Shiseido closes all metaverse projects and enacts employee layoffs.
According to a recent source within the company, Shiseido closed down its metaverse and web3 projects in December, which were part of its emerging technology and platforms division.
This decision comes after Shiseido made strategic changes, such as removing leadership roles at brands like Clé de Peau, following the release of its third-quarter 2024 results in November. The company saw a decline in consolidated net sales and operating profit compared to the previous year, prompting a revision of its full-year core operating profit forecast.
Shiseido’s web3 and metaverse projects included virtual beauty experiences, NFTs, and collaborations within the metaverse. The company had partnered with Decentraland and released digital collectibles tied to its brands. Despite these closures, Shiseido’s focus on emerging technologies like AI remains intact, with recent collaborations and product launches in this space.
On the other hand, Estée Lauder Companies has maintained its commitment to innovation and emerging technologies, with no plans to divest from these areas or conduct broad layoffs.
Estée Lauder has engaged in web3 and metaverse initiatives in the past, including partnerships with platforms like Decentraland and hosting events such as Metaverse Fashion Week. The company’s embrace of technology and innovation is evident in its ongoing efforts to leverage AI and enhance customer experiences.
Despite recent layoffs as part of a restructuring program aimed at increasing profitability, Estée Lauder continues to invest in technology and innovation to drive future growth.
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