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Unicharm
Unicharm
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Unicharm Corporation (ユニ·チャーム株式会社, Yuni Chāmu kabushiki kaisha) is a Japanese company that manufactures disposable hygiene products, household cleaning products, specializing in the manufacture of diapers for both babies and adult incontinence, feminine hygiene products and pet care products.

Key Information

The company has operations in 80 countries and is a market leader in Asia in baby and feminine care products. It holds the top share of diaper sales in China, India, Indonesia, Vietnam and Thailand. Also its market share is rapidly expanding in India, nearly doubling its sales every two years.[3][4]

History

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Unicharm traces its roots to the Taisei Kako Co., Ltd., founded by Keiichiro Takahara. Takahara's family operated a paper manufacturing business in Shikoku. After resigning in 1961 from his father's paper manufacturing company, he founded his own, Taisei Kako (Taisei Chemical Works). He then turned his attention to the manufacture and sale of selling wood wool cement board. Then the company in 1963 ventured to manufacture and sell sanitary napkins. The company then started selling tampons in 1974, when Unicharm Corporation was founded to separate the feminine care production from the main company.[5]

Operations

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The company has a number of prominent brands in its portfolio, including MamyPoko, Charm, Moony, BabyJoy, Babylove, Sofy and Lifree, Teemo. In December 2011, Unicharm acquired 51% ownership of pet products maker Hartz Mountain Corporation from Sumitomo Corporation.

References

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from Grokipedia
Unicharm Corporation is a Japanese multinational company specializing in the manufacture and sale of personal hygiene and care products, including feminine care items, baby and child care products, adult incontinence products, pet care items, and wellness care solutions. Founded on February 10, 1961, as Taisei Kako Co., Ltd., by Keiichiro Takahara, the company initially produced building materials before pivoting to feminine hygiene products in 1963, establishing itself as a pioneer in the industry. Headquartered in Tokyo, Japan, Unicharm operates globally with production facilities and joint ventures across Asia, Europe, and the Americas, employing approximately 16,464 people on a consolidated basis as of December 2024. The company's product portfolio is divided into key segments: feminine care (such as sanitary napkins under the "Charm" brand), baby and (including disposable diapers like "Moony"), adult care (with items like "Lifree" for incontinence), pet care (encompassing cat litter and pet diapers), and other wellness products. Unicharm has driven innovation in absorbent technology since its early days, launching milestone products like its first disposable sanitary napkin in 1963 and expanding into international markets starting with in 1984. Listed on the Prime Market of the since 1985, the company reported paid-in capital of 15,992 million yen and focuses on through initiatives like its "Kyo-sei Life Vision 2035" for ESG goals.

History

Founding and early years

Unicharm Corporation traces its origins to February 10, 1961, when Keiichiro Takahara established Taisei Kako Co., Ltd. in Shikokuchuo City, , . The company initially concentrated on the manufacture and sale of building materials, such as wood wool cement boards, amid Japan's post-World War II economic recovery, which featured rapid industrialization and a burgeoning demand for resources. In 1963, Taisei Kako pivoted toward the sector by launching production of its first sanitary napkins under the "Charm" brand, representing a strategic entry into consumer personal care products and leveraging in non-woven fabrics. This move addressed growing societal needs for solutions during Japan's high-growth economic period, where improving living standards highlighted the demand for such innovations. The "Charm Nap Sawayaka" product followed in 1968, refining absorbent designs to enhance user comfort. By 1974, the company restructured significantly, establishing Unicharm Corporation through the merger of Taisei Kako into Okada Industries Co., Ltd., and introducing tampons alongside cosmetic cotton puffs like "Silcot." This transition marked a decisive shift from industrial building materials to a primary focus on consumer hygiene products, driven by investments in for advanced absorbent materials. Early challenges included navigating competitive markets and resource constraints in the recovery era, yet these R&D efforts in non-woven and absorption technologies laid the foundation for Unicharm's expertise in personal care.

