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.
Consumer
Japan's Shiseido pays heavy price for dependence on China
Stock market not impressed by plan for cutting costs, lifting profit margin
China's tightening of regulations on resellers in 2023 cut heavily into Shiseido's sales in a key market. © Reuters
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