Shiseido Business Plans

Three-Year Plan(April 2008 – March 2011)

Shiseido Co., Ltd.

ThreeThree--Year PlanYear Plan(April 2008 (April 2008 –– March 2011)March 2011)

Shiseido Co., Ltd.Shiseido Co., Ltd.

Shinzo MaedaShinzo MaedaPresident & CEOPresident & CEOShiseido Co., Ltd.Shiseido Co., Ltd.

　April 3, 2008

Hello. I’m Shinzo Maeda, President of

Shiseido.

First of all, I would like to thank you all

for making time in your busy schedules

to attend today’s presentation.

Three years ago, we made the

declaration to “break down and rebuild

the company.” Since then, Shiseido’s

employees have responded well to a

series of tough reforms.

I sense that Shiseido has made a huge

transformation into an effective company

with enormous sustainable growth

“potential” as a global corporation.

However, this is only the starting line.

We have now reached the next stage,

which will test the “true value” of the

reforms as we realize this “potential.”

Shiseido: The Path to the PresentShiseido: The Path to the Present

First, we will look back briefly at Shiseido’s

path up to three years ago.

500

Domestic Cosmetics Business: Sales Trends

First growth phaseFirst growth phase⇒Domestic growth

*Domestic Cosmetics Business: Sum of counseling cosmetics, self-selection cosmetics, and toiletries

（FY）

0

71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03

(Billions of yen)

Until the 1970s, Shiseido’s performance in the domestic market improved year by year as it rode the wave of Japan’s rapid economic growth. Greatly contributing to such growth was a network of “voluntary chain stores” contracted to sell Shiseido products. The network was established in the 1950s and based on the “resale system.”This period up to the 1970s was Shiseido’s first growth phase.

From the early 1980s, there was a pronounced diversification in consumer preferences and buying patterns. In response, we wasted no time in diversifying our sales channels and prices. We also entered a long period of stagnation when the economic downturn occurred.

The Japanese market had already entered a mature phase, and the Company fell into a huge “negative spiral ”due to attempts to overcome difficulties while patching up antiquated systems.

Negative Spiral: Problem of Resale System

Sales stagnateSales stagnate

Marketing spending Marketing spending dispersesdisperses

Sales power Sales power dispersesdisperses

Generate sales Generate sales from new productsfrom new products

Develop and launchDevelop and launchmany new productsmany new products

Core lines Core lines lose powerlose power

Shelf space Shelf space declinesdeclines

Vicious cycleVicious cyclecauses total causes total

attritionattrition

In order to overcome the slump in sales,

we launched new brands and products in

rapid succession, and thinly spread our

investments and sales capabilities. The

result was a decline in brand power, which

led to worsening sales.

In fact, systems created during the age of

the “resale system” caused a vicious circle,

which was responsible for the Company’s

total attrition.

Protected by resalesystem: Tailwind of

economic growth

Accelerated changein channel structure

Specialty stores struggleEmergence ofstructured retailers

Arrival of new channels (mail order, Internet)

Price diversification

Diversification of consumer tastes and purchasing patterns

Early 1980s Late 1980s－2004

First growth phase:Domestic player

Stagnation; Problem of old system

Sales counter reformsStreamlined non-performing

assets (inventories, etc.)Concentrated lines

Introduced POS and OTC sales-oriented system

Early retirement program

Invasion of foreign brands

1997: Total abolition of resale system

Previous Three-YearPlan

2005－2007

Breaking the resale problem;Preparation for second

growth phase as global player

Positioning of Previous Three-Year Plan

Shiseido decided it must eliminate this

problem and be reborn.

Under the previous three-year plan, we

worked hard to build a business

foundation for Shiseido’s rebirth as a

global player. Our aim was to achieve a

sustainable growth phase, similar to that

of the 1970s.

Japan

Discarded old domestically oriented business model; Emerged as a global playerDiscarded old domestically oriented business model; Emerged as a global player

(1)(1)Brand/line portfolio consolidationBrand/line portfolio consolidation　Limited brands/lines under mega-line concept　Discontinued unprofitable brands(2)Reform of business trade system (2)Reform of business trade system (discard uniformity)(discard uniformity)　Performance-based incentive 　　 → Activity-based incentives　Uniformity

→ Linked to marketing techniques

(3)Reorganized sales system(3)Reorganized sales systemIntegrated cosmetics and toiletries businessesEstablished channel-specific sales system

(4)Innovated the activities of Beauty (4)Innovated the activities of Beauty ConsultantsConsultantsAbolished sales-based evaluation→ Priority on customer satisfaction

(5)Rearranged value creation system(5)Rearranged value creation systemIntroduced category-specific brand manager system

(6)Raised efficiency of production/(6)Raised efficiency of production/distribution systemdistribution systemJapan: 6 factories to 4 factoriesSold logistics subsidiary and its facilities→ Those functions now outsourced

Commitment: 8%+operating margin; 35%+overseas sales ratio; 90%+total shareholder return ratioCommitment: 8%+operating margin; 35%+overseas sales ratio; 90%+total shareholder return ratio

New business model for post-resale era

(1)(1)Expanded sales, driven by ChinaExpanded sales, driven by ChinaChina: 30%+year-on-year sales growth for 4

consecutive yearsGrowth of cosmetics specialty stores as No.2

business pillar Overseas in total: 10%+year-on-year sales

growth for 3 consecutive years　　

(2)Streamlined non(2)Streamlined non--profitable businesses:profitable businesses:From 9 loss-making companies to 1

(3)Restructured North American operations(3)Restructured North American operations　Created inter-business synergies through

functional centralization and integrationOvercame loss-making status (regional operating

margin: 6%+)

　　

Wellspring for business expansion

Established business foundation

Mar

ket

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ales

Pro

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evel

opm

ent;

Pro

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Optimally allocated (centralized) resourcesEstablished well-balanced earnings structure

Established business foundationconducive to full-scale growth

Results of Previous Three-Year Plan

Overseas markets

(1)(1)Personnel reformsPersonnel reforms(2)Organizational (2)Organizational

reformsreforms(3)Governance (3)Governance

reforms reforms

(1)(1)Personnel systemPersonnel systemreformsreforms(2)Organizational (2)Organizational reforms reforms (3)Corporate (3)Corporate governance reformsgovernance reforms

This is a summary of Shiseido’s successes during that period.

