Page 1

Annual Report 2011

1

Shiseido annual report 2011


Shiseido commenced operations as the first Westernstyle pharmacy of Japan in Tokyo’s Ginza district in 1872, a time when Chinese herbal remedies were the mainstream in Japan. The name Shiseido derives from a Chinese expression meaning“praise the virtues of the great Earth, which nurtures new life and brings forth new values.�In line with this expression, Shiseido remains committed to its founding spirit of serving customers and contributing to society by bringing together all things on Earth to create new value.

2

Shiseido annual report 2011


3

Shiseido annual report 2011


FINANCIAL HIGHLIGHTS

Operating Results

Percent change

Thousands of U.S. dollars (Note 1)

Millions of yen

2011/2010

2009

2010

2011

2011

Net sales

+4.1%

¥690,256

¥644,201

¥670,701

$8,066,158

Operating income

−11.7

49,914

50,351

44,458

534,672

Net income

−62.0

19,373

33,671

12,791

153,830

Financial Position

Percent change

Thousands of U.S. dollars (Note 1)

Millions of yen

2011/2010

2009

2010

Total assets

−4.5%

¥606,569

¥775,446

¥740,184

$8,901,792

Net assets

−12.1

351,951

365,208

321,191

3,862,790

Net Sales (Billions of yen)

2011

Operating Income

670.7

(Billions of yen / %)

Operating Profitability (Billions of yen / %)

9.7

Net Sales by Reportable Segment (Billions of yen)

2011

44.5

Domestic Cosmetics Business

4

Net Income (Billions of yen)

302.6

Global B Othersusiness

Shiseido annual report 2011

6.6

12.8

358.4 Others


Per Share Data

Percent change

U.S.dollars (Note 1)

Yen

2011/2010

2009

2010

2011

2011

Net income (Note 2) −62.0%

¥48.0

¥84.6

¥32.1

$0.39

−11.5

839.9

875.7

774.8

9.32

±0.0

50.0

50.0

50.0

0.60

Net assets (Note 2) Cash dividend

Financial Ratios

Percent change

U.S.dollars (Note 1)

Yen

2011/2010

2009

2010

2011

Operating profitability

7.2%

7.8%

6.6%

Return on equity

5.4

9.8

3.9

Payout ratio (Consolidated)

104.1

59.1

155.5

2011

Notes: 1. All dollar amounts herein refer to U.S. currency. Yen amounts have been translated, solely for the convenience of the reader, at the rate of ¥83.15 to US$1 prevailing on March 31, 2011.

2. Net income per share (basic) is calculated based on the weighted average number of shares outstanding during each respective year. Net assets per share is calculated before dilution.

9.8

9.2

6.6

86.1

Return on Equity (%)

50.0 32.0

60.9 5.4

84.6

48.0

34.0

50.0

50.0

32.1

3.9

Net Income per Share (Yen )

5

Shiseido annual report 2011

Cash Dividends per Share (Yen )


6

Shiseido annual report 2011


RICH

This is about the fullness of personal experiences, not about what money can buy. We believe that our customers can feel the true richness through our uncompromising excellence and attention to details both visible and invisible, in all of our products. We will provide our best to our customers.

7

Shiseido annual report 2011


MESSAGE FROM THE PRESIDENT & CEO

Shiseido aims to become a global player representing Asia with its origins in Japan. Under the theme of getting into a growth trajectory, the new Three-Year Plan will guide Shiseido in achieving a turnaround in Japan and accelerating globalization to evolve into and remain an outstanding company in the future.

The previous plan achieved strong growth overseas, but unfinished issues remain in the Japanese market.

I am Hisayuki Suekawa. I became President & CEO of Shiseido in April 2011. I received the baton of reform from my predecessor, Shinzo Maeda, and will carry it forward as the head of the Company. I intend to lead the advance of Shiseido’s innovation. The year ended M arch 2011 was the final year of the previous Three-Year Plan.Overseas sales increased solidly, with s trong growth in China and the rest of Asia complemented by the sales of Bare Escentuals, Inc., which we acquired in the year ended March 2010. In the domestic market, some sectors such as the self-selection category showed signs of recovery. However, the mid-priced market, a crucial market segment for Shiseido, was challenging and remains an area we must work on. Operating income decreased partly because of lower sales in Japan and nonrecurring costs associated with the acquisition of Bare Escentuals. Our progress overseas during the past three years was impressive. In addition to strengthening cultivation of the global brand , we worked aggressively to enhance competitiveness through initiatives such as accelerating growth in China by concentrating on channel-specific marketing. As a result, we achieved solid sales growth at a compound annual growth rate of 13 percent on a local currency basis. We generated substantial sales growth in all the regions we serve, with compound annual growth rates of 26 percent in the Americas, 11 percent in Asia/Oceania, and 5 percent in Europe. For the year ended March 2011, the overseas sales ratio increased to 42.9 percent, leading me to conclude that we have cultivated strong businesses with a solid foundation. During the previous Three-Year Plan, we implemented all reforms as planned. Some of them succeeded, but we also recognize that our reforms are only halfway complete. My mission is to drive Shiseido’s evolution by taking charge of and accelerating the reforms we have been implementing.

