TOKYO -- Shiseido's reliance on China has become a major liability for the Japanese beauty group since a Beijing policy shift slammed on the brakes on lucrative duty-free sales, with the stock market reacting coolly to its new plan to cut costs and lift profit globally.
At a Nov. 29 briefing on the earnings improvement plan, the company said it would reduce costs by 25 billion yen ($163 million) in 2026 and focus resources on core brands.
