TOKYO — Shiseido Co. Ltd. announced plans to establish a wholly owned subsidiary in Russia on May 15. That branch is due to start selling operations in January.
"The cultivation of promising new markets is a key issue in maintaining the growth of international businesses," said the Japanese beauty giant in a statement. "Among the emerging economies of Brazil, Russia, India and China, Russia is recognized as a promising market after China. As a result of continuous and stable economic growth in recent years, [Russia's] affluent class is assuming greater prominence, particularly in urban centers where businesses are concentrated, accompanied by rapid expansion of the prestige cosmetics market."
Shiseido's new Russian subsidiary, called Shiseido (RUS) LLC, will import and then sell the company's cosmetics products. Its focus will be on Moscow and St. Petersburg, with prestige beauty product lines, including Shiseido The Skincare and Shiseido Benefiance.
Shiseido initially entered Russia via a distributor in 1999.
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