Japanese beauty products firm Shiseido is partnering with Singaporean cosmetics agent Luxasia to expand into the Philippines market. The two firms will be setting up a partnership in the form of Shiseido Philippines Corp this December. Shiseido will retain the majority shareholding in the business, which will start operations next July once the sales channels of two local agents are integrated.
According to the firm, the Philippine joint venture will enhance the product lineup of its prime brands in the market, Southeast Asia’s third-largest in the industry representing around US$3 billion in annual sales.