8

Shiseido annual report 2011


Shiseido must take on challenges to evolve into and remain an

Hisayuki Suekawa President & CEO

outstanding company in the future.

Profile

The targets of the new Three-Year Plan are compound annual growth in net sales of 6 percent

1959:

or higher on a local currency basis and operating profitability of 10 percent within three years.

Born in Tokyo

Our targets are high and achieving them will be a challenge. We will increase investments

Joined Shiseido Co., Ltd. After

in some areas such as marketing both in Japan and overseas to get Shiseido into a growth trajector y during the year ending March 2012 by steadily enhancing the foundation for accelerating growth from the year ending March 2013.

1982: sixyears of experience as a sales manager in Nara, Japan, began handling strategy formulation and other projects at the head office.

We aim to maximize returns to shareholders through direct means and by generating medium- and long-term share price gains. To this end, our fundamental policy is to make strategic investments that drive earnings growth while raising capital efficiency, which will lead to medium- and long-term increases in dividends and share price. Our target for returns over the medium-term is a consolidated payout ratio of 40 percent. Based on this target, we will prioritize payment of stable dividends while implementing share buybacks in a flexible manner. For the year ending March 2012, we plan to keep annual dividends at 짜50 per share due to the expectation that earnings will increase under the new Three-Year Plan and our continuing emphasis on stable dividends.

2005: Designed and formulated the ThreeYear Plan in the Corporate Planning Department. Worked with President and CEO Maedain promoting reform. Subse quently became General Manager of theBusiness Planning Department. 2008: Corporate Officer and General Manager of Corporate Department. 2009: Corporate Officer (Director)

We are counting on the continued support of shareholders and investors as we evolve to meet your expectations.

2010: Corporate Executive Officer 2011: President & CEO

July 2011

(RepresentativeDirector), effective April 1

Hisayuki Suekawa President & CEO (Representative Director)

9

Shiseido annual report 2011


10

Shiseido annual report 2011


OMOTENASHI In the spirit of Omotenashi, we welcome you to Shiseido, with our hands, minds and hearts open. We believe that caring, sensitivity and empathy define the beauty in communicating and building relationships. We carry this idea with us whenever we interact with our customers.

11

Shiseido annual report 2011


M A N AG E M E N T ’ S D I S C U S S I O N A N D A N A LY S I S

During the fiscal year ended March 31, 2011, the cosmetics market continued to grow overseas, with ongoing recovery in Europe and North America and continued strong market expansion in China and newly industrialized economies. In Japan, the cosmetics market brightened briefly during summer 2010, but overall consumer sentiment was slow to improve and the market continued to contract. In addition, Japan suffered from the Great East Japan Earthquake in March 2011, which was an unprecedented natural disaster. Shiseido devoted all of its capabilities to these corporate activities during the fiscal year ended March 31, 2011. As a result, overseas sales increased 21.2 percent compared with the previous fiscal year to ¥287,835 million ($3,461,636 thousand), with recovery of the potential for growth in the markets of Europe and North America and continued strong growth in Asian markets including China. Shiseido also completed the acquisition of U.S. cosmetics company Bare Escentuals, Inc. in March 2010, which added to net sales. In the Japanese market, however, consumer sentiment was slow to improve and a changing market structure that is becoming polarized between highand low-priced products led to continued contraction in the mid-priced cosmetics market, sales in Japan decreased 5.8 percent to ¥382,866 million ($4,604,522 thousand). Consequently, net sales including domestic and overseas sales increased 4.1 percent to ¥670,701 million .