Key milestones and expansions

In the early 1980s, Unicharm began its international expansion, establishing a in in 1984. The company listed on the Second Section of the in 1976 and was promoted to the First Section in 1985, marking a key step in its financial expansion and public market presence. During the 1980s, Unicharm pioneered advancements in disposable s in , launching the Moony brand in 1981 and MamyPoko in 1983, which helped establish the company as the market leader in the domestic baby care sector. These innovations, including early adoption of superabsorbent materials, drove rapid product diversification and solidified Unicharm's dominance, with the company achieving approximately 41% retail in Japan's baby segment as of 2023. By the , this foundation supported global diversification, including entry into the care market through the acquisition of a 51% stake in The Hartz Mountain Corporation, a leading U.S. supplies firm, in 2011. Unicharm's international growth accelerated in emerging markets, particularly in Asia. In India, where the company established a wholly owned subsidiary in 2008, sales have nearly doubled every two years since the 2010s, fueled by strong demand for baby and feminine care products. This momentum faced a setback in June 2020 when a major fire damaged its Sanand factory in Gujarat, causing supply disruptions and estimated damages of around ¥16 billion in the second quarter of that year. However, Unicharm swiftly restored operations through phased recovery efforts and completed reconstruction of the facility as a modernized plant by February 2025, enhancing production capacity to support ongoing expansion. Recent milestones underscore Unicharm's commitment to sustainable growth in and environmental stewardship. In 2024, the company announced plans for a new production facility in through a with , leading to the establishment of Sofy Limited in June 2025 to manufacture affordable sanitary napkins and bolster local initiatives. Complementing these operational expansions, Unicharm issued its "Biodiversity Response Declaration" on February 10, 2025, pledging collaboration with stakeholders on conservation efforts, ecosystem restoration, and alignment with global frameworks like the .

Corporate governance

Leadership and executives

Takahisa Takahara has served as President and CEO of Unicharm Corporation since June 2001, accumulating over 24 years of tenure as of 2025. In this role, he oversees the company's overall strategy, including global expansion and initiatives, while his annual compensation totals approximately ¥400 million, comprising salary, bonuses, and performance-based incentives. Among key executives, Tetsuya Shite holds the position of Director and Senior Managing Executive Officer, appointed in March 2025, with responsibilities including oversight of global human resources, general affairs, and inclusion initiatives as Co-Chief Inclusion Officer. Shite joined Unicharm in 1985 and has progressed through roles in human resources and corporate planning, such as Managing Executive Officer and CQO from 2020. Another prominent leader is Kenji Takaku, who serves as Director and Executive Managing Officer for Marketing and Sales since January 2025, having been appointed Director in March 2023. Takaku, who joined the company in 1983, focuses on sales strategies and marketing operations, drawing from prior experience in global and regional leadership positions since 1997. The comprises internal and external members to ensure robust , with a emphasis on reforms such as enhanced audit functions and independence. Outside directors include Shigeru Asada, who serves on the Audit & Supervisory Committee since 2021, bringing expertise from his career at where he held senior roles until 2013. The board's structure supports reforms by incorporating diverse perspectives, including female directors like Noriko Rzonca on the Audit & Supervisory Committee. Unicharm has implemented to develop future , involving periodic interviews by executives to identify and train candidates based on competencies aligned with the company's ideals. Diversity efforts in are prioritized through initiatives like increasing female manager representation to 24.7% as of , alongside global talent development programs to foster inclusive executive pipelines.

Organizational structure and subsidiaries

Unicharm Corporation maintains a divisional structure centered on four primary business segments: Baby and Child Care, Feminine Care, Wellness Care (which covers adult incontinence products as well as household cleaning and freshening items), and Pet Care (encompassing pet hygiene and related products). This enables specialized across product categories while supporting integrated operations under the located at Sumitomo Fudosan Tokyo Mita Garden Tower in Minato-ku, , . As of December 2024, the company employs 16,464 full-time staff on a consolidated basis, reflecting its operational scale across domestic and international entities. Unicharm's global network comprises 50 consolidated subsidiaries and 8 affiliates, operating in over 80 countries and regions, primarily in East Asia, Southeast Asia, the Middle East, North Africa, North America, Latin America, and Europe. This structure facilitates localized production, marketing, and distribution while maintaining centralized oversight from Tokyo. Among its key subsidiaries, Unicharm India Private Limited stands out as a wholly owned entity established to drive growth in the South Asian market through manufacturing and sales of . In the pet care domain, Unicharm holds a 51% majority stake in The Hartz Mountain Corporation, based in , , which specializes in , treats, and hygiene items for the North American market. Additionally, initial production of products in commenced in January 2025 under a partnership with Corporation; in June 2025, Unicharm formed a , Sofy East Africa Limited (with Unicharm holding 75%), to further expand local production and distribution. These subsidiaries and ventures exemplify Unicharm's strategy of strategic investments and partnerships to enhance its international footprint.

