KOSÉ REPORT 2021 Integrated Report - KOSE
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KOSÉ REPORT 2021
Integrated Report
Creating Beauty in a Sustainable World
For People For the Earth
Use the theme
A source of Support for a Environmental
of beauty to
adaptable beautiful, programs in
help solve
products and healthy and areas where
environmental
services happy life KOSÉ operates
issues
Lower the overall
Help create a
environmental
world with true
impact of business
gender equality
operations
Ed i to r i a l Po l i c y Value Creation Story Growth Strategies Data Section
KOSÉ Group's Mission 2 Overview of Growth Strategies 20 Financial and Non-Financial Highlights 56
This report aims to provide stakeholders with a deeper understanding
A History of Creating Beauty 4 Strategies by Region 22 10-Year Summary of Selected
of the KOSÉ Group’s activities by presenting not only financial information, Financial Data 58
The KOSÉ Group’s Sustainable Progress of the KOSÉ Sustainability Plan 26
St at e m e n t o f Pur po s e but also non-financial information including management policies,
Growth Process 6 For People 28 3-Year Summary of Selected
strategies and our underlying rationale. Please refer to our website
KOSÉ Sustainability Plan 8 Non-Financial Data 60
for information related to IR and sustainability. For the Earth 32
Create a culture and values Model for Raising Brand Value 10 Principal Group Companies 62
Corporate Information/Stock Information 63
embodying a distinctive beauty Fo r w a rd - L o o k i n g Sta te m e n ts
Brands at a Glance
Feature: Value Creation Initiatives
12
14
The Foundation for Our Value Creation
Mind to Follow the Right Path 38
through a sophisticated fusion This report contains forward-looking statements about KOSÉ Corporation’s Interview with the President 16 External Recognition 44
Messages from External Directors 45
of sensuousness and intelligence. future plans, strategies, and performance that are not historical
facts. Risks and uncertainties resulting from changes in the business Corporate Governance 46
environment may have a significant effect on actual business results. Career Histories 54
Please also note that we shall not be held responsible for any omissions
or errors in data and content in this document.
KOSÉ REPORT 2021 1
Value Creation Story
KOSÉ Group’s Mission
The carefully selected materials
KOSÉ was founded amid Japan’s post-war ruins, with the aim of using the power of cosmetics to create a
brighter future. No matter what the situation, beauty provides sustenance to humankind. Even amid the present that are indispensable for
uncertainties of the COVID-19 pandemic, KOSÉ continues to help brighten the future for people around the KOSÉ’s manufacturing are
world and for our precious Earth by sharing all of our wisdom as a company that creates beauty.
part of the Earth’s bounty.
We protect the global environment
as we help create sustainable
and beautiful value.
KOSÉ values being a source of
beauty for everyone, and helps
create a world where people with
diverse backgrounds and features
For the Earth
can live confidently and
beautifully.
For People KOSÉ aims to grow through
mutual support by earning the
trust of all its stakeholders
involved in manufacturing.
KOSÉ uses the commitment to
quality it has cultivated since its
founding to continuously create
unique, highly safe items.
2 KOSÉ REPORT 2021 KOSÉ REPORT 2021 3
Value Creation Story
A History of Creating Beauty
For over 70 years, KOSÉ has created beauty underpinned by innovation and high quality. Many of the revolutionary
products that we have launched were pioneering within the cosmetics industry, and they continue to be
long sellers with a strong presence. We have continued to create new value that stays just slightly ahead of
contemporary lifestyles.
1946 Foundation of KOSÉ 1990s-2000s Establishing Our Presence
1992 1994 2002 2004 2005
DECORTÉ LECHÉRI Prédia DECORTÉ ASTALUTION
MOISTURE LIPOSOME Water Pact UV SPA et MER WHITELOGIST Wrinkle Essence
Kozaburo Kobayashi founded KOSÉ in 1946, building trust by Fango Double Cleanse
delivering high-quality cosmetics directly to retailers throughout
Japan. KOSÉ introduced a contract sales system based on direct We established our corporate message in 1991, and in 2007. In Japan, we introduced the JILL STUART
1951
Launch of Perlight Skin, a cosmetic cream transactions with retail stores, which embodied his ideal of redefined it in 2020 as “Creating Beauty in a Sustainable brand to the domestic cosmetics market in 2005.
containing photosensitizing dyes
co-existence and co-prosperity as well as joint management of World” to show our corporate stance as a “company We also raised our presence by continuing to create
manufacturing and sales. Kozaburo’s motto, “Mind to Follow that creates beauty.” In the 2000s, KOSÉ used its track unique cosmetics, including ASTALUTION, a high-
the Right Path,” serves as the fundamental policy of KOSÉ’s record as the basis for a full-scale entry into overseas quality, highly effective beauty serum containing a
Sustainability Policies and the foundation of KOSÉ’s corporate spirit. markets. We have established subsidiaries in Hong high concentration of astaxanthin, and DECORTÉ
Kong, South Korea, and China, and started sales in MOISTURE LIPOSOME, which applies the results of our
Vietnam in 2001, the Philippines in 2003, and Myanmar research and development.
1970s-1980s Innovation and a Spirit of Challenge
2010s onward Accelerating Globalization
1970 1974 1975 1981 1985
DECORTÉ SUMMERD ALPHARD R・C Sport Beauty SEKKISEI 2015 2016 2018 2019 2020
Pressed Powder Liquid Precious Suntan Milk
CLEAR TURN DECORTÉ ADDICTION DECORTÉ SEKKISEI
Super Premium AQMW Eye Glow Gem COMPACT ADDICTION AQ MELIORITY CLEAR WELLNESS series
Fresh Mask Intensive Cream
In the 1970s and 1980s, we incorporated the findings of that has steadily achieved results. In addition, we
a series of innovative research and development projects entered the cosmetaries* business with the
In the 2010s, we began sales of DECORTÉ in Italy and products that have global appeal. In Japan, we opened
in products that were industry firsts. These products establishment of KOSÉ Cosmeport Corp., which has
North America. We used two methods to promote directly managed Maison KOSÉ stores in Ginza in 2019
included SUMMERD, a foundation that does not expanded our portfolio to include items such as aging
globalization: overseas expansion and portfolio growth and Omotesando in 2020. In addition, we have rolled
require the use of water, ALPHARD R・C Liquid Precious, care cosmetics and high-quality cosmetics that are
through the addition of overseas brands. This included out multiple online channels to provide value from two
the industry’s first beauty serum, SEKKISEI, a lotion affordable for younger purchasers, thus enlarging our
making Tarte, Inc., which sells skin care and makeup perspectives through a combination of digital
containing Japanese and Chinese herbal extracts, and customer base.
