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  "documentTitle": "Kao Corporation (4452.JP)",
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      "text": "Kao's own conservative estimate for the size of the global derma cosmetics market by 2027 is USD37.9bn.",
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      "text": "Countries where only freeplus is available for retail. freeplus is not (and will not be) available for retail outside of Asia.",
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      "text": "Countries where Curél and freeplus are available for retail. freeplus has a strong China presence, but yet to be rolled heavily outside Asia.",
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      "text": "Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams.",
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      "text": "Retail Jurisdictions: 12",
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      "text": "Kao cosmetics brands are also largely absent from two key overseas retail channels: Sephora and Space NK.",
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      "text": "Brand, Parent, Retail Jurisdictions; Eucerin, Beiersdorf, 46+; La Roche-Posay, L'Oreal, 60+; Neutrogena, Kenvue, 70+; Cetaphil, Galderma, 70+; Curél, Kao, 12; freeplus, Kao, 10",
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      "text": "1. Reluctant Global Expansion",
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      "text": "Self-Imposed Constraints – Derma Cosmetics",
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