Cost of Sales Ratio/SG&A Expense Ratio SG&A Expense Ratio % Cost of Sales Ratio %

Although Shiseido worked to reduce expenses and operate efficiently, nonrecurring expenses associated with the acquisition of Bare Escentuals and lower marginal income because of the

68.2 67.9 67.3 66.1

decrease in domestic sales caused operating income to decrease 11.7 percent to ¥44,458 million

65.4

26.7

25.8

2007

2008

24.9

24.9

2009

2010

25.2

($534,672 thousand). Net income decreased 62.0 percent to ¥12,791 million ($153,830 thousand) because of the

2011

impact of a change in estimation of product samples and promotional items within the scope of assets, write-down of investments in securities, and loss on disaster related to the Great East

Net Sales/Overseas Sales Ratio

Japan Earthquake.

Net Sales (Billions of yen)

Overseas Sales Ratio %

723.5 694.6

690.3

32.4

38.0

36.5

670.7

644.2

42.9

36.9

In the first year of the Three-Year Plan that concluded on March 31, 2011, Shiseido had to change its targets for operating profitability, return on equity (ROE; net income divided by average total net assets) and the overseas sales ratio because of the impact of the global financial crisis touched off by the collapse of Lehman Brothers in autumn 2008 and the subsequent changes in

2007

2008

2009

2010

2011

market structure and weakening consumer sentiment.

12

Shiseido annual report 2011


New Three-year Plan

Globalization Phase III Make a leap forward

Paradigm

Globalization Phase I

shift through fundamental

Improve quality of activities across the board

reforms

2005

Globalization Phase II Get into a growth trajectory

Establish a presence in Asia

2008

2011

Become a global player

2014

10-year Roadmap

2017

Operating profitability for the fiscal year ended March 31, 2011, the final year of the Three-Year Plan, was 6.6 percent, and ROE was 3.9 percent. The overseas sales ratio was 42.9 percent as a result of strong growth in Shiseido’s China business and the acquisition of Bare Escentuals.

Changes in Accounting Policies

Application of Accounting Standard for Asset Retirement Obligations Effective from the year ended March 31, 2011, Shiseido has adopted “Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18, March 31, 2008) and “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008). This change reduced operating income by ¥131 million ($1,575 thousand), and reduced income before income taxes by ¥976 million ($11,738 thousand).

Application of Accounting Standard for Business Combinations Effective from the year ended March 31, 2011, Shiseido has adopted “Accounting Standard for Business Combinations” (ASBJ Statement No. 21, December 26, 2008), “Accounting Standard for Consolidated Financial Statements” (ASBJ Statement No. 22, December 26, 2008), “Partial Amendments to Accounting

13

Shiseido annual report 2011


Standard for Research and Development Costs” (ASBJ Statement No. 23, December 26, 2008), “Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, December 26, 2008), “Revised Accounting Standard for Equity Method of Accounting for Investments” (ASBJ Statement No. 16, December 26, 2008) and “Revised Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” .

Cost of Sales and Selling, General and Administrative Expenses Cost of Sales

Cost of sales increased 5.3 percent compared with the previous fiscal year to ¥168,692 million ($2,028,768 thousand). The ratio of cost of sales to net sales increased 0.3 percentage points to 25.2 percent. Excluding Bare Escentuals, Inc., the ratio for existing businesses decreased 0.9 percent to 24.0 percent.

Selling, General and Administrative Expenses

Operating Income/ Operating Profitability Operating Income (Billions of yen)

Selling, general and administrative (SG&A) expenses increased 5.5 percent compared with the previous

Operating Profitability % 8.8 7.2

7.8

63.5 49.9

8.3

50.4

50.0

fiscal year to ¥457,551 million ($5,502,718 thousand). The ratio of SG&A expenses to net sales increased 0.9

6.6

percentage points to 68.2 percent Analysis of the major components of SG&A expenses is included in the

44.5

following sections. 2007

2008

2009

2010

Marketing Costs

2011

Marketing costs consist of advertising and promotional expenses. The ratio of marketing costs to net sales decreased 1.2 percentage points to 21.5 percent. Overseas, Shiseido concentrated marketing costs on regenerating the global brand . In Japan, Shiseido raised cost efficiency by assiduously distinguishing and

Net Income/Return on Equity Return on Equity (Billions of yen) Net Income %

concentrating brands/lines for investment, which reduced the overall ratio of marketing costs to net sales. 9.8

35.5

9.2

25.3

Personnel Expenses

33.7

5.4

6.6 19.4 3.9 12.8

2007

2008

2009

2010

2011

The ratio of personnel expenses to net sales increased 0.7 percentage points to 23.7 percent. In Japan, this ratio rose because bonuses increased while net sales decreased. Overseas, personnel expenses increased with the expansion of operations. However, the ratio of personnel expenses decreased because the rate of increase in personnel expenses was lower than the rate of increase in net sales.

