Shiseido stock rallies following 5.3% stake purchase
Summary
Shiseido has a new investor, breathing life back into the Japanese beauty giants share price.London, UK-based investment firm Independent Franchise Partners announced a 5.2% stake in the NARS and Drunk Elephant-owner.The cosmetics players stock ended 19 February up 13.1% as a result.Independent Franchise Partners also said in a filing with Japans Ministry of Finance that it could make proposals.Shiseidos stock had fallen by 35.7% over the past year.Earlier this month, it reported a 73.1% nosedive in operating profits for the year ended 31 December.Shiseido blamed the slump primarily on sluggish consumer spending in China, adding that the beauty market downturn in the country had lasted longer than expected. Shiseido updates executive board with two new members