Shiseido has formed a joint venture with Singapore-based cosmetics agent Luxasia in order to establish a presence in the Philippines, according to a report published by The Japan Times.
Shiseido Philippines Corp, as the new entity will be known, will be set up in December and start operating in July, 2019. Shiseido will hold a controlling share, while Shiseido Asia Pacific will also own a stake.
The Japanese cosmetics manufacturer is planning to market its eponymous make-up, skin care and fragrance brand as well as popular make up lines Nars and Laura Mercier. The Philippines is expected to post growth rates in the double digits by 2020 and is currently valued at US$3 billion, the company told The Japan Times.