Japanese cosmetics giant Shiseido plans to open 5,000 retail outlets
in China and increase annual sales to RMB 7.5 billion by 2008. Sales for the year to March
reached RMB 1.5 billion. The company said it would set up a wholly owned firm with an
investment of US$30 million at the start of next year and also open a beauty school. With
this year's cosmetic sales estimated at about RMB 50 billion Shiseido is banking on
China overtaking Japan and the US by 2008 to become its largest market
worldwide.