Products and brands

Baby and child care

Unicharm's baby and portfolio centers on disposable tailored for infants and toddlers, with flagship brands including MamyPoko Pants, Merries, and Moony. MamyPoko Pants, a standing-style , leads the Asian market as the top-selling pants-type product, featuring an advanced absorbent core that locks in for up to 12 hours to prevent leaks, alongside playful designs like characters to engage children. Merries offers premium tape-style emphasizing superior softness and fit, while Moony, primarily targeted at the Japanese market, provides pants-type options with enhanced leakage protection and ergonomic designs suited for active babies. Key innovations in these products include high-performance absorbent cores that rapidly away moisture to maintain dryness, reducing the risk of irritation, and skin-friendly materials such as air-permeable, fabrics that promote breathability and gentleness on delicate . Variants extend to specialized items like Moony swim diapers, which incorporate ultra-thin absorbent layers that resist swelling in , ensuring comfort during aquatic activities without compromising hygiene. These features stem from Unicharm's ongoing into material science, prioritizing both functionality and baby . Unicharm holds a leading in the baby diaper segment across key Asian emerging markets, including , , , , and , where its pants-type products dominate consumer preferences. In , for instance, the company holds the leading as of 2024, driven by strong demand for affordable, high-quality options. This dominance is bolstered by consistent annual sales growth in these regions, fueled by rising birth rates, , and increasing parental focus on premium hygiene solutions. A pivotal R&D milestone for Unicharm's baby care line was the development of tape-less pants diapers in the , revolutionizing ease of use by mimicking for quick changes and better mobility. This innovation, first commercialized through products like Moony Man pants-type diapers, built on earlier advancements such as the introduction of superabsorbent polymers in the , and has since become a cornerstone of the company's global expansion in child .

Feminine and adult hygiene

Unicharm's feminine product line includes the Sofy and Charm brands, which offer sanitary s, tampons, and panty liners designed for menstrual care. The Sofy brand was launched in 1982 as shaped feminine s, providing ergonomic fit and enhanced absorbency to address user comfort during . Charm, an earlier line introduced in 1968 with the Charm Nap Sawayaka, initially focused on basic absorption needs and evolved to include slim variants for daily use. These brands represent Unicharm's foundational entry into women's , building on the company's initial sanitary production started in 1963. For adult hygiene, Unicharm developed the Lifree brand in 1987, specializing in disposable diapers and incontinence pads targeted at aging populations experiencing urinary leakage. Lifree products emphasize and mobility, with features like adjustable tapes and high-absorbency cores to support active lifestyles among seniors in and expanding Asian markets. The brand addresses the growing demand driven by demographic shifts, such as Japan's elderly population reaching 29.4% over age 65 as of September 2025. In the 2010s, Unicharm introduced several innovations across these lines, including ultra-thin absorbents for reduced bulk while maintaining leakage protection. For Sofy, the 2011 Hada-Omoi Ultra-Thin-Slim napkin featured advanced nonwoven materials for skin-friendly dryness. Antibacterial elements, such as catechin-infused sheets in Charm Nap products, were incorporated to minimize odor and . Eco-friendly variants emerged prominently, with the 2019 Sofy series using sustainable materials and the 2021 Sofy Soft Cup, a reusable . Similar advancements in Lifree included the 2010 Ultra-Thin Underwear-like Pant-Diaper, prioritizing slim profiles for everyday wear, and in October 2025, the Lifree Undergarment-like Premium for ultimate comfort. Regional adaptations tailor these products to Asian markets, incorporating compact designs for portability in urban lifestyles. In , the 2020 Sofy HOT Dan℃ variant addressed humid climates with cooling features, while joint ventures in countries like (1987) and (1997) enabled localized production of slimmer, culturally sensitive formats. These modifications, such as half-size slim pads under Sofy Center-in Compact, facilitate discreet use in high-density Asian settings. In November 2025, Unicharm launched the Sofy Be Deep Pajamas, focusing on improved sleep quality during .

