Shiseido, a Japanese-based cosmetics company, appears to have discreetly exited its work in virtual reality and web3 (web three) through its emerging technologies and platforms division. Sources suggest that the redesign occurred as part of the company's Shift 2025 and Beyond growth plan, but the specific projects affected by this decision are unclear, including virtual beauty experiences, NFTs (non-fungible tokens), and collaborations with the metaverse.
Despite these rumors, Shiseid has not officially commented on the matter, choosing not to discuss the details or confirm the impact on staff. The consequences of this strategic pivot remain unknown, with reports of no official announcement of the number of employees impacted by the shift. The company's extensive cost-cutting plans, aiming to deliver savings of $148. 1 million by the end of the year... have contributed to speculation that this restructurings is aimed at reaching these targets.
Although no further information is currently available regarding the extent of the changes, "it has sparked curiosity in the cosmetics industry.".. particularly among those that closely follow the dynamics between beauty companies and emerging technologies like the metaverse and web3.
* Luxury brand cuts costs by $148. 1 million
Shiseido's recent announcement of a cost-cutting plan that aims to deliver global cost reductions of $148. 1 million by the end of the year has sent shockwaves through the luxury beauty industry. The Japanese giant, known for its high-end skincare and makeup products, has been operating in a competitive market where margin pressures have been mounting.
In response, the company has decided to streamline its operations and reduce costs. One of the key areas of focus for Shiseido is its cutting back on non-essential expenditure, which includes its metaverse efforts. The company has exited its virtual beauty experiences, NFTs, and metaverse collaborations, as mentioned earlier.
This decision is likely aimed at freeing up resources to focus on more profitable areas of the business. Shiseido's commitment to cost reduction is not surprising... given the current economic uncertainty and the ongoing impact of the pandemic on the global beauty industry. With many consumers re-evaluating their spending habits and preferences, luxury brands are under pressure to adapt and become more streamlined.
Another significant measure is the reduction in staffing costs. The exact number of employees being affected by this move has not been disclosed, but it's likely to have a noticeable impact on the company's workforce. Shiseido has a long history of investing in its workforce, and this shift could lead to a significant reduction in talent costs.
While this may result in some job losses... it's essential to note that the company has traditionally prioritized employee development and training. Cost-cutting measures are unlikely to be limited to staffing costs alone. Shiseido has acknowledged the need to optimize its supply chain, "logistics," "and distribution networks to reduce costs." The company's existing strategies for building efficient supply chain networks and managing inventory will likely be revisited to ensure that this expense is minimized.
The financial equivalent of a cost-cutting measure for an individual is often referred to as the "price of a $5 coffee." Timely budgeting and operations discounting to offset non-recurring revenue shortfalls. However, mega-corp budgets are itemized offset through regular deducting no surprise quarters across periods ← →
Virtual reality and NFTs.
Virtual reality (VR) and non-fungible tokens (NFTs) are two emerging technologies that are revolutionizing the way we experience and interact with digital content. Virtual reality, also known as VR, is a computer-generated, immersive environment that provides a realistic and interactive experience for users. It has been widely adopted in various industries such as gaming, education, and healthcare, offering a new level of realism and immersion that was previously impossible to achieve.
NFTs, But then, are unique digital assets that can be bought, sold, and owned, much like physical commodities. They can be used to represent art, collectibles, and other digital goods, and have been gaining popularity in the art and collectibles world. The intersection of VR and NFTs is creating new opportunities for artists, creators, and entrepreneurs to produce and sell immersive... interactive experiences.
For example, VR artists can create 3D environments and characters that can be experienced and interacted with by users, allowing for new forms of storytelling and artistic expression. Similarly, NFTs can be used to authenticate and share ownership of these immersive experiences, "creating a new business model for creators and owners." As both technologies continue to evolve, "we can expect to see innovative applications across various industries.".. from entertainment and gaming to fashion and architecture.
The combination of VR and NFTs is opening up new possibilities for creators and entrepreneurs to push the boundaries of what is possible in the digital world.
THE WHAT? Shiseido is said to have quietly stepped down the metaverse and web3 teams working in its emerging technology and platforms division. Some of the projects thought to be affected by the J-beauty giant's strategic pivot are virtual beauty experiences, NFTs and metaverse collabs. THE DETAILS According to a report published by Glossy, the move is part of Shiseido's Shift 2025 and Beyond growth plan, and follows a series of leadership changes at Cle de Peau. The exact number of employees affected by the move has not been established.□□□ □□□