products mainly in the United States, a subsidiary in technology and hands-on experience while pursuing
the DECORTÉ high-prestige brand. At the same time, * A coined term combining "cosmetics" and "toiletries"
2014. Today, we continue to develop brands and personalized customer experiences.
we established a Company-wide quality control system
4 KOSÉ REPORT 2021 KOSÉ REPORT 2021 5
Value Creation Story
Our Message
The KOSÉ Group’s Sustainable Growth Process Creating Beauty
Toward the achievement of its medium-to-long-term VISION 2026, the KOSÉ Group is taking on the material in a Sustainable
issues of the KOSÉ Sustainability Plan, which it formulated in 2020. In doing so, it will establish an unrivaled Our Medium-to-Long-Term Vision
presence as a “company that creates beauty” while working to deliver unique value and gain the World
VISION 2026
appreciation of customers worldwide.
Social Issues (Risks and Opportunities Recognized by KOSÉ)
Evolving into a Company
People & Society Environment with a Global Presence
• Changes in the international economic balance
• Declining population and birthrate and aging
population in Japan • Climate change (intensifying and more
• A
company dedicated to being a source of beauty
• Interaction of populations through globalization frequent abnormal weather) for everyone
• Interaction of people with diverse backgrounds • Marine plastic problem
and features
• Blurring of industry boundaries
• Depletion of natural resources •A
company that uses foresight for the constant
• Emerging water resource risks
• Response to IoT and digitalization and others
creation of innovative value
• Expectations for Japanese quality
• Stronger oversight of corporate governance •A
company with diverse brands and human
systems
and others
resources that can succeed worldwide
•A
company that constantly attracts more
customers and is a place where people are
proud to work What We Aim to Be
Strengths of the KOSÉ Group
(Sources of Value Creation)
A company with
Brands with Long
H i s t o r i e s a n d Nu m e r o u s
exceptional
Become a customer-driven company
Long-Selling Items Phase Ⅲ appreciated by people worldwide customer loyalty
Increase KOSÉ’s global presence and
Phase Ⅱ improve the customer experience A p or t folio filled w it h
Unique Brand Research and Commitment
Upgrade global brands and e xtre mely appealing brands
Marketing Development to Quality PhaseⅠ reinforce points of customer contact
A Management Base Unique
to a Family-Owned Business KOSÉ Group Sustainability Plan Pages 8-9
Our Current Position Our Targeted Position (VISION 2026)
Net Sales Operating Margin Overseas Sales Ratio E-Commerce/ Net Sales Operating Margin Overseas Sales Ratio E-Commerce/Travel Euromonitor Premium Beauty
Travel Retail Sales Ratio Retail Sales Ratio and Personal Care Ranking
¥279.3 4.8% 40.1%
30%
¥500.0 16％ or higher 50％ or higher Within the T op 8
billion billion 25％ or higher
6 KOSÉ REPORT 2021 KOSÉ REPORT 2021 7
Value Creation Story
KOSÉ Sustainability Plan
The KOSÉ Group’s Corporate Message, “Creating Beauty in a Sustainable World,” serves as its guiding principle for sustainability,
while its fundamental policy, “Mind to Follow the Right Path,” has been the foundation of its corporate spirit since day one.
Based on this policy, we have established the KOSÉ Sustainability Plan to make the future better for people and the environment.
As we strive to achieve a sustainable society and fulfill our responsibilities as a member of the international community, we will make
greater use of our sensuousness and intelligence with the aim of becoming a unique and trusted company with a global presence.
For People For the Earth
A source of adaptable products and services Pages 28-29 Use the theme of beauty to help solve environmental issues Pages 32-33
1
As a source of beauty for everyone, we accept differences in skin color, values, culture and other diverse
characteristics to provide the value of beauty. 4 We will help resolve environmental issues by continuing to exert an impact on society in ways unique to a
company that creates beauty, such as the SEKKISEI SAVE the BLUE project.
We will help create a world where people with diverse backgrounds and features—including skin color, gender, sociocultural We will focus on beauty while promoting activities to resolve environmental issues. We will also communicate these initiatives
Six Activity Themes
and geographical background, living environment, religion, creed, and physical features—can live confidently and beautifully. to the general public to make many consumers aware of environmental issues and expand our network for solving issues using
the theme of beauty.
Support for a beautiful, healthy and happy life Page 30
Environmental programs in areas where KOSÉ operates Page 34
2
We support lifestyles that allow people to enjoy health and happiness, which is a fundamental goal of life
5
for all stakeholders worldwide, including future generations. In locations where we have business bases for production, services or other purposes, we will work to
preserve the environment, considering and giving back to local communities, with which we will coexist
We will energetically address social issues so that everyone can lead a healthy and happy life. Activities will include improving and prosper.
quality of life (QOL), educating and raising the awareness of the next generation, and initiatives such as Fair Trade that will
enhance the work environment, including in our supply chain. We will coexist and prosper with local communities, conducting environmental conservation activities with a focus on
production facilities, which affect the environment.
Help create a world with true gender equality Page 31
Lower the overall environmental impact of business operations Pages 35-37
3
We will actively contribute to a future where there is no gender gap, not just at KOSÉ but throughout
Japan and worldwide, as we work to make an impact by communicating our message to society. We are thankful for the blessings of the global environment, which is the source of all healthy life, and
We will conduct awareness-raising and other activities that help to eliminate the gender gap not only in the KOSÉ Group, but 6 will carry out activities to lower our environmental impact as much as possible.
elsewhere in Japan and around the world. The KOSÉ Group is thankful for the blessings of nature, and will continue to evolve its efforts to reduce its environmental
impact in order to preserve the global environment.
