6 – Opportunity for transformation: Shiseido lays down ‘worst-case scenario’ plans to beat COVID-19
In May, Japanese cosmetics company Shiseido announced new strategies to tackle impacts of the COVID-19 outbreak if the economy does not recover by early 2021.
During its first-quarter results conference call, president and CEO, Masahiko Uotani stressed that it would take some time for the global economy to recover from COVID-19 even when a vaccine is discovered, or herd immunity is established.
As such, the company believed the future held two scenarios for the beauty industry – the first is a ‘neutral’ scenario where the economy and business will be able to recover by early 2021.
However, the firm also predicts another situation where a return to form will take up to three years.