Coronavirus outbreak cuts Shiseido sales in China by more than half

Sales in China of cosmetic products under major Shiseido Co. brands fell 55 percent during the Lunar New Year holiday from a year earlier due to the outbreak of a new coronavirus originating in Wuhan, central China, the Japanese company said Thursday.The spread of the deadly pneumonia-causing virus also pushed sales to foreign tourists in Japan down 40 percent in the Jan. 24-30 period, Shiseido President Masahiko Uotani said at a press conference.Shiseido, a popular brand among Chinese consumers and whose sales in China account for 20 percent of the total, will scale down sales promotion ac…READ FULL ARTICLE