Mind to Follow the Right Path
Business Only the safest,
Human
Sound corporate Respect for operations most reliable, Customer’s
resource
Fundamental Policy
governance human rights with transparency high-quality perspective
development
and fairness products
Pages 45-55 Page 38 Pages 39-40
Page 43 Page 41 Page 42
Process for Formulating the Plan Sustainability Promotion Systems Sustainability Promotion
Organization
System for The KOSÉ Group has identified some sustainability-related issues in its management issues
Identification of
Board of Directors
1 2 3 4
Definition of confirming and has established a promotion system to resolve them. The Sustainability Committee
social and Approval
activity themes progress and is chaired by the President & CEO. Supervised by the Board of Directors, this committee
environmental issues
reviewing activities proposes sustainability strategies to and receives approval from the Management Management Committee
Committee, and then reports the results to the Board of Directors. The Sustainability
The Sustainability Promotion Committee establishes subcommittees and projects for separate themes based
Identified issues to be Reported to and approved
Evaluated issues identified Promotion Committee on the KOSÉ Group’s sustainability strategies to promote cross-departmental activities Sustainability Committee
addressed with reference to by the Board of Directors
in Step 1 and selected six regularly confirms progress
ISO 26000, the UN Global and the Sustainability that are more effective.
main activity themes toward targets and reviews
Compact, the SDGs, etc. Committee
activities Sustainability Promotion
Committee
8 KOSÉ REPORT 2021 KOSÉ REPORT 2021 9
Value Creation Story
Model for Raising Brand Value
The KOSÉ Group provides unique value by continuously offering appealing items, created from sensuousness and intelligence, that
help our customers’ beauty shine forth from within.We will continue to sustainably create value by conducting manufacturing that is
based on adaptability and underpinned by sustainability as we work to enhance our brand presence.
Sources of
Use of digital
KOSÉ Group Value
technology for
customer Value Creation
service and sales
1 Brands with
Promotion
of diversity
and inclusion
Use of cutting-
edge technology Long Histories and
3
Flexible change 1 2 Numerous Long-Selling Items
Unique Brand
attuned to the times
Marketing
Response
Respect for diversity to various
environmental issues
Value Provided
1 3 4 5 6
KOSÉ “A source of beauty
Research and
Sustainability Development for everyone”
Plan Customer-driven
Fundamental
Policy
Co-existence Willingness to
and co-prosperity take on the challenges
with business partners of new areas and new
and suppliers mechanisms of effect
Fundamental
Commitment Commitment
1 2
Policy
to founder’s focus to Quality
remains unchanged
High standards for Eco-friendly
quality and safety manufacturing
Fundamental 4 6
Policy
10 KOSÉ REPORT 2021 KOSÉ REPORT 2021 11
Value Creation Story
Brands at a Glance
To create attractive, valuable brands, KOSÉ strives to develop cosmetics under the two key words “intelligence” and
“sensuousness.” We currently meet the various needs of our customers with two groups of brands: diverse and highly
distinctive individual brands, as well as the KOSÉ brands that bear the Company’s name. We have also rolled out many
brands overseas to establish a global presence.
Main Sales Regions J Japan A Asia U North America & Others E Europe
Cosmetics Business
H IGH-PRESTIGE
Brands
High Added Value ALBION CO., LTD.
The Highest Levels of Quality
and Service
A group of top-quality brands developed
J A U E
by integrating all of KOSÉ’s cutting-edge J A U E
technologies. They are sold at specialty
cosmetics stores, department stores
and other retail outlets that distribute
exclusive brands. KOSÉ’s specially trained
Beauty Consultants offer meticulous J A
KOSÉ MILBON J A
counseling to help customers select the COSMETICS CO., LTD. Tarte, Inc. J A
products that suit them best.
P RESTIGE
Brands
KOSÉ PROFESSIONAL
CO., LTD.
Dr. PHIL
COSMETICS INC.
J A U E
J
High-Value-Added Cosmetics KOSÉ PROVISION
for Everyone CO., LTD.
High-value-added brands, each with its
own distinctive characteristics. They are
sold through a wide range of channels,
KOSÉ Maruho Co., Ltd.
including specialty cosmetics stores, J A
J
mass retailers, drugstores and online. J A
C OSMETARIES
Brands
For Daily Life One Step Above J A
A group of self-selection brands, including
J A
cosmetics and toiletries such as shampoo,
that are developed using the same
approach as the one used to develop KOSÉ Cosmeport Corp.
cosmetics. We call this category of products
Cosmetaries Business
J J A U
“cosmetaries.”* We offer high-quality A
Basic Value
J A
products at reasonable prices through mass
retailers, drugstores, convenience stores
and other retail outlets.
* Cosmetaries: A coined term combining “cosmetics”
and “toiletries”
12 KOSÉ REPORT 2021 KOSÉ REPORT 2021 13
Value Creation Story
Feature Value Creation Initiatives
The cosmetics we offer play a role in enriching lives by providing beauty. In addition to the face-to-face
value we have traditionally emphasized, we are creating beauty experiences unique to KOSÉ using digital
technology to link customer experiences. In this way, we continue to soothe and delight customers even
during the COVID-19 pandemic.
Providing a Place to Shop Beauty Support for Front-Line
Providing Beauty Both Online and Offline during the State of Emergency Medical Workers
We are proactively creating a KOSÉ beauty platform that New Customer Touchpoints When people were asked to refrain from going out during During the threat posed by COVID-19, we launched the
connects us with our customers in both the real and the Japan’s state of emergency, we held a #StayHome campaign “You are my HERO” support project in which we have been
digital worlds as we explore the potential for next- to expand shopping opportunities. In addition to increasing donating our cosmetics to medical professionals nationwide
generation beauty experiences. the number of brands available for purchase on our website through the Nippon Foundation. Following the initial 150,000
This platform provides new types of communication Maison KOSÉ, we introduced features such as special content items, in consideration of the long-term need for medical care
Social Apps
that merge the digital world and in-store experiences for media from beauty consultants and brand managers and instructional that lies ahead and the large number of requests, we added
omnidirectional, interactive connections with all customers videos on beauty techniques. Customers responded positively another 970,000 items, for a total donation of more than
through social media, campaign websites, our innovative to these measures. 1 million cosmetic products.
Email Campaign
Maison KOSÉ concept store and other methods. newsletters websites
Online, we offer the same high-quality counseling as in
Customers
our physical stores, with enhanced, diverse beauty-related
content that addresses customer needs. Offline, we offer
a variety of beauty experiences that utilize digital technology.
Concept stores
E-commerce
Face-to-face
For
details: https://maison.kose.co.jp/site/ Digital counseling
counseling
(Japanese only)
For details: https://maison.kose.co.jp/site/p/hero.aspx
(Japanese only)
Note: The application period for this project has ended.
Flagship Store for Experiencing Contact-Free Shopping Pursuing Beauty Experiences That
In December 2020, our flagship Maison KOSÉ Omotesando
Are Only Possible Face-to-Face
store opened.