In Japan, we established a new business model. We did this by modifying and updating the Company’s functions and systems in all areas, from marketing to retail operations, product development, and production. Overseas, we improved profitability considerably by ensuring double-digit growth in sales, primarily in China, and discarding unprofitable businesses. The overseas sales ratio, which was under 10% over a decade ago, has risen to 36%.

As a result, the Company achieved an operating margin in excess of 8% and made a solid return to shareholders, with a total return ratio of above 90%. The market value of Shiseido stock, which had slumped to around ¥500 billion at one stage, has since almost doubled, surpassing the ¥1 trillion mark.

Shiseido Going ForwardShiseido Going Forward

The time ahead is a decisive stage that will

assure Shiseido’s second growth phase as a

global player.

ShiseidoShiseido

Become a global player representing Asiawith its origins in Japan


Previous three-year plan: Established foundation for becoming global playerPrevious three-year plan: Established foundation for becoming global player

Our Vision of a Global Player

ShiseidoShiseidoShiseido

Our vision is to become a global player that

will represent Asia on the world stage with

its origins in Japan.

Raise growth potential in markets throughout the world;Achieve higher growth rate than global cosmetics

market (at very least)

Raise growth potential in markets throughout the world;Achieve higher growth rate than global cosmetics

market (at very least)

Transform into a business structure capable of continually generating ROE and operating margin at levels comparable to those of global competitors

Transform into a business structure capable of continually generating ROE and operating margin at levels comparable to those of global competitors

Challenges to Becoming a Global Player

We must tackle two challenges if we are

to realize this vision.

One is to raise our growth potential in

markets throughout the world, so that we

can achieve a higher growth rate than the

global cosmetics market, at the very least.

The second is to transform into a

business structure capable of continually

generating ROE and operating margin at

levels comparable to those of global

competitors.

Shiseido’s Raison d’EtreShiseido’s Raison d’Etre

I would like to make one more important

point.

We are committed to strengthening

Shiseido’s “raison d’ètre.” In other words,

we want to create a clear identity unique

to Shiseido that is different from those of

our global competitors. And we will

single-mindedly aspire to that identity.

We imagine Shiseido’s raison d’ètre as

follows.

Realize the beauty of customers and enrich their hearts

Realize the beauty of customers and enrich their hearts

What is Shiseido’s Raison d’ Etre?

We will not merely sell products. We will

realize the beauty of customers. We will

also enrich their hearts to complement their

outer beauty.

RichnessRichnessBeing thoroughly meticulous about the high quality

of products and services

Ｈｕｍａｎ　Ｓｃｉｅｎｃｅ Spirit of Omotenashi

Pursuing benefits that reach all the way to people’s minds

Enriching people’s heartsthrough interactions between

customers and products

Shiseido’s Raison d’ Etre: Three StrengthsShiseido’s Raison d’ Etre: Three Strengths

Shiseido’s three strengths that will

sustain its raison d’ètre are encapsulated

in the following concepts.

The first is “richness.” Richness may be

defined as being thoroughly meticulous

about ensuring high quality and services.

The next is “human science.” This is not

only making the skin beautiful, but also

pursuing benefits that reach all the way

to people’s minds within the R&D field.

Lastly, there is the Japanese spirit of

Omotenashi (hospitality). This is

enriching people’s hearts through

interaction between customers and

products.

This moment. This life. Beautifully.

These concepts are embodied in

Shiseido’s corporate message: “This

Moment. This Life. Beautifully.”

Beauty is not only momentary, but life

itself is made beautiful when we are

made to feel beautiful inside time and

again.

Our raison d’ètre is not merely to sell

products. It extends much further to the

provision of beauty and inner enrichment

for each and every customer. We will

continue to uphold this philosophy.

Roadmap for the Coming DecadeRoadmap for the Coming Decade

I will now outline our strategy for the next

10 years as Shiseido demonstrates its raison

d’ètre to become a necessary part of

customers’ lives worldwide.

Ten years from now: Net sales in excess of ¥1 trillion (over 50% overseas sales)Achieve ROE comparable to that of global competitors (15% or higher)

Continually generate solid operating margin (12% or higher)

Ten years from now: Net sales in excess of ¥1 trillion (over 50% overseas sales)Achieve ROE comparable to that of global competitors (15% or higher)

Continually generate solid operating margin (12% or higher)

FYFY２００５２００５ FYFY２０１１２０１１ FYFY２０１７２０１７FYFY２０１４２０１４FYFY２００８２００８

Phase 3Phase 3

Establish foundationEstablish foundationas a global playeras a global player

Phase 2Phase 2

Phase 1Phase 1

Establish an undisputed presence in AsiaEstablish an undisputed presence in AsiaBecome a Become a

global playerglobal player

Improve qualityacross the board

Get into growth trajectory

Make a leap forward

　New three-year plan

　Previous three-year plan

Roadmap for the Coming DecadeRoadmap for the Coming Decade

Become a global player representing Asia with its origins in Japan

Establish foundationEstablish foundation

Over the next 10 years, Shiseido will take a three-phased approach.

In the first three-year phase, we will shift our focus to improve quality across the board. In Phase 2, we will establish an undisputed presence in Asia sustained by the foundation created in Phase 1. In Phase 3, we will continue to accelerate growth on a global scale and improve profitability.

Within 10 years, Shiseido is aiming to surpass net sales of ¥1 trillion, more than half of which will be derived from overseas. We will be able to consistently achieve an ROE of at least 15% and an operating margin of at least 12%, putting us on a level comparable to our global competitors. We will move forward with the aim of realizing this scenario.

New Three-Year PlanNew Three-Year Plan

I will now present an outline of Shiseido’s

new three-year plan, which marks Phase 1.

Create a brand loved by customers throughout the world

Create a brand loved by customers throughout the worldDeclaration

1Declaration

1

Establish unsurpassed, world-classquality of business management

Establish unsurpassed, world-classquality of business management

Strengthen the Shiseido Group’s solidarity,across countries and organizations

Strengthen the Shiseido Group’s solidarity,across countries and organizations



“Three Declarations” of New Three-Year Plan“Three Declarations” of New Three-Year Plan

Declaration2

Declaration2

Declaration3

Declaration3

We will pursue three declarations over

the next three years while aiming to

become a global player representing Asia

with its origins in Japan.

