Shiseido Co. has agreed to sell its shampoo and affordable skin-care business to CVC Capital Partners in a deal worth ¥160 billion ($1.5 billion), as the Japanese beauty giant shifts its focus to making and selling high-end skin products.
The operations divested include well-known drugstore brands such as Tsubaki hair-care products and Senka face wash, the company said in a statement Wednesday.
Shiseido, founded more than 140 years ago as a pharmacy in the Ginza district of Tokyo, has been revamping its portfolio as the novel coronavirus outbreak has changed up cosmetic and personal care routines, dealing a blow to beauty companies.