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freeplus

2026-11-07 · Kao FY2025 results (Feb 2026) and results briefing; brand website
CategorySensitive-Skin Cleansing
Founded2001
HeadquartersTokyo
ListingNot separately listed; parent Kao is listed on the Tokyo Stock Exchange (4452.T)
Latest revenueGroup FY2025 sales JPY 1,688.6bn, operating profit JPY 164.1bn
Hero SKUsMild Face Cleanser

Brand History

Launched in Japan in 2001, freeplus began as Kanebo's sensitive-skin cleansing line built on a subtractive formula: no fragrance, no colourants, weakly acidic, amino-acid surfactants. After Kao acquired Kanebo in 2006, the brand moved into Kao's cosmetics business and was distributed through both drugstores and department stores.

In China, freeplus built its reputation on a single SKU, the Mild Face Cleanser: a roughly RMB 150 amino-acid face wash with a low-irritation positioning that kept it near the top of Tmall's sensitive-skin cleansing charts. After 2020, domestic amino-acid cleansers at RMB 40-70 took share, pushing the brand toward dermatologist channels and local production in China to shorten its supply chain. Kao's FY2025 results show cosmetics revenue of JPY 261.6bn, up 7.2%, with expanded local production in China cited as a driver.

Hero Products

Mild Face CleanserThe amino-acid face wash that made the brand in China, positioned as gentle and non-tightening.
Mild Foaming WashA pump-foam version aimed at convenience and travel.
Moisture Repair Lotion & EmulsionBasic follow-on care emphasising low irritation and barrier friendliness.
Cleansing OilA plant-oil based remover for sensitive skin that still wears makeup.

Three-Year Financials

YearRevenue (JPY bn)YoYNet profit (JPY bn)
20231,532.6-1.2%43.9
20241,628.4+6.3%107.8
20251,688.6+3.7%120.1
Scope:Group level (Kao Corporation, JPY)
Brand-level:Kao does not break out freeplus sales. Cosmetics segment revenue was JPY 261.6bn in 2025, up 7.2%, with operating profit of JPY 10.4bn as the segment returned to profit; Kao attributes China growth to expanded local production and clearer value messaging.
Source:Kao FY2025 results (Feb 2026) and results briefing; brand website

Company Coverage

EDITOR'S NOTE

Editor's note: freeplus was one of the earliest educators of China's sensitive-skin cleansing market, but its real competitor is no longer imported peers — it is domestic brands selling amino-acid cleansers at RMB 49. Its assets are formula consistency and a reputation for never going wrong; its weakness is near-zero price flexibility. Whether dermatology channels and local production become a structural cost advantage will decide the next five years.

CleanserSensitive Skin