestige cosmetics market
NARS is one of Shiseido's prestige colour brands
Shiseido has revealed a new plan to accelerate growth in the global prestige beauty market.
With a ‘prestige first’ strategy, the Japanese company says it will focus on its luxury brands as its core business, which include: Shiseido, Clé de Peau Beauté, IPSA, NARS, bareMinerals, Laura Mercier and Dolce&Gabbana.
It also hopes to become a top 3 global prestige cosmetics market company, while maintaining its ‘significant presence’ in Japan and Asia.
Shiseido will commit to a marketing spend of JPY120bn over the next three years, and invest another JPY130bn in its Asian market alone; it plans to use the latter to enhance the production system, build new factories and strengthen supplier processes.
In Japan, the company will focus on skin care, make-up bases, sun care and products that appeal to younger generations and the children of baby boomers.
Meanwhile in China, efforts will be made to accelerate prestige brand growth and digital strategy. Four brands will be launched into the Chinese market from Japan: Elixir, Anessa, Senka and Integrate.
In the Americas, the agenda includes improving bareMinerals’ profitability, as will creating a new business model through advanced technology.
A full-scale expansion into the Middle East is also on the cards for Shiseido, as is a focus on improving fragrance profitability.