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ProjectCosmeticsGroupProjectCosmeticsGroupDraftReportDraftReportJune,2002June,2002ChinaMarketResearchChinaMarketResearch2TableofContentI:ExecutiveSummaryPage3II:TargetOverviewPage6III:MarketandProductsPage24IV:DistributionChannelPage33V:FinancialAnalysisPage64VI:OurFindingsandSuggestionPage68VII:AppendixPage72NeedRevising3I:ExecutiveSummaryII:TargetOverviewIII:MarketandProductsIV:DistributionChannelV:SWOTAnalysisandOurCommentsVI:FinancialAnalysisVII:AppendixNeedRevising4ExecutiveSummary•SHISEIDOGROUPenteredChina’scosmeticsmarketin1981.ItsetuptheShiseidoLiyuanandZotosplantsstartedmakingAupresandZain1992and1998respectively.•SHISEIDOGROUPhasmaintainedfastsalesrevenuegrowthoverthepast3years.AupresandZabrandsbothhaveseenrapidincreaseinsaleswhileShiseidobrand’sgrowthrateseemssteady.•SHISEIDOGROUPhascreatedanalmostcomplete“salesbycounters”distributionsystemwithoutusinganydistributors.Ithasopenedover400countersinmorethan70Chinesecities.Inallthecounters,itsproductpriceisconsistent.Inaddition,theGroup’slogisticsandinventorycontrolsystemareundereffectiveandefficientmanagement.•SHISEIDOGROUP’sBeautyAdvisorsreceiveahigherfixedsalarythanallothercompetitors’.Forthemostpart,SHISEIDOGROUP’sBeautyAdvisorsaremoresatisfiedwiththeircompensationpackagethanthe“promotionpercentage”.•ShiseidoLiyuanhasperformedbetterfinanciallythantheindustryaverageandZotos’,butZotosstartedproductiononlyin1999.ExecutiveSummaryNeedRevising5ExecutiveSummaryProducerMarketing/SalesImportedfromJapanShiseidoLiyuanShiseidoLiyuanZotosZotosOneoftheSHISEIDOGROUP’sthreebrandsinChinaisimportedfromJapanwhiletheothertwoaremadelocally.Differentbrandsaresoldbydifferentcompaniesasfollows:*BeijingFlowerFriendsCosmeticsSalesCenter*InordertoavoidtheconfusionbetweenShiseidogroupandShiseidobrand,weuse‘SHISEIDOGROUP’and‘Shiseido’inthisreport.NeedRevising6I:ExecutiveSummaryII:TargetOverviewIII:MarketandProductsIV:DistributionChannelV:SWOTAnalysisandOurCommentsVI:FinancialAnalysisVII:AppendixNeedRevising7TargetOverviewSource：OpeninformationfromShiseidoIndustryinterviewPwCanalysis1988199119871985SHISEIDOGROUPinChinaSHISEIDOGROUPsignedthefirstTechnologyTransferAgreement(forhair-careproducts)withBeijingLiyuanCo.,Ltd.andbasedonthisagreement,HuaZibrand’shair-careproductswereputonthemarket.1983StartedsalesofShiseidobrand’scosmetics,soaps,toothpasteandothers(atotalofapproximately60products)atnineprestigiousstoresandmajorhotelsinBeijing.1981SHISEIDOGROUPSHISEIDOGROUPreachedthesecondTechnologyTransferAgreement(formakeupandskincareproducts)againwithBeijingLiyuan.Productionandmarketingofthemakeupandskincareproductsstartedbasedonthesecondtechnologytransferagreementsignedin1985.Productionofhighqualityhair-careproductsstartedunderthethirdShiseidoTechnologyTransferAgreement.BasedonthefourthTechnologyTransferAgreement,SHISEIDOGROUPincreasedtheitemsofproducts.ShiseidoLiyuanCosmeticsCo.,Ltd.,ajointventurecompanyestablishedinDecemberinBeijing.YearNeedRevising81992LaunchedShiseidobrandskincareandcolormakeupproductsYearTargetOverviewSource：OpeninformationfromShiseidoIndustryinterviewPwCanalysis1993ShiseidoLiyuanstartedproductionofmainlyAupresskincareandmakeupproducts.Shiseido19941996ShiseidoLiyuancomple...