Shiseido, one of the largest cosmetics companies within the earth, isn’t relying on its reputation alone for business success.
Instead, the 146-year-old Japanese firm can be looking to combine the knowledge of start-ups with the its own extensive experience, the company’s chief told CNBC on Friday at the annual Singapore Summit.
“Everybody can be looking at, you know, completely new fronts of businesses. Yes, so we are in competition,” said Shiseido CEO Masahiko Uotani.
The company has over the past few years acquired start-ups, including Olivo Laboratories, which developed “second skin technology” that will creates nearly invisible artificial skin. Another acquisition was Giaran, a start-up with artificial intelligence technology to enable consumers on their phones or computers to virtually remove as well as apply makeup, The Japan Times reported.
Uotani was quick to note that will simply acquiring start-ups with cutting edge technology was not enough for businesses to do well, however the item was important to combine expertise that will each party could bring to the table.