Industry map/Healthcare & Consumer Goods
Cosmetics industry map
Who earns the money in Cosmetics, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 45 companies · ¥3.2T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥3.2T
- Companies
- 45
- Avg. salary（parent only）
- ¥6.1M
- Industry weather
- Sunny
YoY +4.5%
Avg. age 40.6
Operating income +22.6%
Shiseido[4911]
China and travel retail business + 4 more
- Revenue
- ¥958.6B▼1.7%
- Operating income
- ¥101B▲5.0%
Margin 10.5%
Whole company: Revenue ¥970B · Net income -¥40.7B
Avg. salary ¥7.1M · 39.3（parent only）
Kao[4452]
Health beauty care business + 1 more
- Revenue
- ¥694.4B▲3.9%
- Operating income
- ¥49.5B▲61.0%
Margin 7.1%
Whole company: Revenue ¥1.69T · Net income ¥120.1B
Avg. salary ¥8.7M · 40.6（parent only）
Rohto Pharmaceutical[4527]
Japan + 3 more
- Revenue
- ¥340.1B▲11.4%
- Operating income
- ¥39.9B▲7.8%
Margin 11.7%
Whole company: Revenue ¥343.7B · Net income ¥34.2B
Avg. salary ¥8.5M · 42.1（parent only）
- Euglena・Capital alliance
Euglena[2931]
Health care Business
- Revenue
- ¥47B▲6.0%
- Operating income
- ¥5.49B▲85.8%
Margin 11.7%
Whole company: Revenue ¥50.4B · Net income -¥805M
Avg. salary ¥7M · 44.0（parent only）
- Rohto Pharmaceutical owns 0.8%
- Rohto Pharmaceutical・Capital alliance
KOSE Holdings[4922]
Cosmetics Business + 1 more
- Revenue
- ¥326.8B▲2.1%
- Operating income
- ¥23B▲4.5%
Margin 7.0%
Whole company: Revenue ¥330.2B · Net income ¥15.1B
Avg. salary ¥7.5M · 40.5（parent only）
Kirin Holdings[2503]
Health Science
- Revenue
- ¥251.4B▲43.4%
- Operating income
- ¥11.1BBack to profit
Margin 4.4%
Whole company: Revenue ¥2.43T · Net income ¥147.5B
Avg. salary ¥10M · 41.6（parent only）
Pola Orbis Holdings[4927]
Beauty care
- Revenue
- ¥164.1B▼0.6%
- Operating income
- ¥15.9B▲6.2%
Margin 9.7%
Whole company: Revenue ¥170.3B · Net income ¥9.47B
Avg. salary ¥7.7M · 43.1（parent only）
Milbon[4919]
- Revenue
- ¥52.9B▲3.0%
- Operating income
- ¥5.65B▼17.4%
Margin 10.7%
Avg. salary ¥7.6M · 36.0（parent only）
noevir holdings[4928]
Cosmetics
- Revenue
- ¥50.5B▲1.5%
- Operating income
- ¥12.3B▲0.5%
Margin 24.3%
Whole company: Revenue ¥64.7B · Net income ¥8.03B
Avg. salary ¥8M · 43.9（parent only）
I-ne[4933]
Domestic business + 1 more
- Revenue
- ¥49B▲8.8%
- Operating income
- ¥7.17B▼0.3%
Margin 14.6%
Whole company: Revenue ¥49B · Net income ¥2.1B
Avg. salary ¥7.1M · 36.7（parent only）
Shinnihonseiyaku[4931]
- Revenue
- ¥41.1B▲2.7%
- Operating income
- ¥4.78B▲14.5%
Margin 11.6%
Avg. salary ¥5.3M · 37.9（parent only）
Shobido[7819]
- Revenue
- ¥22.1B▲5.7%
- Operating income
- ¥1.47B▲45.5%
Margin 6.6%
Avg. salary ¥6.2M · 41.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: AFC-HD AMS Life Science · Nippon Shikizai · Vitabrid Japan · Nicca Chemical · Axxzia · Premier Anti-Aging · Haba Laboratories · Belluna · House of Rose · Liberta · Cota · C'bon Cosmetics · Nippi · seiren · NAC Co . · Muscat Group · Lipps CO,. · Adjuvant Holdings · IVY Cosmetics · Ateam Holdings · Shofu · T.kawabe & · Waqoo · 4Cs HD · Soiken Holdings · Vixton · stream · UNIVA Oak Holdings · THE WHY HOW DO Company · Hirota Group Holdings · Intertrade · Abist · Immuno-Biological Laboratories
