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China-Japan dispute casts shadow over Shiseido travel retail despite H2 improvement
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China-Japan dispute casts shadow over Shiseido travel retail despite H2 improvement
Steadily reducing year-on-year sales declines in the combined China & Travel Retail division through 2025 offered encouragment for the Japanese beauty house. But the worsening dispute between China and Japan means Q1 2026 will be problematic.
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