1. Create a brand loved by customers

throughout the world;

2. Establish unsurpassed, world-class

quality of business management; and

3. Strengthen the solidarity of the

Shiseido Group across countries and

organizations.

Keywords for Building Specific StrategiesKeywords for Building Specific Strategies

Balancing expansion of growth potential and improving profitability

Balancing expansion of growth potential and improving profitability

GlobalizationGlobalization

Distinction and concentrationDistinction and concentration

Utilize external knowledge and resourcesUtilize external knowledge and resources

＋

We have several general strategies for

realizing these declarations. One is to

expand growth potential and improve

profitability. We will continue

implementing this strategy, as we have

done over the past three years.

In addition, over the next three years we

will leave no stone unturned in pursuing

three initiatives: “globalization,”“distinction and concentration,” and

“utilization of external knowledge and

resources.”

Overall View of New Three-Year Plan (FY2008-FY2010)Overall View of New Three-Year Plan (FY2008-FY2010)

Expand growth potential and improve profitabilityExpand growth potential and improve profitability

GlobalizationGlobalizationGlobalization

Strengthen cultivation of Strengthen cultivation of the global the global SHISEIDOSHISEIDO brandbrand

Create solid brandsCreate solid brands

Key

wor

ds

Become a global player representing Asia with its origins in Japan; Raise quality of all activities across the board

Become a global player representing Asia with its origins in Japan; Raise quality of all activities across the board

Distinction and concentrationDistinction and concentrationDistinction and concentration Utilize external knowledge and resources

Utilize external knowledge Utilize external knowledge and resourcesand resources

Str

ateg

ic d

irec

tion

Establish an undisputed presence in AsiaEstablish an undisputed presence in Asia

Strengthen foundation for raising Strengthen foundation for raising SHISEIDOSHISEIDO GroupGroup’’s corporate values corporate value

Accelerate reforms of Beauty Consultant activities

Reinforce value creation power

Establish global production systems

Nurture human resources on global basisNurture human resources on global basis

Improve quality of business managementImprove quality of business management

Raise organizational capabilitiesRaise organizational capabilities

Advance governance systemAdvance governance system

Pursue structural reformsPursue structural reforms

Target proactive CSR initiativesTarget proactive CSR initiatives

Strengthen global solidarityStrengthen global solidarity

Operating margin: 10%+; ROE: Operating margin+1-2 points; Overseas sales ratio: 40%+Operating margin: 10%+; ROE: Operating margin+1-2 points; Overseas sales ratio: 40%+

Nu

mer

ical

ta

rget

s

Full-scale rollout of “mass prestige” marketing

Further expand business in China

Solidify No.1 position in Japan

This chart shows Shiseido’s specific

strategies.

1. Strengthen cultivation of the global SHISEIDO brand

2. Aim to establish an undisputedpresence in Asia

3. Strengthen foundation for enhancing the value of the SHISEIDO Group

1. Strengthen cultivation of the global SHISEIDO brand

2. Aim to establish an undisputedpresence in Asia

3. Strengthen foundation for enhancing the value of the SHISEIDO Group

Declaration 1: Create a brand loved by customers throughout the world

Declaration 1: Create a brand loved by customers throughout the world Our first declaration is to “Create a brand

loved by customers throughout the world.”

1. Strengthen Cultivation ofthe Global SHISEIDO Brand

1. Strengthen Cultivation ofthe Global SHISEIDO Brand

We sell the global SHISEIDO brand at

department stores in Japan and around the

world that embrace the “Shiseido” name.

Going forward, we will strongly nurture

this brand as a symbol of Shiseido’s

presence as a global player.

ライン集約、商品体系刷新ライン集約、商品体系刷新ライン集約、商品体系刷新Integrate lines; Renew product portfolioIntegrate lines; Renew product portfolioIntegrate lines; Renew product portfolio

Harness Groupwide power to expand market shareHarness Groupwide power to expand market shareHarness Groupwide power to expand market share

1. Strengthen Cultivation of the Global SHISEIDO Brand1. Strengthen Cultivation of the Global SHISEIDO Brand

シティーコンセプト戦略の展開シティーコンセプト戦略の展開シティーコンセプト戦略の展開

Expand into emerging marketsExpand into emerging marketsExpand into emerging markets

Roll out the “City Concept” strategyRoll out the Roll out the ““City ConceptCity Concept”” strategystrategy

In order to demonstrate the consistent

strength of the global SHISEIDO brand,

we will target the gradual integration of

product lines and the renewal of

Shiseido’s product portfolio.

Then, we will roll out a detailed

marketing strategy called the “City

Concept.”

City ConceptCity Concept

Consider aspects of the market as city-based units not as country-based units,

then concentrate resources to ensure aggressive marketing

Consider aspects of the market as cityConsider aspects of the market as city--based based units not as countryunits not as country--based units,based units,

then concentrate resources to ensure aggressive marketingthen concentrate resources to ensure aggressive marketing

City Intensive： Focused cultivation of SHISEIDO brand

City IntensiveCity Intensive：： Focused cultivation of Focused cultivation of SHISEIDO brandSHISEIDO brand

City Cultivation： Multiple brand rolloutsCity CultivationCity Cultivation：： Multiple brand rolloutsMultiple brand rollouts

Under the City Concept, we will

consider aspects of the market as city-

based units, not as country-based units as

has been the case until now. We will roll

out aggressive marketing strategies

supported by the concentrated allocation

of resources in each city.

We have identified two types of city

marketing strategies, and will roll out

marketing strategies suited to their

respective market environments.


City Intensive: Focused cultivation of SHISEIDO brandCity Intensive: Focused cultivation of SHISEIDO brand

Example:・PR activities closely geared to local areas, targeting press

and opinion-leaders・Strengthen promotions such as selective distribution of

sample kits aimed at attracting new customers・Form alliances with makeup artists; step up in-store events

One is the “City Intensive” marketing

strategy. Despite the current weakness of

the SHISEIDO brand in these cities,

market characteristics suggest that the

injection of concentrated resources will

generate rapid growth.

For example, under this strategy we will

expand our presence in Moscow and St.

Petersburg, the two consumer centers of

Russia.