Other Expenses The ratio of other expenses to net sales increased 0.4 percentage points to 21.7 percent despite efforts to reduce costs in response to lower net sales.

Other Income (Expenses) Net other expenses totaled ¥15,763 million ($189,573 thousand), compared with net other expenses of ¥3,612 million ($38,822 thousand) for the previous fiscal year. Reflecting higher interest expenses due to fund

14

Shiseido annual report 2011


Message from the President & CEO

Management Targets of the New Three-Year Plan 1. Compound annual growth in net sales of 6% or higher 2. Operating profitability of 10% within three years procurement, calculated as interest less interest expense, totaled ¥1,497 million ($18,004 thousand), compared with net interest expense of ¥738 million ($8,876 thousand) for the previous fiscal year. Losses including the impact of a change in estimation of product samples and promotional items within the scope of assets were also booked in Other Income.

Income Taxes, Including Deferred Taxes Income taxes, including deferred taxes, increased 40.4 percent compared with the previous fiscal year to ¥13,328 million ($160,289 thousand) as a result of the tax effect of the elimination of unrealized intercompany profit on inventories. The effective tax rate was 46.4 percent, compared with 20.3 percent in the previous fiscal year.

Minority Interests in Net Income of Consolidated Subsidiaries Minority interests in net income of consolidated subsidiaries decreased 27.9 percent compared with the previous fiscal year to ¥2,576 million.

Net Income Net income decreased 62.0 percent compared with the previous fiscal year to ¥12,791 million ($153,830 thousand). Net income per share decreased to ¥32.1 ($0.39) from ¥84.6 for the previous fiscal year. Return on equity decreased 5.9 percentage points to 3.9 percent from 9.8 percent for the previous fiscal year because of lower net income.

Review by Reportable Segment Sales in the Domestic Cosmetics Business segment decreased 6.6 percent year on year to ¥358,408 million despite solid results in the healthcare business.

15

Shiseido annual report 2011


16

Shiseido annual report 2011


HUMAN SCIENCE

At Shiseido, research extends far beyond the chemistry of cosmetics and the biology of human skin. It is the first cosmetics comeany get these results all over the world. It incorporate holistic human perception as well as our physical, mental, emotional and spiritual responses to evetything around us.

17

Shiseido annual report 2011


FINANCIAL SECTION 19 INDEPENDENT AUDITORS’ REPORT 20 CONSOLIDATED FINANCIAL STATEMENTS 2 2 N OT E S TO T H E CO N S O L I DAT ED FI N A N C I A L S TAT E M EN T S 24 SHISEIDO’S MANAGEMENT STRUCTURE

18

Shiseido annual report 2011


INDEPENDENT AUDITORS’ REPORT

To the Board of Directors and Shareholders of Shiseido Company, Limited: We have audited the accompanying consolidated balance sheets of Shiseido Company, and we Limited and consolidated subsidiaries as of March 31, 2011 and 2010, and the related consolidated statements of income, changes in net assets and cash flows for each of the years in the three-year period ended March 31, 2011, and the related consolidated statements of comprehensive income for each of the years in the two-year period ended March 31, 2011 expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to independently express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Shiseido Company, Limited and subsidiaries as of March 31, 2011 and 2010, and the consolidated results of their operations and their cash flows for each of the years in the three-year period ended March 31, 2011, in conformity with accounting principles generally accepted in Japan. The U.S. dollar am ounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2011 are presented solely for convenience of the reader. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements.

