Shiseido has formed a joint venture in Indonesia with PT Sinar Mas Tunggal.
This story first appeared in the April 11, 2014 issue of WWD. Subscribe Today.
The joint venture partner is part of the Sinar Mas Group conglomerate. Shiseido owns a 65 percent stake in the venture, which will be headquartered in Jakarta and be named PT Shiseido Cosmetics Indonesia. The venture is expected to commence business activities in July.
Shiseido, which has done business in Indonesia since 1958, said the plan, besides growing the Shiseido name globally, is to expand the brand in the “masstige” market.
Shiseido noted that Indonesia is the world’s fourth-largest populated country, with 60 percent of its population under the age of 35. It also said that the cosmetics market in the country is projected to grow at an annual rate of 10 percent.