Shiseido's core operating profit would have jumped 90% to ¥44.4 billion in the first half, according to Cosmetics Business, a metric presented by the outlet as a sign that the Japanese group's recovery plan is taking shape. Net sales would have come in at ¥499 billion over the six months ended late June 2026, remaining stable on a like-for-like basis.
Mixed regional trajectories
L'Asie-Pacifique would have led growth with a 2% increase in the first half, while Japon and Chine, including travel retail, would have remained stable over the period. Conversely, sales in Amériques and EMEA would have fallen 1%, a decline attributed to stronger competition in these regions and to « défis persistants » with certain brands in the portfolio. Organic revenue would nonetheless have grown in the second quarter.
Shiseido stated it is moving « régulièrement vers la profitabilité » in 2026 in the US market.
Brands in a mixed state
Among the brands in the portfolio, NARS Cosmetics and Cle de Peau de Beauté would have grown 3% and 2% respectively in the first half, with the latter's growth accelerating to 6% in the second quarter. The Shiseido brand itself, however, would have fallen 3% over the period. On the skincare side, Elixir would have gained 7% and the emerging Baume line 3%.
The fragrance segment would have seen its growth accelerate to 12% in the second quarter, driven by the expansion of the portfolio including Narciso Rodriguez and Issey Miyake. Drunk Elephant, which is struggling, would have seen its sales fall 12% in the first half and then 9% in the second quarter, a slight improvement. The launch of the NARS Natural Matte Longwear foundation would not have met expectations, largely due to the US market.
What's next
The group is counting on the launch of the first fragrance from the Italian fashion house Max Mara as well as on the geographic rollout of Zadig & Voltaire to sustain momentum in the second half.
