Shiseido closes metaverse projects, introduces staff cuts

Shiseido recently closed its metaverse and web3 projects within its emerging technology and platforms division, as per a former employee. This decision comes amidst strategic changes at Shiseido, including leadership role eliminations at brands like Clé de Peau following disappointing third-quarter 2024 results. Shiseido saw a decline in net sales and operating profit compared to the previous year, prompting a revision of its full-year profit forecast.

Shiseido’s web3 and metaverse projects encompassed virtual beauty experiences, NFTs, and collaborations. Despite the shutdown, Shiseido’s focus on emerging technologies like AI remains unchanged. In alignment with its new growth plan “Shift 2025 and Beyond,” Shiseido intends to strengthen brand foundations and profitability by concentrating on areas of competitive advantage and global cost reductions.

Meanwhile, Estée Lauder Companies is committed to innovation and emerging technologies, showing no intention of divesting or conducting wide-scale layoffs in the division. ELC has been actively exploring generative AI and engaging in initiatives like web3 and the metaverse. Despite recent layoffs affecting various divisions, Estée Lauder remains dedicated to enhancing customer experiences through technology partnerships and innovation labs.

ELC’s participation in Metaverse Fashion Week and Art Week showcased its commitment to leveraging emerging technologies for immersive brand experiences. The company’s restructuring efforts, including the appointment of a new CEO and significant cost allocations, demonstrate its commitment to adapting to a changing market landscape.

Source link

#Shiseido #shuts #metaverse #projects #implements #layoffs