Pet care

Unicharm entered the pet care market in 1986, initially focusing on products for companion animals in , and expanded significantly through the 2011 acquisition of a 51% stake in The Hartz Mountain Corporation, a leading U.S. pet supplies provider. This move allowed Unicharm to integrate Hartz's established North American distribution network with its own absorbent material technologies, creating a foundation for global pet solutions. The company's pet care portfolio emphasizes disposable hygiene items tailored to urban pet owners, where space constraints and convenience are key. Core offerings include the Deo-Toilet system, a dual-layer litter solution launched in 2003 that combines pellets for control with absorbent pads to for up to a week, reducing maintenance needs in apartment living. Complementary products feature Deo-Sheet training pads, introduced in 1987, which provide leak-proof absorption for puppies and kittens during , and Mannerwear disposable diapers for dogs, available since 2001 to manage incontinence or travel. Grooming items, such as the Ginnno tool from 2004, aid in fur care and debris removal, aligning with rising demand for low-effort pet maintenance. Post-2011, Unicharm pursued growth in by leveraging Hartz's brands like disposable cat diapers and litter liners, while enhancing product innovation with Japanese hygiene expertise to capture premium segments. In , expansion targeted markets like and , where urban pet ownership surged due to smaller households and delayed family formation, driving demand for compact, odor-neutralizing solutions. By 2022, this strategy contributed to steady revenue growth in pet care, with Unicharm integrating feedback from over 10,000 annual customer surveys to refine absorbency and antibacterial features. Pet care fits seamlessly into Unicharm's broader portfolio since the 2010s, applying absorbent technologies originally developed for diapers to animal products, enabling cross-regional scalability and shared R&D efficiencies. This synergy has positioned the division as a key growth area, with hygiene comprising a notable portion of non-Japan revenues amid global trends toward .

Operations

Domestic operations

Unicharm maintains a network of 17 production sites across as of December 2024, supporting its domestic manufacturing operations for hygiene and . Key facilities include the Saitama Factory in Kodama-gun, located near the metropolitan area for logistical efficiency, and rural sites such as the Factory in and the Factory in , which leverage regional resources and lower operational costs. These plants incorporate advanced technologies, as exemplified by the Plant, which features automated pallet warehouses and systems to enhance productivity and reduce manual labor. In the Japanese market, Unicharm holds a dominant position in the segment, with an estimated 41% retail for baby diapers as of 2023, a it has sustained amid declining birth rates through and value-added services. The company also leads in products, benefiting from strong brand recognition under lines like Sofy, contributing to steady revenue growth in personal care despite market contraction. Distribution of Unicharm's products in Japan relies on extensive partnerships with major retailers, including and , which account for a significant portion of retail sales channels such as and drugstores. This network ensures widespread availability, with retail outlets comprising approximately 80% of domestic sales volume as of 2022. The company's domestic workforce consists of 3,211 employees as of 2024, primarily engaged in , , and administrative roles at Japanese facilities. Unicharm emphasizes to address labor shortages and improve , integrating robotic systems and smart factory technologies in its plants to support a leaner operational model.

International presence

Unicharm maintains a significant global footprint, operating in over 80 countries and regions worldwide through 35 local subsidiaries, primarily concentrated in , the , , and . In , the company has established manufacturing facilities in key markets including , , , and to support localized production of products. For instance, Unicharm operates multiple factories in for baby and feminine care items, enabling efficient distribution across . In February 2025, Unicharm completed the reconstruction of its plant in , enhancing production capabilities for products following a fire in 2020. In the , Unicharm conducts operations via subsidiaries such as Unicharm Gulf Hygienic Industries Ltd. in , focusing on manufacturing and sales of baby care, feminine care, and products for regional distribution. North American presence is facilitated through a majority stake in The Hartz Mountain Corporation, acquired in 2011, which specializes in pet care products and contributes to Unicharm's expansion in the U.S. market. More recently, in June 2025, Unicharm formed a with Corporation named Sofy East Africa Limited in to produce and sell sanitary napkins, marking its strategic entry into the African market amid growing demand for products. Unicharm employs market-specific strategies to adapt to local preferences, such as localizing its MamyPoko brand in by tailoring designs for comfort and affordability, which has helped secure approximately 40% in the baby care segment. In , the company faces intense competition from local firms in both baby and feminine care markets, prompting investments in and to maintain its leading position in diaper sales. Overseas operations accounted for 64.3% of Unicharm's as of the first half of 2025, with representing the largest share (41.4%), underscoring the company's reliance on international growth. Recent challenges have included reputational issues in stemming from rumors reported in March 2025, which led to temporary order halts by wholesalers and retailers but were resolved without long-term impact, as clarified by the company regarding outdated packaging concerns. In and , operational pressures arose in 2025 from heightened local competition and channel-specific issues, such as disruptions in mini-mart distribution in , resulting in sales declines of 15% and 16% respectively in the first half of 2025. performance improved in the third quarter, with flat growth in (0%) and 2% growth in , as the company addressed competitive pressures. Despite these hurdles, Unicharm continues to prioritize localization and to sustain its international expansion.

