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Shiseido slashes profit forecast on weak beauty sales in Japan, China

Cosmetics company to boost spending in brand promotion, staff development

A Shiseido event in China's Hainan. The company expects sales to suffer in Japan, China and Europe in the second half of 2022.

TOKYO -- Shiseido, Japan's top cosmetics company by sales, now sees its annual net profit dropping by a wider-than-expected 46% on the year as Japanese and Chinese consumers tighten their purse strings.

The company's new forecast of 25.5 billion yen ($189 million) in 2022, announced Wednesday, marks a downgrade of 18.5 billion yen and factors in a 14 billion yen loss expected from the sale of personal care product factories.

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