The store is a customer touchpoint that plays a key role in ALBION PHILOSOPHY, a new-format store from ALBION CO.,
the KOSÉ beauty platform and its “Find Your Own Beauty” LTD. has opened in Yokohama. The store combines an original
concept. A distinctive feature of the store is that customers treatment salon called THE BED and an open laboratory space
can enjoy a contact-free shopping experience utilizing where customers can see how cosmetics are made. As the
digital technology in addition to directly experiencing name suggests, the store embodies ALBION’s founding
products spanning our brand lineup. For example, there is a craftsmanship, customer-first service and other values.
dedicated space for customers to communicate online as The open laboratory is a revolutionary space where
they sample the main products from each brand with peace customers can experience the latest in skin research while
of mind using auto-dispenser testers. The store also fully talking directly to researchers and participate in the making
supports cashless payment methods for a secure shop of cosmetics. In addition, in the beauty and relaxation spa
environment suited to new lifestyles. THE BED, customers can experience original facial and body
treatments using top-class EXCIA skincare and other
For details,visit the Maison KOSÉ Omotesando store products with the superlative hospitality unique to ALBION,
web page: making it a place for quality experiences that are only
https://maison.kose.co.jp/site/p/flagship_store.aspx possible face-to-face.
(Japanese only)
F or details: https://www.philosophy.albion.co.jp/
(Japanese only)
14 KOSÉ REPORT 2021 KOSÉ REPORT 2021 15
Value Creation Story
Interview with the President
Q1 What are your thoughts on fiscal 2020?
What went well, and what issues remain to be addressed?
Even as the COVID-19 pandemic is Even in the challenging business environment brought on by the
bringing about a complete change in
lifestyles, KOSÉ is accelerating its COVID-19 pandemic, we have turned crisis into opportunity
reforms to continue to reliably provide and energetically conducted reforms for borderless business
the essential value of cosmetics—making expansion. KOSÉ will continue to accelerate the integration of
the world a brighter place by bringing
charm and color to our lives—and in so
online and offline activities.
doing improve corporate value over the
medium to long term. In fiscal 2020, the global COVID-19 pandemic KOSÉ has extensive experience in advancing by
completely changed not just the business turning difficult situations into new opportunities,
environment, but social conditions and lifestyles. even in unprecedentedly severe business
Kazutoshi Kobayashi During the pandemic, an increase in environments. By combining this experience with
President & CEO telecommuting reminded people of the KOSÉ’s unique strengths, we aim to expand
importance of skin care. Customer needs for borderless business even in the current business
makeup changed significantly, and new demand environment and will strongly promote reforms to
arose for products such as transfer-proof lipstick become more resilient to risk. Going forward, we
and foundation that provides long-lasting plan to conduct unique manufacturing that
coverage without coming off on masks. addresses changing customer needs, and in fiscal
Nevertheless, a decline in consumption had a 2021, we are planning large-scale launches of
substantial impact on Japan’s cosmetics market. items from multiple brands with different
In this severe environment, sales and profits concepts, textures and functions. In addition, for
decreased in each area of the KOSÉ Group’s the “clean products” market, where needs are
business, but we were able to secure ￥13.2 billion growing mainly in North America and Europe, we
in operating profit by controlling costs. In the have just launched and plan to carefully nurture
Chinese market, economic activity has normalized the CLEAR WELLNESS series, which incorporates
and there has been substantial growth centered the concept of sustainability into the KOSÉ
on e-commerce and travel retail. In the Japanese Group’s flagship SEKKISEI brand.
market, however, I regret that integration of Optimizing the beauty experience for each
e-commerce and other online activities with offline person requires meeting a wide range of needs
activities was insufficient for meeting our goals. through brands ranging from high-prestige to
This issue needs to be addressed going forward. cosmetaries, and therein lies KOSÉ’s unique
strength. We will continue to create value that
makes the most of KOSÉ’s uniqueness.
16 KOSÉ REPORT 2021 KOSÉ REPORT 2021 17Q2 What are the key points for becoming a company
with a global presence and exceptional customer Q3 You have formulated the KOSÉ Sustainability Plan.
What issues does it address and what activities will you
loyalty? conduct?
We have set six activity themes for the realization of our
We will conduct manufacturing from the perspective of Corporate Message of “Creating Beauty in a Sustainable World.”
adaptability rooted in sustainability, with the aim of making We aim to help achieve a sustainable society and grow our
KOSÉ indispensable to its customers. business through a story that is unique to KOSÉ.
The KOSÉ Group aims to be a company with differences in personality, values and other The KOSÉ Sustainability Plan, which we everyone can live with confidence, vitality and
exceptional customer loyalty that is known and characteristics, with a dedication to being a source formulated in 2020, clearly sets forth the KOSÉ peace of mind in a thriving natural environment
admired by all, a company that stands apart as of beauty for everyone. Through our commitment Group’s intentions and initiatives to help realize a on our irreplaceable, beautiful Earth. In
highly original and one of a kind. Moreover, we to this process, I believe we can help create a sustainable society and grow our business, and formulating the six activity themes of the KOSÉ
aim to be a company that customers consider world where people with diverse backgrounds summarizes specific goals leading up to 2030. We Sustainability Plan, our approach was not based
irreplaceable, with a high repeat rate and and characteristics—including skin color, physical established our Corporate Message when we on how many of the 17 SDGs we could help
customer retention rate. It is difficult for cosmetics features, gender, sociocultural and geographical introduced our corporate identity in 1991 and achieve; rather, we selected initiatives that were
to remain popular among customers for many background by country or region, living redefined it in 2020 as “Creating Beauty in a sustainable from a medium-to-long-term
years unless those cosmetics offer not only specific environment, religion and creed—can live Sustainable World.” The Corporate Message perspective based on the unique concerns of the
beautifying effects, but also elements that provide confidently and beautifully. However, this will not serves as the guiding principle of the plan, which KOSÉ Group as a provider of the value of beauty.
