Shiseido calls time on Dolce & Gabbana contract
Posted by Georgina Caldwell | May 4, 2021 | Asia & Australasia, Finance |
THE WHAT? Shiseido and Dolce & Gabbana have announced the partial termination of their beauty license agreement.
THE DETAILS The change will be effective from December 31, 2021 and cover all markets and activities with the exception of France, where the termination must be put to employee consultation by law.
Beaute Prestige International is currently reviewing a proposal from Dolce & Gabbana to conclude the license activities carried out in France by the end of the year and pursue the production and distribution of Dolce & Gabbana Beauty products worldwide for a 12-month period effective January 1, 2022.
THE WHY? Shiseido said that the 'amicable partial termination' is in line with its medium-to-long-term strategy, Win 2023 and Beyond, which will see it exit from non-competitive businesses. With sales of perfume and cosmetics heavily affected by the pandemic, down 28 percent per Nikkei Asia, it's no wonder that Dolce & Gabbana has been earmarked for closure.
PreviousLagardere bows to activist investor pressure with concessions
NextUnilever Q1 2021: sales up 5.7 percent but turnover flat
Lotte Duty Free launches travel retail s...