Shiseido Posts Largest-Ever Deficit and 200 Voluntary Retirements
Shiseido announced that it would post a 52 billion yen deficit by December of this year.
This is the largest deficit to date.
Shiseido had originally expected to post a 6 billion yen profit, but poor sales of its American skincare brand, Drunk Elephant, led to a deficit.
Shiseido also decided to offer voluntary retirement to approximately 200 new employees.
Last year, the company reduced its workforce by approximately 1,500 in Japan and by approximately 300 in the US this year.
President Kentaro Fujiwara said, "The company's reforms are almost complete.
From now on, we will aim for new growth."
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