Shiseido have sold their shampoo and affordable skincare business to CVC Capital Partners, in a deal valued at $1.52bn.

The company has struck a $1.52billion deal with private equity group CVC Capital Partners, which will lead to the formation of a 35:65 joint venture spin-off company. The transaction is expected to close by July 1st 2021.

CEO Masahiko Uotani said, “We are pursuing further growth in Japan and globally with our Group strategy of “Prestige First.” For the first time since our foundation, we have achieved sales exceeding 1 trillion yen and 100 billion yen in operating income with strategic focus on the mid-to-high-priced Cosmetics business, which accounts for more than 70% of Group sales since 2015. I strongly believe that we must maintain this strategy, and that it is the foundation for Shiseido and its nearly 150 years of heritage to thrive for the next 150 years.”