Society

Shiseido reveals new business direction

Jul 01 (NHK) - A firm created to take over the personal care division of Japanese cosmetics giant Shiseido has unveiled its business strategy.

The new venture, Fine Today Shiseido, will focus on Asia, with an eye toward online sales and a possible public listing.

The president and CEO of the new company, Komori Tetsuo, held a news conference in Tokyo on Wednesday.

Shiseido has been in the process of selling off its personal care business to UK-based investment fund CVC Capital Partners. The transaction, worth some 160 billion yen, or 1.4 billion dollars, is expected to be finalized on Thursday.

The business covers a range of items, including shampoo and affordable skincare products.

The new company will hire employees currently with the division and will also maintain Shiseido's key brands.

The personal care unit accounted for only about 10 percent of Shiseido's entire sales. The firm says it will look to focus on high-end brands and will also get involved in the operation of the new business.

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