City Cultivation： Multiple brand rolloutsCity Cultivation： Multiple brand rollouts

Beauty Expo例

Example: Hold in-store multiple brand events and workshops for

customers

We will apply the “City Cultivation”marketing strategy to markets one step

further developed, such as Bangkok in

Thailand. In these cities, where the

SHISEIDO brand retains a certain

presence, we will harness Group

synergies to roll out multiple brands.

Key elements of our multiple brand

rollout strategy are the designer

fragrances of French subsidiary BeautéPrestige International and the makeup

line of U.S. subsidiary NARS.

Fragrances are a particularly important

product category that account for around

20% of the cosmetics markets of Europe

and North America. Over the next three

years, therefore, we will step up efforts

to nurture these businesses.


Develop cross-lateral promotions linking citiesDevelop cross-lateral promotions linking cities

ベルリン、ミュンヘン、デゥッセルドルフ、　　　マドリッド、バルセロナでビルボード展開

Example: Zen City Jack promotion in Europe

Under the third strategy, we will

develop cross-lateral promotions linking

several cities simultaneously. One

example was last fall’s promotion of the

SHISEIDO brand fragrance Zen in

Europe ahead of other markets. In this

highly successful campaign, we

promoted Zen through street and airport

billboards, in-flight magazines, and in-

store events in duty-free stores and

department stores in major European

cities.

Over the next three years, we will

continue intensively developing

Shiseido’s travel retail business as a

highly profitable growth area. In

conjunction with this effort, we will

strengthen cross-lateral promotions

linking multiple cities with our travel

retail business.

Integrate lines; Renew product portfolioIntegrate lines; Renew product portfolioIntegrate lines; Renew product portfolio

Harness Groupwide power to expand market shareHarness Groupwide power to expand market shareHarness Groupwide power to expand market share

Strengthen Cultivation of the Global SHISEIDO BrandStrengthen Cultivation of the Global SHISEIDO Brand

Roll out the “City Concept” strategyRoll out the Roll out the ““City ConceptCity Concept”” strategystrategy

新興市場へ拡大新興市場へ拡大新興市場へ拡大Expand into emerging marketsExpand into emerging marketsExpand into emerging markets

We will also build a business model for

markets in which we conduct our business

via distributors. These include up-and-

coming markets, such as the Middle East

and India, which are expected to follow the

lead of China and Russia.

2. Aim to Establish an Undisputed Presence in Asia


Next, we will aim to establish an undisputed

presence in Asia.

(1) Roll out “Masstige*” marketing across all of Asia(1) (1) Roll out Roll out ““MasstigeMasstige**”” marketing across all of Asiamarketing across all of Asia

(2) Further expand business in China(2) (2) Further expand business in ChinaFurther expand business in China

(3) Firmly secure the No.1 position in Japan(3) (3) Firmly secure the No.1 position in JapanFirmly secure the No.1 position in Japan

* Coined word from “mass” and “prestige”, and positioned as “more expensive than mass-produced products, but more moderately priced compared with prestige products.”



Here we face three main challenges.

The first is to pursue full-scale

marketing that targets “masstige”markets in Asia in parallel with our

prestige business. The second is to

further expand Shiseido’s business in

China, continuing from the previous

three-year plan. And the third is to firmly

secure Shiseido’s No. 1 position in its

home market of Japan.

Broaden mega-lines rollouts in AsiaBroaden mega-lines rollouts in Asia

Create “Masstige” business model →　Full-scale implementation in the next three-year plan

Create “Masstige” business model →　Full-scale implementation in the next three-year plan

Aim to establish an undisputed presence in AsiaAim to establish an undisputed presence in Asia

(1) Full-Scale Rollout of “Masstige” Marketing(1) Full-Scale Rollout of “Masstige” Marketing

Set up production system → Establish a new factory in VietnamSet up production system → Establish a new factory in Vietnam

The term “masstige” refers to products that are more expensive than regular mass-produced items but are more moderately priced than typical prestige products. Deploying our intimate knowledge of the skin types and tastes of Asian people, together with our business expertise in Japan, we will expand our “masstige” business to cover all of Asia.

The full rollout of our “masstige”business will take place in the three-year period from 2011. In the ensuing three-year period, meanwhile, we will use our “top runner” status to successively roll out our Japanese mega-lines across Asia. Our aim here is to transform our “Japanese mega-lines” into “Asian mega-lines.” During this time, we will build a robust and unique earnings model for our “masstige” business in preparation for a full-scale rollout.

Recently, we announced the construction of a new factory in Vietnam. This facility will become the main production base to supply our “masstige”business in Asia. The factory will begin operations during the next three years.

Department stores: Innovation of Auprès brand (first in 14 years)Strongly nurture prestige SHISEIDO brand

Department stores: Innovation of Auprès brand (first in 14 years)Strongly nurture prestige SHISEIDO brand

Cosmetics specialty stores: Set up new store contracts exclusivelyfor Pure & Mild brand

Improve quality and expand number: 5,000+ store contracts

Cosmetics specialty stores: Set up new store contracts exclusivelyfor Pure & Mild brand

Improve quality and expand number: 5,000+ store contracts

Maintain annual average growth 20%+Maintain operating margin at same level of previous three-year plan

Maintain annual average growth 20%+Maintain operating margin at same level of previous three-year plan

(2) Further Expand Business in China(2) Further Expand Business in China

Proactively cultivate new sales channels Proactively cultivate new sales channels

Next, we will further expand our business in China.

Last month, we announced an overview of our business expansion plans for China, in conjunction with our announcement of the renewal of the Auprès cosmetics brand for the first time in 14 years.

To reiterate, Shiseido will innovate the Auprès brand and strengthen the global SHISEIDO brand sold through the department stores. For cosmetics specialty stores, we have augmented traditional agreements with a new contractual format for stores that handle only the Pure & Mild brand. Here, our aim is to expand Shiseido’s sales base and raise quality. By the final year of the plan, we hope to have either traditional or Pure & Mildagreements with at least 5,000 stores in China. In addition, we plan to establish a third sales channel to complement our existing current department store and specialty store channels.

Through the above measures, we will seek to maintain a high annual growth rate of at least 20%, double that of the projected annual average growth rate of 10% for the overall market. We will also target an operating margin at around the same level of our previous three-year plan.

