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See below for a shorter version. Travel retail exclusives are absolutely key to our strategy. The streamlining of functions at both the global and regional levels will increase our efficiency and responsiveness, which in turn translates into retail operations excellence and the creation of stronger and more innovative brands.

We are confident that a unified Shiseido Travel Retail will occupy a greater share of mind with our partners globally.

Perfect Vision Secondly, we have seen huge changes in the travel retail industry landscape, especially in recent years.

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The effects of a fragrance are immediate; a consumer can tell quite quickly whether they like a scent or not. Make-up kind of falls in between. To become a truly global organisation that can speak with one voice 2.

We want to create new synergies with our cosmetics and fragrance businesses, leveraging the additional scale to be more competitive commercially, and hold our own among the biggest beauty players in travel retail globally.

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To boost retail operations excellence 4. In fact, we only see positivity and opportunity for developing our portfolios outside their stronghold markets.

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