Sustainability and corporate responsibility

Environmental initiatives

Unicharm has committed to the Kyo-sei Life Vision 2035, announced on October 22, 2025, as an update to the prior 2030 vision, which outlines medium- to long-term environmental goals including achieving zero-waste operations and carbon neutrality by 2035, alongside usage by 2030, with 25.8% renewable energy utilization reported in 2024. This vision builds on the company's SBTi-approved 1.5°C-aligned targets from 2024, which include a 46.2% reduction in Scope 1 and 2 and a 27.5% reduction in Scope 3 emissions by 2031, using 2021 as the base year. Key programs emphasize resource efficiency and waste minimization. Unicharm targets a 50% reduction in virgin usage compared to 2020 levels by 2030, achieving a 26.5% reduction in packaging per unit of sales versus 2019 by 2024 through thinner materials and plant-derived alternatives. In recycling, the company aims for a fivefold reduction in disposal by 2025, maintaining zero at Japan's four main factories for 16 consecutive years with a 99.3% rate, and recycling 69,000 tons of production in 2024 via initiatives like the RefF Project, which collected 173 tons of used diapers for (targeting 230 tons in 2025). The Unicharm Group Response Declaration, issued in February 2025, commits to minimizing lifecycle impacts on , achieving 99.3% traceability of forest-derived raw materials and supporting activities such as planting 300 cedar trees in and 1,000 saplings in in 2024. Unicharm earned CDP's highest A-List rating in 2025 across three categories—, forests, and —for its 2024 disclosures, recognizing leadership in environmental transparency and . Specific actions include integrating biodegradable materials into diapers, such as sugarcane pomace in products launched in since 2021 and in 42 Japanese SKUs by 2024, with a goal of developing 10 petroleum-free plastic SKUs by 2030. For emissions reduction, Unicharm engages suppliers through the GHG Emissions Visualization Project, Guidelines, and the Sedex platform (adopted by 68.5% of material suppliers in 2024), achieving 99.4% for (including 194.6 tons RSPO-certified) and hosting briefings for 283 participants from 133 companies in October 2024.

Social and governance efforts

Unicharm has undertaken various social initiatives to support communities during global challenges, including the from 2020 to 2022. The company donated essential hygiene products such as masks, baby diapers, adult diapers, and sanitary pads to affected regions. In , Unicharm contributed 1,868 cases of masks, 500 packs of disposable baby diapers, 1,620 cases of disposable adult diapers, and sanitary pads sufficient for 19,900 people to support pandemic relief efforts. In , donations included masks and wet wipes to frontline workers, while in , supplies were provided to a quarantine center in . Additionally, 974 cases of sanitary products were donated to designated facilities in . These efforts extended to , where baby diapers were provided to vulnerable populations through an international NGO. In the realm of education, Unicharm has prioritized reproductive programs across , particularly focusing on and menstrual in schools as of 2025. In , the company conducted education sessions reaching 126,000 students in 1,688 schools during fiscal 2024, with programs continuing into 2025 to promote awareness and access to sanitary products. Similar initiatives targeted 71,640 students in 299 schools in , emphasizing menstrual management and . In , gender education was provided to 100 housewives, while broader programs operated in , , , , and . These efforts aim to empower girls and reduce stigma around , supported by digital tools like the Sofy Be app, which had over 2 million users by late 2024 for cycle tracking and insights. Unicharm addresses through rigorous supplier audits and workforce diversity measures. The company enforces the Unicharm Group Policy on , revised in 2021, which prohibits forced or labor and respects international standards. In fiscal 2024, 79 supplier audits were conducted using the Sedex SMETA , identifying 221 labor-related issues that were addressed through corrective actions; no instances of or forced labor were found at 40 audited sites. Additionally, self-assessment questionnaires (SAQs) were used to monitor compliance across the . On diversity, Unicharm reported 25.5% female managers globally in 2024, with 17.7% in and 30.9% overseas, targeting 30% by 2030; female employees comprised 36.8% of the workforce, supported by equal pay policies and harassment prevention training for 495 participants in . Governance practices at Unicharm emphasize ethical oversight and transparency. In , the company was included in all six ESG indices adopted by Japan's (GPIF), including the FTSE Blossom Japan Index, as well as CDP's A List for , forests, and . The Audit and Supervisory Committee, comprising three members with two independent outside directors, meets monthly to oversee financial reporting, compliance, and risk management, reporting directly to the four times annually. Anti-corruption policies, embedded in the Unicharm Group Charter of Action and Guidelines, prohibit and ; zero serious violations or fines were recorded in , bolstered by a hotline and annual compliance education. Community engagement includes ongoing activities in 2025. Through the Campaign, sustained for 18 years in , , and , Unicharm promotes screening and self-check programs in collaboration with local foundations. In August 2025, Uni-Charm Sofy donated funds to support awareness, facility equipping, and screening promotion in . India hosted educational sessions on detection, while backed charity walks for breast and research. These initiatives align with advocacy, reaching thousands annually.