Relationship building brand strategyRelationship building brand strategyRelationship building brand strategy

Increase high-quality sales conducive to sustained growthIncrease highIncrease high--quality sales conducive to sustained growthquality sales conducive to sustained growth

(3) Firmly Secure the No.1 Position in Japan(3) Firmly Secure the No.1 Position in Japan

Phase 2 sales reform: Become 100% customer-oriented companyPhase 2 sales reform: Become 100% customerPhase 2 sales reform: Become 100% customer--oriented companyoriented company

Consolidate lines into 21 from 27Consolidate lines into 21 from 27Consolidate lines into 21 from 27

In order to become a global player

representing Asia with its origins in

Japan, at the very least we must solidify

our No. 1 position in our home market.

Then we must build a track record of

success in rolling out product categories

on a global basis.

This consists of three initiatives. I will

begin with Shiseido’s brand strategy.

Relationship Building Brand StrategyRelationship Building Brand Strategy

Previous plan (FY2005-2007)

Launch mega-lines

Launch: FY2005-2006Foster: FY2007　　

Rel

atio

nsh

ip b

uil

din

gP

rom

otio

nal

dri

ven

New plan (FY2008-2010)

Sales reforms Phase 2

Sustained reinforcementof promotional driven

category⇒Foster mega-lines

Reinforce Bénéfique and&FACE

Reinforce relationship building category

BC activity reformsPhase 2

Maximize customerinteractions

Gen

erat

esy

ner

gies

Strengthen customers

relationships

Exclusive brands/linesby channel

Beauty Consultant (BC)activity reforms

Phase 1

Reinforce Clé de Peau Beautéand d program

Launch new brands

The key element of our brand strategy in the previous three-year plan was the launch of mega-lines. We established six mainstay lines—one for each major category of the Japanese cosmetic market. The success of mega-lines through extensive promotional campaigns is vital for advancing the powerful perception that Shiseido has changed and that Shiseido products are attractive.

Having successfully met this challenge, we will now focus on areas in which we can harness Shiseido’s strengths. In other words, we will work expand brands/lines by building strong relationships with our customers.

In addition to nurturing existing brands/lines, including Bénéfique, &Face, and d program, we are planning to add a high-end line to the Clé de PeauBeauté brand and launch a new brand in the second half of the current fiscal year. We will continue making full use of Shiseido’s strengths in this area. We will also at last be able to capitalize on the success of innovative activities of beauty consultants and sales reforms already implemented during the previous three-year plan.

Consolidate Lines into 21 from 27Consolidate Lines into 21 from 27

6 mega-lines 2ﾘﾚｰｼｮﾅﾙﾌﾞﾗﾝﾄﾞ

２7育成ブランド

前3ヵ年の育成ブランド27前前33ヵ年の育成ブランドヵ年の育成ブランド2727

5 relationship buildinglines

New brandNew brand

21 nurturing lines

New Three-Year Plan: 21 Nurturing LinesNew Three-Year Plan: 21 Nurturing Lines

In the next three-years, we will

concentrate marketing and human

resources on 21 brands/lines. In addition

to continued development of our six

mega-lines, we will develop five

relationship building brands/lines and 10

other brands/lines. In the previous three-

year plan, we focused on 27 brands/lines.

Now, however, our aim is to enhance

marketing efficiency through increased

distinction and concentration.

To enhance the quality of sales in this

way, in the current three-year plan we

will focus on sales reforms. On top of the

reforms affecting beauty consultants, we

will pursue a similar direction for sales.

In other words, we will develop a system

of “100% customer-oriented” sales.

DefinitionSales target: A goal to strive for, but not an evaluation benchmark

DefinitionSales target: A goal to strive for, but not an evaluation benchmark

Sales quotaSales quota

　Sales target　Sales target

Meeting as many customers as possible・Increase customer numbers 　　

・Broaden sales locations, etc.

Help customers remain beautiful・Convey beauty techniques

・Increase number of repeat customer visits, etc.

Customer satisfaction

Final targetActivity process for achieving final targets

Activities based on opinions of each sales manager

Sometimes customers are

disregarded

To date

Going forward

Phase 2 sales reform: Become 100% customer-oriented company

Phase 2 sales reform: Become 100% customer-oriented company

Evaluation target

Evaluation target

Specifically, we will remove the

constraint of sales quotas, which have

proved an impediment to creating a sense

of unity between sales and beauty

consultants. We will establish new

evaluation targets to replace sales quotas,

such as the number of customers, the

ratio of repeat customer visits, and store

accomplishment ratios.

According to our experience so far,

these new evaluation targets clearly lead

to higher sales and that they are

compatible with the efforts of beauty

consultants, whose primary aim is to

raise customer satisfaction.

Specialty stores Drugstores

Phase 2 sales reform: Become 100%customer-oriented company

Phase 2 sales reform: Become 100%customer-oriented company

Conduct client surveys

打合せ

お客さまづくり活動と連動した販促・施策の

ご提案（オンリーワン連動）

お客さまづくり活動実績の確認

美容関連情報のご案内

セミナーまたは美容講座受講の

ご案内

１．実施している２．実施していない

お客さまづくり活動のご提案（絆を深める）（オンリーワン連動）

お客さまづくり活動と連動した売場づくりの

ご提案（オンリーワン連動）

売場メンテナンス

従業員様とのコミュニケーション

コミュニケーション

ご提案活動

活動マネジメント

美容情報共有

■









お客さまづくり活動のご提案（出会いの拡大）（オンリーワン連動）


ご質問項目

充分

活動の有無

営業担当者名ご記入者のお名前・役職

企業・店舗名

まあ充分どちらともいえない

やや不充分不充分

■ Please write further comments about your company’s sales activities here.

Thank you for your time.

Business meeting

Confirm progress of customer attraction

activities

Introduction tobeauty-related

information

Introduction to seminars or beauty-related lectures

1. Yes 2. No

Suggested activities toattract customers

(deepen ties)(“only one” link)

Sales countermaintenance

Communication withemployeesC

omm

uni

cati

onS

ugge

sted

act

ivit

ies

Act

ivit

ym

anag

emen

tS

hari

ng b

eaut

yin

form

atio

n

■Client survey (specialty stores)

Item

Sufficient

Activities undertaken?

