Shiseido Regional Sales Growth Amid Travel Retail Decline

On February 10, Shiseido's financial report for 2024 showed that its annual net sales reached 990.6 billion yen (approximately RMB 47.1 billion), with a year-on-year increase of 1.8%.

By region, sales in Japan, its home market, grew by 9.2%, China by 0.8%, the Asia-Pacific region by 6.5%, the Americas by 7.5%, and Europe, the Middle East, and Africa (EMEA) by 13.4%. However, travel retail business declined by 18.6%.

In the report, Shiseido analyzed that the domestic cosmetics market in Japan remains stable, with the number of foreign tourists in Japan continuing to exceed pre-pandemic levels and reaching a record high.

However, due to changes in purchasing behavior among foreign tourists, the pace of consumption growth was more moderate than expected. In the overseas cosmetics market, growth trends and speeds varied across regions.