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Shiseido has undergone an abrupt leadership change amid a sales decline in its Americas business.
Ron Gee resigned as the CEO of Shiseido’s Americas division and will be replaced by the company’s EMEA region CEO Alberto Noé, according to a statement released Tuesday morning. Noé, who joined Shiseido in 2013, will serve as interim CEO for Americas while remaining in the EMEA role.
The Japanese conglomerate’s profit tumbled 73 percent in 2024 due in large part to an ongoing slump in China and travel retail sales, while its American business was not spared in what has become a global beauty slowdown.
Shiseido Americas like-for-like net sales fell 7 percent in 2024 due in large part to lacklustre performance by Drunk Elephant. The skincare label saw a sales plunge of over 60 percent in the Americas in the fourth quarter of last year, bringing the brand’s total 2024 decrease for the region to over 30 percent. Nars, Shiseido and fragrances experienced growth, and Dr. Dennis Gross Skincare was “on track with targets,” according to its year-end financial report.
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The Beauty Slowdown, Explained
The four biggest beauty conglomerates all recently reported disappointing sales, and consumers are tiring even of once white-hot brands like Cerave and Drunk Elephant. A rebound will require agility and adjusted expectations.