Level of activity (for “Yes” respondents)

Name of salesmanager

Name/title ofquestionnairerespondent

Name ofcompany/store

Mostly sufficient

Neither Mostlyinsufficient Insufficient

■

Suggested activities toattract customers

(increase interactions)(“only one” link)

Suggested sales locationslinked to customer attraction activities

(“only one” link)

Suggested sales promotionactivities linked to

customer attraction activities (“only one” link)

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

Suggested for noncoresales counters

Confirmation of headoffice decisions

Use of medical charts

Suggested semiannualplan

Suggested monthly plan

Maintenance of core sales countersSa

les

coun

ter

enha

ncem

ent

■Client survey (specialty stores)

■

Thank you for your time.

Please write further comments about your company’s sales activities here.

Name of salesmanager

Name ofcompany/store

Name/title ofquestionnairerespondent

Item Activities undertaken?

Com

mu

nica

tion

Business meeting

Communication withemployees

Sug

gest

ed a

ctiv

itie

sS

hari

ng b

eaut

y in

form

atio

n

Introduction tobeauty-related

information

Introduction to seminars or beauty-related lectures

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

1. Yes 2. No

Level of activity (for “Yes” respondents)

SufficientMostly

sufficient NeitherMostly

insufficientInsufficient

Just as with beauty consultants, we

consider evaluation from our clients to

be very important. Our clients take part

in twice-yearly surveys, like those shown

here.

These evaluations will help us discard

the simplistic notion of being concerned

only with higher sales. Rather than use

stopgap figures, we will then be able to

generate higher-quality sales linked to

steady future growth.

3. Strengthen Foundation for Enhancing the value of the SHISEIDO Group

3. Strengthen Foundation for Enhancing the value of the SHISEIDO Group

The third challenge in creating solid brands

is to strengthen the foundation for

enhancing the value of the Shiseido Group.

(1) Accelerate Reforms of Beauty Consultant Activities(1) Accelerate Reforms of Beauty Consultant Activities

(2) Reinforce Value Creation Power(2) Reinforce Value Creation Power

(3) Establish Global Production Systems(3) Establish Global Production Systems

3. Strengthen Foundation for Enhancing the Value of

the SHISEIDO Group

3. Strengthen Foundation for Enhancing the Value of

the SHISEIDO Group

This will require the following three actions.

“Shiseido Beauty Way”: Spirit of OMOTENASHI (hospitality)“Shiseido Beauty Way”: Spirit of OMOTENASHI (hospitality)

Globalization of BC activity reformsGlobalization of BC activity reforms

Achieve and solidify world position as No.1 in customer satisfaction

Achieve and solidify world position as No.1 in customer satisfaction

(1) Accelerate Reforms of Beauty Consultant Activities(1) Accelerate Reforms of Beauty Consultant ActivitiesThe first is to accelerate reforms to the activities of beauty consultants.

Earlier, I cited the Japanese concept of Omotenashi as one of Shiseido’s three strengths.

The “Shiseido Beauty Way” embodies Shiseido’s unspoken expertise in Omotenashi cultivated over its 136-year history. We will apply Omotenashi and “customer relations software,” which has been so successful in Japan under the previous three-year plan on a global scale. At the same time, we will energize the activities of beauty consultants through extended overseas business trips, on-the-job training, and reciprocal exchanges. Our aim is to raise the status of the profession of beauty consultants and become the world leader in providing genuine customer service.

Reinforce skincare research into “skin reparation”and “sense of efficacy”

Reinforce skincare research into Reinforce skincare research into ““skin reparationskin reparation””and and ““sense of efficacysense of efficacy””

Strengthen H&BC research; Focus on new domainsStrengthen H&BC research; Focus on new domainsStrengthen H&BC research; Focus on new domains

Harness internal and external knowledge to reinforce our unrivalled R&D prowess

Step up R&D aimed at enriching people’s hearts

Harness internal and external knowledge to reinforce our Harness internal and external knowledge to reinforce our unrivalled R&D prowess unrivalled R&D prowess

Step up R&D aimed at enriching peopleStep up R&D aimed at enriching people’’s heartss hearts

(2) Reinforce Value Creation Power(2) Reinforce Value Creation Power

Actively promote strategic alliances and “open innovation”Actively promote strategic alliances and Actively promote strategic alliances and ““open innovationopen innovation””

Next is the reinforcement of our value creation power. This also relates to enhancing Shiseido’s “human science”capabilities, which is its third strength.

In the skincare business, where we are best placed to maximize our strengths, we will boost research into improving skin quality. This will include measures for treating rough, dry, and porous skin and acne in addition to the existing research areas of skin lightening and anti-aging. We will also extend research to find ways that customers can perceive the effectiveness of a product, such as through a product’s feel, as a means of creating items with natural appeal.

In order to provide a total solution, we will channel our energies into new businesses, such as health and beauty care, cosmetic dermatology treatments/apparatus, and therapeutic makeup. By actively promoting strategic alliances and “open innovation”—rather than adhering to the principle of self-sufficiency—we will harness internal and external knowledge to strengthen research not only in beautiful skin, but also inner enrichment.

(3) Establish Global Production Systems(3) Establish Global Production Systems

R&D facilities

Production facilities

Build new plants in Vietnam

Close factory in New Zealand

Build new plants in Vietnam + Close factory in New ZealandBuild new plants in Build new plants in VietnamVietnam + Close factory in New Zealand+ Close factory in New Zealand

Stronger focus on core domains; Promote strategic outsourcingStronger focus on core domains; Promote strategic outsourcingStronger focus on core domains; Promote strategic outsourcing

Build optimal production/supply system conducive to globalizationBuild optimal production/supply system conducive to globalizatioBuild optimal production/supply system conducive to globalizationn

（ Professional products）(15 locations)

(5 locations)

We will also adopt a global perspective

when establishing our production system.

In the previous three-year plan, we

reduced the number of domestic

production facilities from six to four. In

the next three-year period, we will open

a new factory in Vietnam and close our

facility in New Zealand. In these ways,

we will target focused reinforcement of

our core domains while strategically

outsourcing certain functions, in an

effort to build an optimal production

system for business globalization.

1. Cultivate global human resources2. Raise organizational capabilities3. Advance corporate governance structure4. Continuously pursue structural reforms5. Actively promote CSR

1. Cultivate global human resources2. Raise organizational capabilities3. Advance corporate governance structure4. Continuously pursue structural reforms5. Actively promote CSR

Declaration2: Establish unsurpassed, world-class quality of business management

Declaration2: Establish unsurpassed, world-class quality of business management

Next, I will explain the second

declaration of the new three-year plan:

“Establish unsurpassed, world-class

quality of business management

recognized worldwide.”