heartfelt satisfaction and enhance the quality of be easy to achieve. The KOSÉ Group deals with lists the six activity themes under the two In addition, I believe that the concept “leave no
customers’ emotional lives. Value with a deep customers all over the world, and each member of perspectives of “For People” and “For the Earth” one behind,” which is a cornerstone of the SDGs,
appeal to all five senses is required. We want to the Group must truly understand and respect to further promote unique activities befitting the is synonymous with the KOSÉ Group’s concept of
have numerous brands and products that individual differences (diversity) and accept those KOSÉ Group. Adaptability, which I mentioned adaptability in its manufacturing. The ultimate
customers feel they can’t do without, or to which differences (inclusion) in carrying out their earlier, is also one of the themes. purpose of our adaptability initiatives is to
customers return with relief after trying others. respective missions every day. I consider cultivating The origins of KOSÉ go back to 1946, when transcend differences in values and other personal
Having such products will make KOSÉ such a corporate culture to be one of my core founder Kozaburo Kobayashi started business characteristics to deliver the value of personalized
indispensable to its customers. duties as president. To that end, I am constantly with a limitless passion for cosmetics that give beauty, treasuring each customer’s “natural self”
To achieve this goal, a vital part of our engaging in dialogue both inside and outside the people dreams and hopes. Since then, we have while helping them become their “ideal self.” We
sustainability strategy is adaptability, which KOSÉ Group to convey my message about our steadily grown as a company that creates beauty will remain true to our Corporate Message as we
enables us to remain in tune with a wide range of approach. To embody its Corporate Message of by creating a culture and values embodying a accelerate our sustainability initiatives to help
values from a global and universal perspective. “Creating Beauty in a Sustainable World,” KOSÉ distinctive beauty through a sophisticated fusion achieve a sustainable society and grow our
The wellspring of value creation for the KOSÉ will continue to conduct manufacturing and of sensuousness and intelligence. In other words, business. You can expect more great things from
Group, which has emphasized counseling sales for provide services based on adaptability that is the KOSÉ Group is aiming for a future in which the KOSÉ Group.
many years, is the Group’s approach of rooted in sustainability to deliver the value of
continuously offering the value of optimal beauty beauty to all.
based on an understanding of individual
18 KOSÉ REPORT 2021 KOSÉ REPORT 2021 19Growth Strategies
Overview of Growth Strategies
By incorporating a perspective of sustainability in all activities for VISION 2026, the KOSÉ Group will grow its
business as it helps to achieve a sustainable society.
VISION 2026 Basic Strategies Fiscal 2020 Progress and Initiatives Going Forward
Three Growth Strategies Three Growth Strategies
Fiscal 2020 Progress Fiscal 2021 Initiatives
Accelerate Proactively ● Conducted rebranding of SEKKISEI ● ake strategic investments in the growing
M
global brand develop unique Explore new Chinese and travel retail markets
● eveloped functional cosmetics adapted to
D
development products growth areas mask-wearing ● Expand the presence of global brands
● Carté HD created a market by providing
medicinal value
Two Value Creation Vectors Two Value Creation Vectors
●
Provided beauty attractions and digital ●
Provide new value in customer service through
experiences at Maison KOSÉ an online counseling system
Use digital Focus on unique ● ollaborated with companies in other
C ● Utilize external resources and technologies
technology for more forms of value by industries (blueqat, Sunshine Delight, in manufacturing
and better personal utilizing external Casio, Panasonic)
customer experiences resources and
technologies
Three Foundations
Three Foundations ●
Carried out organizational changes to ●
Build a sustainable production system including
strengthen the sales infrastructure in Japan the Minami Alps Factory
Build a sound Develop a
foundation for the Promote diversity sustainability strategy ● Promoted digital transformation in marketing ● Invest resources in growth areas in conjunction
Company’s growth and inclusion spanning the entire with improved human productivity
value chain
Sustainability Initiatives
Fiscal 2020 Progress Fiscal 2021 Initiatives
● Codified adaptability concept Start development of products and services based on
●
● Formulated systems for diverse work styles adaptability
KOSÉ Sustainability Plan For People ● Received
external recognition for promoting women’s ●
Conduct in-house training on diversity and inclusion,
Pages 8-9 participation and advancement in the workforce respect for human rights and other topics
Procured renewable energy as a climate change
●
● Conduct scenario analysis in line with TCFD
countermeasure
recommendations and disclose information on
For the Earth ● Revised CO2 emissions reduction targets and acquired business risks and opportunities from climate change
international certification
● Reduce volume of waste and promote resource
● Conducted
various resource recycling measures
recycling measures
including container collection
20 KOSÉ REPORT 2021 KOSÉ REPORT 2021 21Growth Strategies
Strategies by Region
売上高 営業利益 CAGR
Highlights
Japan Carté HD Addresses Market Needs and Improves Customer Quality of Life
●
Used the COVID-19 pandemic as an opportunity to
Sales in Japan
A high-performance skin care brand launched in September
conduct reforms and made meaningful investments
(Billions of yen) 2020, Carté HD brings together the technologies and expertise
●
Created unique value in cooperation with Milbon Co.,
Review Ltd. and Maruho Co., Ltd. 250 240.2 222.5
of KOSÉ and Maruho Co., Ltd. for a new approach to skin care
●
Growth in the e-commerce channel as people that utilizes the sensuous value of cosmetics and the functional
voluntarily refrained from going out
200
167.4 value of medicinal products. The lineup includes lotions and
150
emulsions with high moisturizing performance to provide total,
meticulous care for each customer’s symptoms, concerns and
Key
● apid recovery of mainstay brands
R 100
● Reinforce domestic sales infrastructure to prepare everyday skin condition. The brand name, derived from the
Initiatives phrase “à la carte,” reflects its purpose of providing skin care
for a full-scale recovery 50
tailored to specific customer concerns.
Carté HD high-performance skin care line
0
2018 2019 2020 (FY)
Strategies Going Forward
Despite uncertainty, we forecast a gradual recovery in the
Japanese economy. In the third quarter of fiscal 2020,
We will provide new value in customer service by offering
more personalized customer experiences both in the digital
Asia
DECORTÉ and ALBION made a rapid recovery in the specialty world and in physical stores by building new lines of Sales in Asia
cosmetics store channel, and fourth-quarter sales at department communication through online counseling, among other measures. アジア
stores also rebounded. We aim to improve profitability by For our domestic sales infrastructure, we will work to
● S ubstantial growth centered on e-commerce and travel (Billions of yen)
continuing to reinforce our sales infrastructure to prepare for a reinforce our business foundation through measures including Review
retail in China 100
full-scale recovery. promoting the KOSÉ e-commerce platform, establishing a new 82.1
E-commerce sales were strong in fiscal 2020, due in part to operating structure and wide-area organizational structure, and
the COVID-19 pandemic, and we will continue to make facilitating diverse work styles among our Beauty Consultants.
