Shiseido to invest more in nation

Japanese cosmetics maker Shiseido Group will invest further in China and build its second-largest research and development center in the country, said Toshinobu Umetsu, president and CEO of Shiseido China, amid signs that the global cosmetics industry is facing headwinds.

"Shiseido has never shaken in its determination to invest in China, as the country is increasingly becoming a global source of innovation for beauty and cosmetics, which offers huge development opportunities for multinationals like us," Umetsu told China Daily in an exclusive interview.

"We are fully confident in the Chinese market and determined to beef up investment here," Umetsu, Shiseido's youngest CEO ever in China, said.

Compared with customers in other markets, Chinese consumers are more conscious of their beauty needs and are willing to accept new products, which assures Shiseido's investments in the market, Umetsu said.

"In addition, some of our innovations here are quite popular globally," he said.

To further drive innovation in China, the company will introduce new brands and products from the rest of the world so as to offer local consumers more choice, Umetsu said.

" … more efforts will be made to carry out innovations with local partners to meet the needs of Chinese consumers," he said, citing the example of one of its ESG (environmental, social, and governance) projects that was backed by authorities in Shanghai.

"As China spearheads the world in innovation, we are determined to accelerate the introduction of global innovation achievements and make China the first market for cutting-edge innovation," he added.

The company displayed over 40 new products at the sixth China International Import Expo in Shanghai earlier this month. It has participated in five editions of the event.

"Although the global economy has rebounded this year, the recovery momentum is not strong enough. In this case, China's determination to bolster an open economy brings much-needed stability to and injects driving force into the world economy," Umetsu said at the sidelines of the event.

Despite a subdued global investment sentiment, multinational companies are confident about investing in China and firmly believe innovations can represent the most significant growth opportunities for them in the Chinese market, said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

Shiseido, which has been present in China for over 40 years, has witnessed the country's commitment to "growing together with the world", Umetsu said.

The company remains fully confident about the China market and is equally determined in its commitment to invest here, he added.