By driving out costs to fuel brand spend, we think Shiseido stands to bolster its competitive edge.
Narrow-moat Shiseido’s fiscal 2017 results were in line with the new guidance announced on Feb. 7, but 24% and 20% higher than its previous guidance and our forecast, respectively, thanks to the 4.4-percentage-point margin expansion, driven by a better-than-expected product mix. Encouragingly, Shiseido’s ex-tourist domestic sales and Asian sales continued to outperform overall market growth, supported by the firm’s brand equity in the prestige cosmetics space, which is its primary moat source. W...Shiseido is mainly engaged in the manufacture and sale of cosmetics, toiletries, beauty products, health foods, beauty foods and pharmaceuticals. Along with its affiliates, Co. operates in seven business segments: Japan, China, Asia Pacific, Americas, EMEA, travel retail, and professional. Co. markets a wide range of skin care products, hair care products, body care products, perfumes, toiletries, health foods, pharmaceuticals, medical cosmetics, analyzers and other products through cosmetics specialty stores, drugstores, department stores, airport duty free stores and online. Co.'s principal brand names include "SHISEIDO," "cle de peau BEAUTE," "ELIXIR," "MAQuillAGE," "NARS" and "IPSA."
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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