75 64.3
ECORTÉ: Further expansion of presence in China
D
51.4
strategic investments in this area in fiscal 2021 and thereafter. In May 2021, we rebranded the FASIO makeup brand, ●
50
In addition to existing e-commerce sites for Maison KOSÉ, making it our first effort for a rapid recovery of mainstay brands Key ● Tarte: Advance into China through cross-border
ADDICTION and JILL STUART, an official SEKKISEI online shop that faced tough conditions during the COVID-19 pandemic. Initiatives e-commerce
25
● Rollout of new travel retail counters
opened on April 13, 2021. We aim to communicate and spread We will make further advances in product performance for the
understanding of brand value by projecting brand strategies brand, which primarily targets women in their twenties, for a 0
2018 2019 2020 (FY)
through these sites. major transformation and evolution into a brand that
In addition, the KOSÉ e-commerce platform we launched on faithfully conveys the user’s individuality and unique appeal.
April 20, 2021 has been introduced primarily in the specialty
cosmetics store channel, while DECORTÉ can also be purchased Strategies Going Forward
online. We plan to expand the platform’s functions and are
The Asian market grew substantially in fiscal 2020, centered on well as KOSÉ global sales counters that feature INFINITY. In the
promoting introduction at more locations.
e-commerce and travel retail, as economic activity returned to travel retail business, in addition to increasing the number of
normal in China, where COVID-19 was suppressed at an early counters for DECORTÉ and SEKKISEI on Hainan Island and in
stage. In the rest of the region, conditions remain severe cities, we plan to open a retail outlet for ALBION on Hainan
although sales have bottomed out. Island.
We have been working to expand our presence in the We rebranded and relaunched SEKKISEI in September 2020
Greater China market and will continue our focus there as a as a sustainable brand, and will step up our rollout of the
pillar of our growth strategy. Specifically, we have set our SEKKISEI CLEAR WELLNESS series as a “clean products” brand
sights on China and the travel retail market, and we will at Sephora outlets. Together with SEKKISEI MIYABI—the ne
revamp a portion of our portfolio of flagship global brands as plus ultra of the lineup—and the current SEKKISEI, the new
we invest proactively for further growth. series will enhance the brand’s presence and added value.
Specific measures for fiscal 2021 will include stepping up E-commerce rollouts for both DECORTÉ and ALBION will
our rollouts at department stores of DECORTÉ and SEKKISEI as focus on Tmall.com. We also plan to open a flagship store on
New DECORTÉ fragrance series KIMONO The FASIO brand faithfully conveys the user’s individuality
22 KOSÉ REPORT 2021 KOSÉ REPORT 2021 23Tmall in August 2021, featuring INFINITY, ONE BY KOSÉ and of Tarte in China through cross-border e-commerce with the
North America & Others
other prestige KOSÉ brands. In addition, we plan to begin sales aim of maximizing the demand we attract in China.
Sales in North America & Others
北米
● E -commerce sales grew substantially (Billions of yen)
Review ● Almost all stores that had temporarily closed due to
the pandemic reopened and sales began recovering 50
41.3 40.8
40
29.8
30
● Develop new sales channels for Tarte in the United
Key States 20
Initiatives ● Expand the sales network for Tarte in Europe
10
0
2018 2019 2020 (FY)
SEKKISEI CLEAR WELLNESS series
Rollout in China (as of December 31, 2020)
DECORTÉ ALBION SEKKISEI ADDICTION KOSÉ
Strategies Going Forward
Department 74
stores* and 38 9 11 （including 6 global sales In fiscal 2020, e-commerce sales in North America and other
others counters）
markets were strong, but a second wave of COVID-19
Started sales on Tmall Tmall, JD.com and
Online Tmall (focused rollout)
in fiscal 2020 others
Tmall Global infections forced many stores to close temporarily or shorten
Hainan Island: 8 their business hours, which had a significant impact on
Travel retail* Cities: 2
Cities: 16 business performance.
Plan for Fiscal 2021 In fiscal 2021, the spread of infection is slowing in the United
States and personal consumption is recovering, supported by
DECORTÉ ALBION SEKKISEI ADDICTION KOSÉ the government’s economic measures and by vaccinations.
Department Up to15 (increase sales at
stores* and Up to 50
Focused rollout at
Sephora outlets as a “clean
74（including 12 global sales
prominent stores counters）
others products” brand) splash into SEA must haves set
Plan to open flagship
Tmall (focused full-scale Tmall, JD.com and
Online Tmall (focused rollout) Tmall Global prestige KOSÉ store on
rollout) others
Tmall in August 2021
We will continue to aim for further growth for Tarte through
Hainan Island: About
Travel retail* 11
Start sales on Hainan Hainan Island: 1 its e-commerce site tarte.com as well as retailers and the
Island Cities: 2
Cities: 17 or more 24-hour TV shopping channel QVC.
* Number of counters We will also continue to expand the sales network for Tarte
in fiscal 2021 and beyond. Specifically, we aim to grow by
expanding distribution in the United States and selling products
Highlights at more Sephora outlets in Europe. In addition, we intend to
accelerate growth by focusing on the skin care category,
among other measures, to further enhance our global presence.
Stepping Up Sales of DECORTÉ in the Global Market
DECORTÉ celebrated its 50th anniversary in December 2020.
The brand is currently sold in 14 countries and regions
including China, which is driving sales. For the 50th tartelette™ in bloom clay palette
anniversary, we positioned DECORTÉ at the core of KOSÉ’s
high-prestige strategy in the global market under the brand
message “Embrace your true beauty” with the aim of gaining
the support of affluent customers worldwide who seek high
added value.
U.S. actor Brie Larson, the DECORTÉ brand muse
24 KOSÉ REPORT 2021 KOSÉ REPORT 2021 25Growth Strategies
Progress of the KOSÉ Sustainability Plan
In the KOSÉ Sustainability Plan, we have set medium-to-long-term targets to be achieved by 2030. Each year, we
summarize the status of our efforts and announce our progress toward these targets.