Tokyo, Japan June 24, 2011

19

Shiseido annual report 2011


CO N S O L I DAT E D FI N A N C I A L S TAT E M E N T S CONSOLIDATED BALANCE SHEETS

Shiseido Company, Limited, and Subsidiaries March 31, 2010 and 2011

Millions of yen

2010

Thousands of U.S. dollars 2011

2011

ASSETS

Current Assets: Cash and time deposits

¥ 70,102

¥ 90,007

$ 1,082,465

24,723

15,051

181,010

111,795

102,998

1,238,701

1

5

60

110,746

103,003

1,238,761

(1,050)

(939)

(11,293)

110,796

102,064

1,227,468

Inventories

67,342

67,575

812,668

Deferred tax assets

28,390

26,658

320,601

Other current assets

16,939

12,924

155,431

Total current assets

318,242

314,279

3,779,663

33,590

26,242

315,598

158,552

1,276

15,310

Prepaid pension expenses)

28,740

14,560

295,370

Long-term loans receivable

17,477

-

-

Long-term prepaid expenses

10,327

9,744

117,186

Deferred tax assets

14,164

19,577

235,442

Other investments

25,732

27,233

327,516

228,582

108,884

1,654,749

¥ 775,446

¥ 740,184

¥ 8,901,792

Short-term investments in securities Notes and accounts receivable: Trade Unconsolidated subsidiaries and affiliates Less: allowance for doubtful accounts

Investments and Other Assets: Investments in securities Investments in subsidiaries and affiliates

Total investments and other assets

Total Assets

The accompanying notes are an integral part of the consolidated financial statements.

20

Shiseido annual report 2011


CONSOLIDATED STATEMENTS OF CASH FLOWS

Shiseido Company, Limited, and Subsidiaries For the years ended March 31, 2009, 2010 and 2011

Millions of yen

Thousands of

U.S. dollars

2009

2010

2011

2011

짜 38,486

짜 46,759

짜28,795

짜 34,099

28,289

26,350

29,511

354,913

Amortization of goodwill

1,562

1,041

5,204

62,586

Impairment loss

6,071

3,468

458

5,508

Restructuring expenses

6,074

-

-

-

216

-

-

-

Environmental expenses

-

507

-

-

Loss on adjustment for changes of accounting standard for

-

-

844

10,150

Purchasing-related expenses

-

-

1,233

14,829

Loss on adjustment for changes of estimate for samples and

-

-

6,752

81,203

promotional items

-

-

1,669

20,072

Loss on disaster

-

-

6,752

81,203

203

73

53

637

Increase (decrease) in reserve for sales returns

2,175

693

5

60

Increase (decrease) in accrued bonuses for employees

2,466

1,735

455

5,472

Increase (decrease) in accrued bonuses for directors

10

198

56

673

Increase (decrease) in provision for liabilities and charges

19

363

79

960

1990

745

1,517

699

553

5,620

4,181

50,721

Interest and dividend income

2,812

1,569

2,166

26,049

Interest expense

1,821

1,569

1,400

25,672

Cash Flows from Operating Activities: Income before income taxes Depreciation

Loss on adjustment for changes of accounting standard for lease transactions

asset retirement obligations

Increase (decrease) in allowance for doubtful accounts

Increase (decrease) in accrued retirement benefits (Increase) decrease in prepaid pension expenses

21

Shiseido annual report 2011


N O T E S T O T H E CO N S O L I DAT E D F I N A N C I A L S TAT E M E N T S

1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS Accounting Principles and Presentation

Amounts in U.S. dollars are included solely for the convenience of the reader. The rate of ¥83.15 = US$1 prevailing on March 31, 2011 has been used in translating the consolidated financial statements expressed in Japanese yen into U.S. dollars. Such translations should not be construed as representations that the Japanese yen amounts could be readily converted, realized or settled in U.S. dollars at this rate.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) Scope of Consolidation

The Company has 97 subsidiaries (companies over which the Company exercises control over operations) as of March 31, 2011 (91 and 99 as of March 31, 2009 and 2010, respectively). The accompanying consolidated financial statements as of March 31, 2011 include the accounts of the Company and its 95 (86 and 97 as of March 31, 2009 and 2010, respectively) significant subsidiaries (the “Companies”). The Company has 14 affiliates (companies that are not subsidiaries but over which the Company exercises significant influence) as of March 31, 2011 (20 and 17 as of March 31, 2009 and 2010, respectively). Investments in 3 affiliates (3 as of March 31, 2009 and 2010) are accounted for by the equity method as of March 31, 2011. Three companies — MD Beauty Sales, Inc., ID Direct, Inc., and Carita UK Ltd. — are excluded from the scope of consolidation in the current fiscal year because they were liquidated. The major consolidated subsidiaries are listed in “Main Subsidiaries and Affiliates” on page 58. Since the fiscal year for certain consolidated subsidiaries is December 31, their financial statements as of that date are used in the preparation of the Company’s consolidated financial statements.When occur at those subsidiaries between their fiscal year end and the Company’s fiscal year end, these transactions are included in consolidation. Investments in 2 unconsolidated subsidiaries and 11 affiliates not accounted for the equity method are stated at cost as they are immaterial to the consolidated financial statements. The Company has adopted the “full fair value method” so that all of the assets and liabilities of the subsidiaries are marked to fair value. All significant intercompany balances and transactions have been eliminated in consolidation. All material unrealized profits included in assets resulting from intercompany transactions are eliminated.