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | ShiseidoChina and travel retail business + 4 more | ¥958.6B | 29.9% | 10.5% | +14.3% | ¥65.5B |
| 2 | KaoHealth beauty care business + 1 more | ¥694.4B | 21.7% | 7.1% | +30.5% | ¥128.8B |
| 3▲1 | Rohto PharmaceuticalJapan + 3 more | ¥340.1B | 10.6% | 11.7% | +14.5% | ¥21.5B |
| 4▼1 | KOSE HoldingsCosmetics Business + 1 more | ¥326.8B | 10.2% | 7.0% | +10.0% | -¥10.3B |
| 5 | Kirin HoldingsHealth Science | ¥251.4B | 7.8% | 4.4% | — | ¥119.8B |
| 6 | Pola Orbis HoldingsBeauty care | ¥164.1B | 5.1% | 9.7% | -1.5% | ¥11.9B |
| 7 | Milbon | ¥52.9B | 1.6% | 10.7% | +6.2% | ¥2.05B |
| 8 | noevir holdingsCosmetics | ¥50.5B | 1.6% | 24.3% | +7.1% | ¥5.41B |
| 9 | I-neDomestic business + 1 more | ¥49B | 1.5% | 14.6% | +14.6% | ¥3.77B |
| 10 | EuglenaHealth care Business | ¥47B | 1.5% | 11.7% | +28.7% | ¥4.59B |
| 11 | Shinnihonseiyaku | ¥41.1B | 1.3% | 11.6% | +5.0% | ¥4.49B |
| 12 | Shobido | ¥22.1B | 0.7% | 6.6% | +11.9% | ¥736.7M |
| 13▲1 | AFC-HD AMS Life ScienceHealth care | ¥18.9B | 0.6% | 13.0% | +2.1% | -¥1.75B |
| 14▲1 | Nippon ShikizaiJapan + 1 more | ¥16.6B | 0.5% | 1.2% | +17.6% | -¥614.1M |
| 15▲3 | Vitabrid Japan | ¥15.3B | 0.5% | 6.7% | +21.2% | ¥1.72B |
| 16 | Nicca ChemicalCosmetics | ¥15.3B | 0.5% | 12.9% | +2.0% | -¥6.37B |
| 17▲2 | Axxzia | ¥13.5B | 0.4% | 3.8% | +23.5% | ¥619.3M |
| 18▼5 | Premier Anti-AgingAntiaging | ¥12.9B | 0.4% | 3.2% | — | ¥1.28B |
| 19▲1 | Haba Laboratories | ¥12.1B | 0.4% | 6.0% | -1.5% | ¥1.13B |
| 20▼3 | BellunaCosmetics and health food business | ¥11.4B | 0.4% | 6.4% | -8.1% | -¥15B |
| 21 | House of RoseDirectly operated sale business + 1 more | ¥10.3B | 0.3% | -1.0% | +0.5% | -¥215.7M |
| 22▲2 | Liberta | ¥10B | 0.3% | 1.3% | +18.8% | -¥411.7M |
| 23▼1 | Cota | ¥9.6B | 0.3% | 20.8% | +2.5% | ¥1.56B |
| 24▼1 | C'bon Cosmetics | ¥9.27B | 0.3% | 2.7% | +0.3% | ¥553.1M |
| 25 | NippiCosmetics | ¥8.26B | 0.3% | 16.2% | +8.3% | ¥2.47B |
| 26 | seirenMedical | ¥6.68B | 0.2% | 11.1% | -0.2% | ¥7.33B |
| 27 | NAC Co .Beauty and Health | ¥6.64B | 0.2% | 3.7% | +3.2% | ¥811M |
| 28▲2 | Muscat Group | ¥4.13B | 0.1% | -9.7% | +31.1% | -¥779.7M |
| 29 | Lipps CO,.Product business | ¥3.97B | 0.1% | 19.8% | +19.9% | ¥663.1M |
| 30▼2 | Adjuvant Holdings | ¥3.81B | 0.1% | 4.5% | -3.7% | ¥89.9M |
| 31 | IVY Cosmetics | ¥2.64B | 0.1% | 7.4% | -7.0% | ¥376.2M |
| 32 | Ateam HoldingsD2C | ¥2.25B | 0.1% | 0.3% | — | ¥1.61B |
| 33 | ShofuNail related | ¥2.23B | 0.1% | -5.1% | +0.7% | -¥231M |
| 34 | T.kawabe &Fragrance | ¥2.1B | 0.1% | -7.6% | +9.8% | ¥546.3M |
| 35 | WaqooMedical support + 1 more | ¥1.95B | 0.1% | 26.2% | — | -¥56.8M |
| 36 | 4Cs HDMail order + 1 more | ¥1.81B | 0.1% | 20.2% | — | -¥788.2M |
| 37 | Soiken HoldingsFunctional cosmetic retailing | ¥1.51B | 0.0% | 1.8% | -23.6% | ¥520.5M |
| 38▲2 | VixtonCosmetics business | ¥949M | 0.0% | -26.1% | — | -¥492.8M |
| 39 | streamBeauty and health care business | ¥823.5M | 0.0% | 3.2% | -3.6% | ¥757.7M |
| 40▼2 | UNIVA Oak HoldingsBeauty Healthcare | ¥473.6M | 0.0% | -37.6% | — | -¥894.7M |
