Japan’s Shiseido formed Philippine unit with Luxasia
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Japanese beauty products firm Shiseido is partnering with Singaporean cosmetics agent Luxasia to expand into the Philippines market. The two firms will be setting up a partnership in the form of Shiseido Philippines Corp this December. Shiseido will retain the majority shareholding in the business, which will start operations next July once the sales channels of two local agents are integrated.
According to the firm, the Philippine joint venture will enhance the product lineup of its prime brands in the market, Southeast Asia’s third-largest in the industry representing around US$3 billion in annual sales.
Questions & Answers
Q.When will the new Shiseido Philippines Corp begin its operations?
When will the new Shiseido Philippines Corp begin its operations?
The new joint venture, Shiseido Philippines Corp, is set to begin operations next July. This follows the integration of sales channels from two existing local agents.
Q.What is the expected benefit of this new joint venture for Shiseido?
What is the expected benefit of this new joint venture for Shiseido?
The Philippine joint venture is expected to enhance the product lineup of Shiseido's prime brands in the market. This will strengthen their position in Southeast Asia's third-largest industry.
Q.What is the approximate annual value of the beauty industry in Southeast Asia?
What is the approximate annual value of the beauty industry in Southeast Asia?
The beauty industry in Southeast Asia, which is the third-largest in the region, represents approximately US$3 billion in annual sales. This highlights the market's significant value.