Shiseido to partner with a leading distributor in Greece Folli-Follie
Shiseido expects the loss of several hundred million yen due to this share transfer.
Shiseido concluded the alliance agreement regarding the business of importing and selling the global brand Shiseido products in Greece with a leading company Folli-Follie (Athens, Greece, and hereinafter referred to as the «FF») which operates jewelry business as well as department stores, fragrance agencies, etc. in the same country.
Specifically, Shiseido sold to the FF all shares of the Shiseido Group’s subsidiary SHISEIDO HELLAS (Athens, Greece, and hereinafter referred to as the «SCH»*) which operates the business of importing and selling in Greece. Then, Shiseido concluded a distributor contract, which is for importing and selling the global brand SHISEIDO in Greece, with the SCH which is now affiliated with the FF.
Shiseido will further enhance the brand toward the sustainable growth in Greece by establishing the collaboration structure with the FF which has the strong sales and marketing capabilities in the Greek prestige market.
The skincare company has been promoting the reform of business structure all over the world as part of the medium-to-long term strategy «VISION 2020» which was announced at the end of last year. In order to further enhance the brand as part of this reform of business structure under the rapidly changing business environment in Greece, we reached the decision that the best measure is to make efforts by affiliating with the FF which has full knowledge of the local prestige market as well as powerful sales capabilities.
Shiseido expects the loss of several hundred million yen due to this share transfer. For the specific amount and declaration period, etc., we are currently examining in details. Although a temporary loss will occur, this business structure change through the transfer of the subsidiary’s shares will contribute to the increase in Shiseido’s business profitability in Greece and other neighboring countries.