Feb 04 (NHK) - Japanese cosmetics giant Shiseido is shedding some of its popular brands to focus on the luxury market. The firm will sell off its shampoo and affordable skincare unit to a foreign investment fund for about 1.5 billion dollars.
The range includes key brands such as "Tsubaki" and "Uno". It has a history of around 60 years. Executives say they now aim to focus on high-end cosmetics to boost earnings.
The unit will be transferred to CVC Capital Partners.
Officials say a new company will be established after the sale, and Shiseido will stay involved as a shareholder.
Shiseido has been revamping its portfolio as the impact of the coronavirus has changed personal care routines.
The company says it believes CVC's management and financial resources will bring substantial growth.