For People: Medium-to-Long-Term Targets of Activity Themes and Fiscal 2020 Progress For the Earth: Medium-to-Long-Term Targets of Activity Themes and Fiscal 2020 Progress
Activity Theme Indicators Target Achieve by Fiscal 2020 Progress Relevant SDGs Activity Theme Indicators Target Achieve by Fiscal 2020 Progress Relevant SDGs
20,000 sq. m
Area planted with coral (About 53 times the area of
4 reefs a 25 m regulation-size
2030 • Promoted the SEKKISEI SAVE the BLUE project
1 Ratio of products
swimming pool)
• Defined three concepts of adaptability
and services Increase in awareness
• Established “Adaptability∞” (”Adaptability Eight”) Use the theme of of environmental issues
• Activities involving the SEKKISEI brand
reflecting the 100% 2030 10 million people
A source of • Carried out specific activities for individual products beauty to help solve through products and or more
2030 • Provided shopping baskets made from recycled
concept of marine plastic under the SEKKISEI brand
adaptable products adaptability and services environmental issues services
and services
5 • Environmental conservation activities at overseas sites
Local community
• Conducted demonstration trial for establishing the habit environmental 20 activities or more 2030 • Cleanup activities in communities where KOSÉ
of applying sunscreen from early childhood
Environmental conservation activities production bases are located
30 programs in areas
Implementation of • Supported sports through participation in professional
activities 2030 dance league
where KOSÉ operates
specific activities
2 or more
• Launched KOSÉ Maruho Pharma Co., Ltd. products
• Switched all purchased electricity at Gunma Factory
• Supported medical professionals and care workers -35% to electricity from renewable energy sources
Reduce SCOPE 1 and 2
(target for total emission 2030
CO2 emissions • Conducted fundamental review of number of sales
Support for a reduction vs. 2018)
vehicles used
beautiful, healthy
and happy life • Promoted purchase of certified sustainable palm oil Reduce SCOPE 3
(RSPO* Credits through Book and Claim model) -30% 2030 • Began collection of used product containers
Responsible palm oil CO2 emissions
100% 2030
procurement * Roundtable on Sustainable Palm Oil
Sustainability-conscious • Began use of biomass plastic in SEKKISEI C LEAR
6 design for plastic 100% 2030 WELLNESS
packaging materials • Reduced use of plastic containers
Lower the overall Reduce use of water
resources through -12% • Promoted the 3 Rs (reduce, reuse, recycle) for water
2030
environmental responsible practices (Production units vs. 2018) resources
3 • L aunched “KOSE IKUPAPA Support System,” to
encourage male employees to take paternal leave
impact of business
Responsible waste • Repurposed trial-run cosmetics for making paint
operations 20 activities or more 2030
100,000 reduction/recycling • Began collection of used product containers
Gender equality • Conducted seminars for building career awareness
people or 2030
Help create a awareness
more • Provided tuition support (scholarships) at a girls’ junior
• Assessed Company-wide waste situation at
world with true high school in Tanzania and commemorative gifts to Non-recyclable waste 0% 2025
production bases
gender equality graduates (SEKKISEI)
Responsible palm oil • Promoted purchase of certified sustainable palm oil
100% 2030
procurement (RSPO Credits through Book and Claim model)
Activity Themes and Their Impact on the Value Chain The activity themes defined in the KOSÉ Sustainability Plan involve the entire product life cycle and value chain from planning,
R&D and raw material procurement to disposal or reuse, but we expect them to have the greatest impact on our value chain in
the areas shown below. The primary categories involve the entire value chain.
Note: Themes with both a positive and negative impact
1 4 3 2
Activities
increasing
positive impacts
Planning Logistics Disposal
Procurement Manufacturing Sales and Marketing Use
R&D Transportation Reuse
Activities
minimizing
negative impacts 5 6
26 KOSÉ REPORT 2021 KOSÉ REPORT 2021 27Growth Strategies
1
For People
1 A Source of Adaptable Products and Services
Dedicated to being a source of beauty for everyone, the KOSÉ Group strives to offer the value of “beauty” while continually working
to recognize the unique identity and values of each individual. By offering society beauty based on the concept of adaptability that Developing Foundation to Bring Out the Beauty in Each Individual’s Skin
provides a wide range of choices, we will help create a world where people with diverse backgrounds and characteristics—including
skin tone and hair color, physical features, gender, sociocultural and geographical background by country or region, living Foundation development at the Makeup Product Development
environment, religion and creed—can live confidently and beautifully. Laboratories of KOSÉ Product Development Laboratory is one
example of product design tailored to various skin tones and
types, and is based on the latest global skin tone research.
Our Three Concepts of Adaptability Latent needs are shifting away from foundations that simply
match skin tone toward those that achieve each individual’s
To become even closer to customers around the world, the constraints. We call these themes “Adaptability∞” (“Adaptability ideal look and complement the person’s natural skin tone and
KOSÉ Group has summarized its global and universal approach Eight”). We will focus on these key concepts as the basis of the texture. KOSÉ’s unique perspective came from noticing that
to customers in one word: adaptability. Adaptability in our value we create in our activities and initiatives as we develop the same skin tone could appear dramatically different
products and services enables customers to experience beauty and provide products in our dedication to being a source of depending on ambient light and lighting. This led us to begin
in the best way for them. At the core of such adaptability is beauty for everyone. research focusing on the relationship between skin tone and
Data map of optical properties of skin
embracing diversity—in other words, being a source of beauty light. First, to capture the characteristics of diverse skin tones
for everyone, as stated in VISION 2026. Our Three Concepts of Adaptability around the world, we gathered data on the optical properties
Our approach is based on three concepts for describing the of the skin of approximately 700 people, and used statistical
diversity at the core of our adaptability, and we are carrying analysis to group skin tones/types with similar optical
out initiatives for each. The first is “physical.” We create properties. At this stage, we found that the skin concerns of
value tailored to the physical attributes of each individual, people with similar skin characteristics were often similar, so we
such as gender, biological sex, age, and skin and hair type. Physical analyzed the optical properties that made skin tone/type look
The second is “mind.” We create value that respects diverse beautiful within each group. In addition to this approach, we
ideas, beliefs and gender identities, and it is not confined to studied preferences and conducted sensitivity research to better
specific ideas or values. The third is “social attributes.” We understand what kind of finished appearance and ideal look
create value from social and global perspectives that customers from around the world desire. Based on the insights
transcend race, language and country. we obtained, we are developing technologies for foundation Interview to investigate tonal preferences
Based on these three concepts, we have established eight Mind Social Attributes
that will bring out the beauty in each individual’s skin.