22

Shiseido annual report 2011


(2) Inventories Previously, inventories held by the Company for normal sales in the ordinary course of business were valued at cost, determined by the average method, while inventories held by domestic consolidated subsidiaries were valued at cost, determined primarily by the last purchase price method. Effective from the fiscal year ended March 31, 2009, however, the Company applied “Accounting Standard for Measurement of Inventories” (Accounting Standards Board of Japan (“ASBJ”), Statement No. 9, issued July 5, 2006) and unified accounting policies between the Company and its consolidated subsidiaries. Accordingly, such inventories are generally valued at cost, determined by the average method. (Carrying (Additional Information) Accounting Estimation for Samples and Promotional Items. As a result of this change in estimate recorded in the current fiscal year, income before income taxes and net income decreased ¥6,751 million and ¥4,805 million.

(3) Property, Plant and Equipment The U.S. dollar am ounts in the accompanying property, plant and equipment with respect to the year ended March 31, 2011 are presented solely for convenience. Buildings are depreciated using the straight-line method. Other tangible fixed assets are, in principle, depreciated using the declining-balance method at the Company and its domestic consolidated subsidiaries and the straight-line method at overseas consolidated subsidiaries. Major fixed assets in Japan are depreciated over specific useful lives based on durability, level of deterioration, and special characteristics, which represent an approximate 20-30% reduction from useful lives utilized for tax purposes.

(4) Intangible Assets Intangible assets are mainly amortized using the straight-line method over the following useful lives: • Software: 5 years, mainly • Customer relationship: 10 years, mainly

(5) Lease Assets Finance lease assets that are not deemed to transfer ownership of the leased property to the lessee are depreciated using the straight-line method over the period of the lease, with zero residual value.

23

Shiseido annual report 2011


SHISEIDO’S MANAGEMENT STRUCTURE

Shinzo Maeda

Hisayuki Suekawa

Representative Director,

Representative Director,

Chairman of the Board

President & CEO

1970:Joined Shiseido 1996:General Manager of New Cosmetic Department

1982: Joined Shiseido 2007: General Manager of the

Operations Division

2003:Director, Corporate Officer

Executive Vice President 1971: Entered Ministry of Labour 2003: Corporate Advisor

Business Department

2004: Director, Corporate Officer

2010: Corporate Executive Officer

Executive Officer

2011: Representative Director

2010: Responsible for Advertising

1997:Chief Officer of Asia-Pacific Headquarters, International

Kimie Iwata Representative Director,

2009: Director

President & CEO

2005:Representative Director,

2007: Corporate

Creation [incumbent]

2011: Responsible for Beauty

President & CEO

Creation, General Affairs,

2011:Chairman [incumbent]

Legal Affairs.

24

Shiseido annual report 2011


Tatsuomi Takamori Corporate Executive Officer 1975: Joined Shiseido 2004: General Manager of China Strategic Department,

Carsten Fischer

Shoichiro Iwata1

Director, Corporate Senior

External Director

Executive Officer

1973: Joined Lion Fat and Oil Co.,

1999: President and CEO, Wella Japan Co., Ltd.

Ltd. (currently Corporation)

1986: Joined Plus Corporation,

International Division

2003: Executive Vice President,

Deputy General Manager of

Wella AG Corporation

Product Division

Business Division

2006: Corporate Advisor

1995: Manager of

2007: Corporate Officer

2008: Director, Responsible for

2006: Chief Officer of China

2009: Director [incumbent]

China Business [incumbent]

2010: Corporate Senior Executive Officer [incumbent] 2011: Chairman & CEO of Shiseido

Americas Corporation

25

Shiseido annual report 2011

ASKUL Business

Division, Plus Corporation 1997: Representative Director, President of Corporation

2000: CEO of ASKUL Corporation


26

Shiseido annual report 2011


27

Shiseido annual report 2011


Profile for yahui li

Shiseido Annual Report Redesign  

Shiseido Annual Report Redesign

Shiseido Annual Report Redesign  

Shiseido Annual Report Redesign

Advertisement