Shiseido (4911.T): Dialogue with external directors: Aims to accelerate topline growth by deploying science/technology across brands

Shiseido held a dialogue event with two external directors and investors on September 16. We confirmed that the company aims to maximize brand value and accelerate topline growth by deploying its robust science/technology across multiple brands, and that global operational efficiency is improving due to a redesign of reporting lines. There were also many questions regarding the topline, reaffirming the strong interest among market participants. Many company comments were consistent with those made in the CEO group meetings and group calls, giving a favorable impression that management policies are firmly shared between the executive and supervisory sides. Key takeaways: Topline growth: While profitability is improving following structural reforms, challenges still remain for the topline. In the short to medium term, management aims to accelerate the topline by focusing on maximizing the core three and next five brands, with the policy to maximize brand value by deploying robust science