Thursday, October 24, 2013
Shiseido To Establish Joint Venture In Dubai
TOKYO (NQN)--Shiseido Co. (4911) said Thursday that it will set up a joint venture, Shiseido Middle East FZCO, by the end of the year in Dubai, in the United Arab Emirates, with a local company and start selling its cosmetics in January.
Shiseido subsidiary Shiseido International Europe SA will own 51% of the venture, while Creation Alexandre Miya Paris Ltd., which has been a distributor of the cosmetics maker's products in seven Middle Eastern countries since 1997, will own the rest. The new company will be capitalized at 3.5 million dollars (350 million yen). Shiseido foresees growth in the cosmetics market in the United Arab Emirates, supported by wealthy consumers. Shiseido aims to expand its market share by improving its local sales network.
(Nikkei Quick News, Oct. 24)