Financial performance

Unicharm's revenue has demonstrated steady growth from (FY) 2018 to FY2024, reaching JPY 988.98 billion in FY2024, marking a 5.0% increase from the previous year and continuing an eight-year streak of record-high sales. This expansion reflects the company's increasing reliance on international markets, with overseas revenue accounting for approximately 66% of total sales in recent years, up from lower proportions in earlier periods. Profitability has shown sustained upward trends, with net profit rising to JPY 81.84 billion in FY2024. Core operating income also achieved a record high of JPY 138.5 billion in FY2024, representing an 8.2% year-over-year increase, driven primarily by robust performance in emerging markets such as and expanding operations in . In , rapid in contributed significantly to growth, while North American segments saw a 2.3% rise in net and a 12.7% increase in core operating income, bolstered by demand in wellness and feminine care categories. These gains were partly offset by headwinds in , where reputational issues led to declines in and profits within the Asian region during FY2024 and into 2025. Key factors supporting profitability include ongoing cost efficiencies and initiatives, which have enhanced gross margins from 35.2% in FY2018 to 38.5% by FY2022, with continued improvements into FY2024 through value-shifting strategies and production optimizations. Growth in emerging markets has further mitigated regional challenges, enabling overall profit expansion despite a temporary slowdown in mature Asian operations. In the first nine months of FY2025 (ended September 30, 2025), net sales declined 3.9% year-over-year to JPY 694.2 billion amid broader market pressures, yet net profit attributable to owners rose slightly to JPY 60.72 billion, highlighting operational resilience. Unicharm has maintained a shareholder-friendly approach, announcing dividends for the second quarter of FY2025 at JPY 9 per share (post 3-for-1 effective January 1, 2025), payable on September 2, 2025, consistent with its policy targeting a total return ratio of 50%. Additionally, the company executed treasury share acquisitions in 2025, completing purchases of over 20 million shares by mid-year as part of a JPY 22 billion repurchase program approved in February 2025, aimed at enhancing .

Market position and stock information

Unicharm Corporation maintains a leading position in the Asian market for baby and feminine care products, particularly in , , and , where it commands significant market share through brands like Moony and Sofy. The company faces competition from global players such as and , which also dominate the hygiene sector, though Unicharm's focus on localized innovation and distribution networks has helped it secure top rankings in regional sales. Unicharm's shares are listed on the under the ticker TYO:8113, with an enterprise value of approximately USD 9.4 billion based on trailing twelve-month figures as of November 2025. Analyst consensus from major firms leans toward a Hold rating, with an average price target around ¥1,190, reflecting cautious optimism amid regional economic pressures. The company's Integrated Report 2025 provides a comprehensive overview of its strategies, emphasizing sustainable growth in personal care segments, while the Q2 2025 earnings release reported a 4.8% decline in sales due to softer demand in , offset by a 5.5% increase in operating profit through cost efficiencies and . Key investor risks include currency fluctuations, which the firm hedges using forward contracts, and intensifying in markets like and , where local pricing pressures and regulatory changes have impacted margins.

References

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