| Category | Skincare |
| Founded | 1872 |
| Headquarters | Tokyo, Japan |
| Listing | Listed on the Tokyo Stock Exchange (4911) |
| Latest revenue | Net sales JPY 970bn in FY2025 |
| Hero SKUs | Ultimune Power Infusing Concentrate |
Brand History
Shiseido was founded in 1872 by Arinobu Fukuhara as a Western-style pharmacy in Ginza, its name taken from a line in the I Ching: 'praise the great beginning, all things arise'. In 1897 the pharmacy's chemistry turned to cosmetics with its first lotion; a design department followed in 1916, making packaging a brand asset; and a chain-store system in 1923 put the name into daily Japanese life before the products did.
A century later Shiseido is the most complete Japanese beauty sample in China: entering in 1981, building joint-venture plants in the 1990s, then assembling Clé de Peau, NARS and Drunk Elephant into a portfolio — from 'imported brand' to 'multi-brand group'. FY2025 net sales were JPY 970bn, down 2.1%, with core operating profit up 22.4% to JPY 44.5bn, but an operating loss of JPY 28.8bn and a net loss of JPY 40.7bn — two consecutive loss years driven by restructuring costs and a 39% collapse at Drunk Elephant. China and travel retail fell 14% and 7% in Q1 and Q2 before turning to +8% and +2% in Q3 and Q4, led by CPB and NARS.
Hero Products
Three-Year Financials
| Year | Revenue (RMB bn) | YoY | Net profit (RMB bn) |
|---|---|---|---|
| 2023 | 9,730 | +8.8% | 217 |
| 2024 | 9,906 | +1.8% | -108 |
| 2025 | 9,700 | -2.1% | -407 |
Brand-level：The Shiseido brand was roughly flat in 2025 and accounts for about 23% of group sales, still one of three core brands; Clé de Peau grew 4% (20% of sales) and NARS 3% (12%). The China and travel-retail segment posted JPY 342.2bn, down 3%.
Source：Shiseido FY2025 consolidated results (IFRS); Shiseido IR briefing materials; trade press
Company Coverage
- 2026-02Second consecutive loss year
Net sales JPY 970bn and a net loss of JPY 40.7bn, with restructuring and non-recurring items weighing on profit.
Source：Shiseido FY2025 results - 2025-12China turns positive in Q3 and Q4
The China and travel-retail segment moved from declines to +8% and +2%, driven by CPB and NARS.
Source：Shiseido results briefing - 2025-06Drunk Elephant exits Japan
The US brand fell 39% in 2025 and left the Japanese market from 30 June.
Source：Trade media
Editor's note: Shiseido's problem is structure, not brand power. It owns Asia's strongest multi-brand portfolio yet lacks a buffer when both pillars — prestige in China, mass in Japan — loosen at once. The 2025 core-profit recovery shows costs have been cut; revenue only proves out in 2026, the timeline the company itself set.