initiatives. These are 1) Excluding no one, 2) Blending diverse
cultures, 3) Adapted to all skin and hair types, 4) User-friendly Examples of Adaptability Initiatives in Products
and simple, 5) Unfettered by gender, 6) Respectful expression,
7) Harmonizing with personal beliefs, and 8) Transcending age ■ Braille Packaging ■ Genderless Concept Magnifique ■ Use of Universal Design Font
KOSÉ Cosmeport Corp. has adopted KOSÉ Cosmeport has introduced a For descriptions on the outer
universal design including Braille new genderless concept brand that packaging of products, primarily
Eight Initiatives labels, to make products that are more goes beyond conventional ideas of KOSÉ’s prestige brands, we switched
user-friendly for everyone, starting gender, while still being based on to a font and font size that are easier
with people with visual impairments. high-quality standards that come from for anyone to read, thus enhancing
In fiscal 2020, we launched disinfectant ongoing research into women’s beauty. usability for all customers.*
Harmonizing with products with Braille labelling. * Introduced for certain new products released
Excluding no one User-friendly and simple September 2020 or later
personal beliefs
Transcending age
Blending diverse cultures Unfettered by gender
constraints
Adapted to all skin
Respectful expression
and hair types
Please visit our website for information about our adaptability initiatives.
For details: https://www.kose.co.jp/company/en/sustainability/adaptability.html
28 KOSÉ REPORT 2021 KOSÉ REPORT 2021 292 3
2 Support for a Beautiful, Healthy and Happy Life 3 Help Create a World with True Gender Equality
The achievement of health and happiness is one of life’s fundamental goals. KOSÉ’s efforts to support this goal reflect our The growth of the KOSÉ Group will require the capabilities of every one of our more than 14,000 employees worldwide. In addition,
consideration not only for the customers who use our products and services, but for all our stakeholders, people in our value as a company that creates beauty for people, we have continued to propose new value for the lives of many people. That is why
chain around the world and the next generation. Through these activities and our business operations, we strive to help solve we believe the messages we communicate to society will help create a future where there is no more gender gap, not only in
social issues in ways such as improving quality of life, promoting health awareness through support for sports, raising the Japan but all around the world. We promote and proactively engage in awareness-raising activities to help realize a society where
awareness of the next generation and promoting responsible procurement that includes respect for human rights. everyone can play an active role regardless of gender.
Education on UV Protection in Preschool Facilities Diversity & Inclusion Initiatives at KOSÉ
According to the World Health Organization, roughly half of This kind of sun protection awareness program for Workplaces in which employees can work energetically and in We conduct a wide range of programs, including training
an average person’s lifelong exposure to ultraviolet radiation preschools helps teach the importance of using sunscreen, their own way are tied to the vitality of the whole company. designed to build motivation, seminars on the importance of
from the sun comes before the age of 18. To establish and and encourages and supports children in practicing sun safety Therefore, we offer flexible work arrangements to diversity in the workplace and career plan development, and
promote the habit of applying sunscreen from early childhood, for themselves. At the same time, we will actively work to accommodate the life events of individual employees, regardless promote people to leadership positions based on appropriate
we are therefore collaborating on a project to protect beauty create new value that contributes to solving future skin of gender, and have established workplace environments that employee evaluations.
and health from UV rays based on a proposal from Sunshine problem issues. empower all employees to perform to their full potential.
Delight, Inc. that was chosen by the KOSÉ Accelerator * A program that solicits ideas and technologies from startup companies with
Program* in fiscal 2019. the aim of creating new value. Under the program, participants from startup ■ areer Planning Seminar to Help Employees
C
companies and employees of KOSÉ recruited via the Link in-house venture system,
In Japan, clear understanding of UV protection from early form collaborative teams to take on the challenge of new businesses.
Be Who They Want to Be
childhood is not widespread, and adequate conditions for Proactively designing a career plan is important for employees
practicing sun safety are not well established. Proper UV to realize their aspirations and to become who they want to
protection beginning in early childhood can help prevent be. To help in that process, we conducted a career planning
future skin problems. According to a questionnaire survey of seminar focused on mid-level female employees that is aimed
500 parents and guardians conducted by KOSÉ, 86% said at cultivating employees who act independently from a
that if sunscreen were available in preschool facilities, they management perspective, with external director Yukino
would want their children to use it. Based on these comments Kikuma as a lecturer. By encouraging employees to look at
and the opinions of nursery teachers, we produced educational their careers from new angles and fostering the awareness
materials to help children learn the importance of sun and climate for them to build their own careers and grow, we
safety, and collaborated with Sunshine Delight to develop a will cultivate people who build experience and succeed while
gentle-formula sunscreen in a large-volume pump bottle. planning for their future career positions.
A demonstration trial conducted in fiscal 2020 confirmed that More than 800 employees participated in the career planning seminar, online or in-person
the use of educational tools such as songs and picture books
was effective in getting children to adopt the habit of applying ■ Introduction of "KOSÉ IKUPAPA Support System"
sunscreen themselves. Therefore, we made the decision to for Men
start a full-fledged business introducing educational materials We believe that active participation in childcare by fathers is
Awareness-raising activities at a preschool
and sunscreen as a set for preschool facilities. important for both fathers and mothers to be active in the
workplace. So, in addition to supporting female employees, we
have introduced a paternal leave system. In FY2020, the
Preventing the Spread of COVID-19 “KOSÉ IKUPAPA Support System,” which is a system to support
fathers of newborn babies, was introduced to encourage male
Free Distribution of Alcohol-Containing Hand Sanitizer to Preschools employees to take paternal leave. In order to raise awareness
among employees and their superiors, KOSÉ provides individual
As part of our measures to prevent the spread of COVID-19, We will continue to take various
support, such as advice on how to use the system, and provides
we provided alcohol-based hand sanitizer free of charge to measures to prevent the spread of
support grants to male employees taking paternal leave. KOSÉ's support system for childcare leave for men is aimed at promoting equality of
preschools. Starting April 2020, we provided more than COVID-19 and respond quickly to the
participation by men and women both at home and in the workplace.
30,000 bottles of hand sanitizer through Childsha Co., Ltd., changing pandemic situation.
which does business with many preschools, enabling nursery Please visit our website for information about other diversity and inclusion initiatives.
teachers and children to help prevent the spread of infection. For details: https://www.kose.co.jp/company/en/sustainability/diversity/
Alcohol-containing hand sanitizer
30 KOSÉ REPORT 2021 KOSÉ REPORT 2021 31You can also read