This consists of the following five

initiatives:

“Cultivate human resources,” “Raise

organizational capabilities,” “Advance

corporate governance structure,”“Continuously pursue structural reforms,”and “Actively promote CSR.”

Foster next-generation top management teamFoster nextFoster next--generation top management teamgeneration top management team

Foster human resources more strongly at a global levelFoster human resources more strongly at a global levelFoster human resources more strongly at a global level

1. Cultivate Global Human Resources1. Cultivate Global Human Resources

グローバル人事制度の構築グローバル人事制度の構築グローバル人事制度の構築

現地社員育成：中国研修センター設立現地社員育成：中国研修センター設立現地社員育成：中国研修センター設立

Build global human resource systemBuild global human resource systemBuild global human resource system

Nurture local employees: Establish China training center Nurture local employees: Establish China training center Nurture local employees: Establish China training center

With respect to cultivating global human

resources, we will equip top management

with global-level skills by sending

candidates for executive positions to the

IMD Business School in Lausanne,

Switzerland. We will also build a global

human resource system that removes

distinctions between domestic and foreign

employees, and we will foster global

employees by rotating personnel across

regions.

Shiseido China Training CenterShiseido China Training Center

Train Shiseido employee, clients, and sales specialists in China

Expand use of employee training bases to promote future-oriented Asia intellectual growth

We broke new ground in China last

month with the establishment of the

Shiseido China Training Center. This is

the first training center to be established

by a Japanese company in China, and is

Shiseido’s first such center outside Japan.

We plan to use the Center to train

employees not only from China, but also

from other Asian countries.

Reform head office corporate departmentsReform head office corporate departmentsReform head office corporate departments

Standardize/reform business processes throughintroduction of SAP

Standardize/reform business processes throughStandardize/reform business processes throughintroduction of SAPintroduction of SAP

Build company framework to back up globalizationRaise efficiency by cutting indirect cost

and boosting productivity

Build company framework to back up globalizationBuild company framework to back up globalizationRaise efficiency by cutting indirect costRaise efficiency by cutting indirect cost

and boosting productivityand boosting productivity

2. Raise organizational capabilities2. Raise organizational capabilities

To raise our organizational capabilities,

we will reassess the functions and

processes of corporate departments at its

head office and strengthen support for

strategic planning functions and the

business departments. We will improve

expertise and productivity by

standardizing processes and utilizing

external resources. To this end, we will

introduce an SAP system in the first year

of the plan. Under the new three-year plan,

we will transform Shiseido’s head office

into a robust strategic headquarters

befitting a global corporation, while

reducing indirect costs through improved

productivity.

Rejuvenate and adopt “small elite” teams of officersRejuvenate and adopt “small elite” teams of officers

Clarify and emphasize functional responsibilitiesClarify and emphasize functional responsibilities

Further strengthen corporate governance system as a global corporation

Further strengthen corporate governance system as a global corporation

3. Advance Corporate Governance Structure3. Advance Corporate Governance Structure

Next, we will advance the Company’s corporate governance structure.

Prior to the start of the previous three-year plan, Shiseido had 32 corporate officers. By fiscal 2008, we had reduced this number to an elite body of 19. We also rejuvenated these positions by reducing the average age from over 60 to 56. We now have three executive officers aged in their 40s, compared with none before the plan’s implementation. We also have two external directors who have participated in meetings over the past two years. Recently, they were joined by our first foreign director, Mr. Carsten Fischer. The appointment of Ms. Kimie Iwata as Vice President further reflects the increasing diversity within Shiseido’s top management. As a global company, we will continue to strengthen our corporate governance system by introducing various measures, such as increased clarification of the responsibilities of our corporate executive officers.

Complete reforms in North America; Translate success across other regions

Complete reforms in North America; Translate success across other regions

Streamline/withdraw from unprofitable businesses/brandsStreamline/withdraw from unprofitable businesses/brands

Enhance efficiency to raise profitability;Shift investments to growth fields

Enhance efficiency to raise profitability;Shift investments to growth fields

4. Pursue Structural Reforms4. Pursue Structural Reforms

Reduce number of product categories: 30% reduction between FY 2007 and FY2010

Reduce number of product categories: 30% reduction between FY 2007 and FY2010

We will continue to pursue structural reforms commenced under the previous three-year plan.

We completed the restructuring of our operations in North America and intend to translate its success across other regions.

We are resolved to streamline or withdraw from any business or brand that performs poorly, or has little prospect of future growth or offering synergies to the wider Group.

Under the new three-year plan, we will focus on reducing product categories. Under the previous plan, we reduced to 27 the number of nurtured brands/lines in the domestic cosmetics business, which accounted for more than 80% of total sales. However, due to the large number of product categories responsible for the remaining 20%, we have no hesitation in cutting the total number of product categories in conjunction with the reduction of nurtured brands/lines. To be more precise, we will gradually stop production of around 30% of all domestic and overseas product categories. Combined with actions taken in the previous three-year plan, this will result in a 40% reduction of product categories compared with fiscal 2005. When considering products to discontinue, we will first endeavor to raise functionality to a similar or greater level for existing nurtured products, in an effort to reflect customer tastes while reducing costs.

Expand social beauty care activitiesExpand social beauty care activities

Address environmental issuesAddress environmental issues

Actively promote CSRActively promote CSR

5. Actively Promote CSR5. Actively Promote CSR

Lastly, we will actively promote CSR

initiatives.

Under the new three-year plan, we will

focus on two areas,

“Social Beauty Care” Activities“Social Beauty Care” Activities

Increase domestic locations handling dedicated productsGlobal product roll-outs → Starting in China

Establish Social Beauty Care Center

Increase domestic locations handling dedicated productsGlobal product roll-outs → Starting in China

Establish Social Beauty Care Center

　Social Beauty Care Center (within Ginza head office)

Specialized cosmetics developed by Shiseido (Perfect Cover)

The first is social beauty care activities.

We will increase visits to facilities for the

elderly and expand the use of cosmetics to

help women with troubling skin problems,

such as bruises, white spots, and

birthmarks, for which medical treatment is

not yet available. Such activities enhance

women’s quality of life and make them

feel happier. The year before last, we

opened the Social Beauty Care Center in

our head office building in Ginza as a

facility to coordinate such activities. In the

past 18 months, more than 700 males and

females, aged from five to their 70s, have

received services at the center. Moreover,

stores handling specialized cosmetics are

spreading throughout Japan.