| 41new | THE WHY HOW DO CompanyLifestyle Business | ¥257.8M | 0.0% | -14.1% | — | -¥113.3M |
| 42 | Hirota Group HoldingsBeauty and Healthcare | ¥127.3M | 0.0% | 92.2% | — | -¥116.4M |
| 43 | IntertradeHealth care Business Division | ¥104.7M | 0.0% | -48.8% | -5.4% | -¥16.4M |
| 44 | AbistBeaty and health products | ¥49.6M | 0.0% | 46.4% | — | ¥213.4M |
| 45 | Immuno-Biological LaboratoriesCosmetics | ¥2.7M | 0.0% | -22.7% | -33.1% | ¥267.7M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Cota314821
- noevir holdings335017
- Rohto Pharmaceutical444412
- Shinnihonseiyaku206812
- Milbon375211
- Kao603010
- Kirin Holdings52379
- Pola Orbis Holdings19729
- Nippi70219
- I-ne41518
- Belluna37558
- Shobido68257
- AFC-HD AMS Life Science66277
- Vitabrid Japan21727
- Nicca Chemical64297
- KOSE Holdings3163
- Euglena3163
- Haba Laboratories3361
- Axxzia2769
- Premier Anti-Aging2373
- C'bon Cosmetics2473
- Nippon Shikizai8712
- House of Rose2871
- Liberta6039
- Shiseido2375loss ¥3
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 株式会社ベクトルOutside
- SubsidiaryVitabrid Japan95.4%
- 株式会社ダスキンOutside
- AffiliateNAC Co .27.9%
- 株式会社ワコールホールディングスOutside
- AffiliateHouse of Rose21.3%
- 三井化学株式会社Outside
- AffiliateShofu20.1%
- 株式会社リーガルコーポレーションOutside
- StakeNippi12.7%
- 株式会社ヤマダホールディングスOutside
- StakeNAC Co .10.6%
- 株式会社ジャパンインベストメントアドバイザーOutside
- StakeIntertrade10.0%
- 長瀬産業株式会社Outside
- StakeNicca Chemical8.6%
- 大成建設株式会社Outside
- StakeNippi8.0%
- 三菱鉛筆株式会社Outside
- StakeNippon Shikizai6.0%
- 株式会社アイスタイルOutside
- StakeHouse of Rose5.5%
- 株式会社サンテックOutside
- StakeVixton5.2%
- 東京建物株式会社Outside
- StakeNippi3.6%
- 株式会社滋賀銀行Outside
- StakeShofu3.4%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Cosmetics (by revenue)
All 46 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Shiseido¥958.6B · 10.5%
- Kao¥694.4B · 7.1%
- Rohto Pharmaceutical¥340.1B · 11.7%
- KOSE Holdings¥326.8B · 7.0%
- Kirin Holdings¥251.4B · 4.4%
- Pola Orbis Holdings¥164.1B · 9.7%
- Milbon¥52.9B · 10.7%
- noevir holdings¥50.5B · 24.3%
- I-ne¥49B · 14.6%
- Euglena¥47B · 11.7%
- Shinnihonseiyaku¥41.1B · 11.6%
- Shobido¥22.1B · 6.6%
- AFC-HD AMS Life Science¥18.9B · 13.0%
- Nippon Shikizai¥16.6B · 1.2%
- Vitabrid Japan¥15.3B · 6.7%
- Nicca Chemical¥15.3B · 12.9%
- Axxzia¥13.5B · 3.8%
- Premier Anti-Aging¥12.9B · 3.2%
- Haba Laboratories¥12.1B · 6.0%
- Belluna¥11.4B · 6.4%
- House of Rose¥10.3B · -1.0%
- Liberta¥10B · 1.3%
- Cota¥9.6B · 20.8%
- C'bon Cosmetics¥9.27B · 2.7%
- Nippi¥8.26B · 16.2%
- seiren¥6.68B · 11.1%
- NAC Co .¥6.64B · 3.7%
- Muscat Group¥4.13B · -9.7%
- Lipps CO,.¥3.97B · 19.8%
- Adjuvant Holdings¥3.81B · 4.5%
- IVY Cosmetics¥2.64B · 7.4%
- Ateam Holdings¥2.25B · 0.3%
- Shofu¥2.23B · -5.1%
- T.kawabe &¥2.1B · -7.6%
- Waqoo¥1.95B · 26.2%
- 4Cs HD¥1.81B · 20.2%
- Vixton¥949M · -26.1%
- Soiken Holdings¥882.7M · 5.5%
- stream¥823.5M · 3.2%
- UNIVA Oak Holdings¥473.6M · -37.6%
- Wel-Dish.¥261.5M · 29.2%
- THE WHY HOW DO Company¥257.8M · -14.1%
- Hirota Group Holdings¥127.3M · 92.2%
- Intertrade¥104.7M · -48.8%
- Abist¥49.6M · 46.4%
- Immuno-Biological Laboratories¥2.7M · -22.7%
Revenue · Op. margin
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