Shiseido China achieves 8% growth in third quarter

Shiseido Group released its third quarter 2020 financial results. The impact of the epidemic continues to expand globally, Shiseido 2020 first nine months sales of 653.675 billion yen, down 22.8% from last year; its operating profit of 8.906 billion yen, down 91.4% year-on-year.

 Shiseido pointed out that the decline in both sales and profits is mainly due to the stagnation of global economic activity after the expansion of the epidemic. Within Japan, passenger traffic and consumer demand declined; secondly, it was also affected by the repercussions of stockpiling purchase demand ahead of last September's consumption tax hike; and thirdly, the Japanese government cancelled the validity of visas for about 150 countries and territories, which continued to reduce the number of international flights and lower inbound demand.

The good news is that the Chinese market is recovering quickly, with almost all retail stores resuming operations after March. Mainland China is the fastest region among all business segments in the world to escape the impact ofthe epidemic, and has become the "safe haven" that drives Shiseido's post-epidemic global performance.