Under the new three-year plan, we will

expand these activities to cover all of

Japan. In a first for Shiseido, we will also

start offering such services in China, in

December 2008.

Reinforce Environmental MeasuresReinforce Environmental Measures

Activities to date: Attached rooftop solar panel at East Windsor PlantTree-planting in China

▼

Company-wide movements, such as solicitation of “eco ideas”

Activities to date: Attached rooftop solar panel at East WindsorActivities to date: Attached rooftop solar panel at East Windsor PlantPlantTreeTree--planting in Chinaplanting in China

▼▼

CompanyCompany--wide movements, such as solicitation of wide movements, such as solicitation of ““eco ideaseco ideas””

Rooftop solar panels(East Windsor Plant)

Tree-planting campaign in LanzhouCity, Gansu Province

In the area of environmental issues, we

are fully aware of the serious

responsibilities we must shoulder as a

global company, and also as a global

citizen. Previous environmental initiatives

include installing rooftop solar panels at

our East Windsor plant in the United

States to conserve electricity, and planting

trees in China. We intend to expand these

initiatives, and also invite suggestions for

“eco ideas” as part of a company-wide

movement to addresses issues confronting

individual employees.

Numerical TargetsNumerical Targets

Before proceeding to the third declaration

concerning “solidarity,” I would like to

outline our financial targets for the next

three years based on the specific strategies

described so far.

FY2007(estimate) FY2008(target) FY2009(target) FY2010(target)

Targets for FY2010: Net Sales and Operating MarginTargets for FY2010: Net Sales and Operating Margin

¥725 billion

Consolidated net sales

8.3%

　　Net sales: Average annual growth rate of 4-5%　　　(1-2% in Japan; 10% overseas; 40%+ overseas sales ratio)

　　Operating margin: 10%+; ROE: Operating margin +1-2 points

　　Net sales: Average annual growth rate of 4-5%　　　(1-2% in Japan; 10% overseas; 40%+ overseas sales ratio)

　　Operating margin: 10%+; ROE: Operating margin +1-2 points

10%or higher

Operating income

First, by fiscal 2010, the final year of the plan, we aim to achieve an operating margin of 10% or higher, and an ROE that is one to two points higher than that.

We project annual average net sales growth of 4–5% over the three years, with domestic sales increasing by 1–2%, slightly higher than the domestic market overall. We expect average annual overseas growth to exceed 10% on a local currency basis.

In the final year of the plan, we expect net sales to exceed ¥800 billion, based on exchange rates of ¥100 to the U.S. dollar, ¥155 to the euro, and ¥14.5 to the yuan. Overseas sales will account for more than 40% of net sales. Specific targets for each year of the plan, including fiscal 2008, will be outlined at the annual financial results briefings. As shown in the chart, the growth rate for fiscal 2008, the first year of the plan, is slightly low in yen terms, in light of our projection of ¥100 to the U.S. dollar.

Cost StructureCost Structure

＜FY2007 Estimate＞＜FY2010 Target＞

Share of net sales (%)

Around one point improvement

Slight increase investment

Slight increase improvement

Cost of sales

around

26

Marketing cost

around

24

Personnel expenses

around

21

Other SG&A

expenses

around

21

Operatingincome

8.3

around

25

20-21

around

20

10 or higher

24-25

Around one point improvement

Around two points improvement

Cost of sales

Marketing cost

Personnel expenses

Other SG&A

expenses

Operatingincome

This slide shows changes to the cost

structure.

The cost of sales will fall by around 1%

compared with fiscal 2007 when the effect

of reducing product categories and other

measures are included. SG&A expenses

will fall about one point, reflecting

increased productivity and more efficient

allocation of other SG&A expense items.

Consistent investment in marketing of

around 24–25% will contribute to sales

growth.

Shareholder ReturnShareholder Return

(Yen)

Flexibly buy back and retire treasury stock, with emphasis on cash dividend

⇒ Total consolidated shareholder return ratio: 60% (medium-term)

Flexibly buy back and retire treasury stock, with emphasis on cash dividend

⇒ Total consolidated shareholder return ratio: 60% (medium-term)

0

5

10

15

20

25

30

35

40

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Interim Year-end(plan)

66th consecutive annual increaseth consecutive annual increasePrevious threePrevious three--year plan: Total return ratio of 93%;year plan: Total return ratio of 93%;

　　　　Payout ratio of 55%Payout ratio of 55%

With regard to shareholder return, we

will continue our basic policy targeting a

total consolidated shareholder return ratio

of 60% in the medium term, stated in the

previous plan. We will continue to buy

back and retire treasury stock while

taking account of changes in the stock

market with an emphasis on cash

dividends.

Declaration3: Strengthen the Shiseido Group’s solidarity,

across countries and organizations

Declaration3: Strengthen the Shiseido Group’s solidarity,

across countries and organizations

Lastly, I would like to address the third declaration: “Strengthen the solidarity of the Shiseido Group across countries and organizations.”

Last year, Shiseido was one of the companies that participated in an employee satisfaction survey conducted in Japan, in which employees of various companies responded to the same set of questions. Since multiple companies took part, we were able to gain an objective insight into Shiseido’s unique features, strengths, and weaknesses.

I was most delighted, and encouraged, by the ratings given to Shiseido by its employees when asked about “Pride in your company,” “Affection for your company,” and “Dreams you have for your company’s future.” Our ratings were far higher than those of other companies.

Maybe these results reflect the wishes of the long line of predecessors who have worked at Shiseido since its foundation. Or perhaps they highlight the confidence we have gained from overcoming the major obstacles to our reforms over the past three years.

Whatever the case, I believe that the

strong solidarity and “spirit of Shiseido

people” will be our biggest strengths as we

build a unique identity in the highly

competitive global marketplace and move

forward.

Today, we are taking our first steps as a

global player representing Asia. Our goal

is for our customers to recognize, cherish,

and trust the Shiseido’s unique value and

appeal, which are not found in other global

corporations. In short, we want to be

“needed by society.”

I look forward to your ongoing guidance

and cooperation. Thank you very much for

your kind attention today.

Shiseido Business Plans

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Transcript of Shiseido Business Plans