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  "documentTitle": "Kao Corporation (4452.JP)",
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  "presentationDate": "2024-04-25 00:00:00",
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      "kind": "callout",
      "text": "Oasis research indicates that as few as 6 brands account for the majority of sales of G11.",
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      "text": "Cosmetics Brand Category Sales Contribution: Japan and Global pie charts showing G11, R8, and Others segments.",
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      "text": "revenue change: -68.3%",
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      "text": "Within the G11 category are “1st Runner” brands – SENSAI, Molton Brown, and Curél – as well as “Strategic Investment” brands – Kanebo and Kate Tokyo. Kao's core portfolio is composed of 19 brands... Unilever has a similar sized premium cosmetics business focusing on less than ten brands.",
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      "text": "Cosmetics Core Portfolio has 19 brands. Kao's core portfolio of cosmetics brands is split between “Global 11” (“G11”) and “Regional 8” (“R8”). G11 are globally strategic brands and R8 are those brands with a Japan market focus.",
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      "text": "1) G11: Sensai, Molton Brown, Curél, Kanebo, Kate Tokyo, freeplus, RMK, SUGGU, athletia, est, and ALLIE / R8: ALBLANC, TWANY, LISSAGE, Milano Collection, Primavista, DEW, Sofina iP, and media. 2) Source: Kao Annual Report 2022. 3) USD figures above converted from JPY figures using constant FX rate of JPY140.2 to the Dollar",
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      "text": "Region | 2019 Revenue | 2023 Revenue | Change. G11 | USD 1,160.3 mn | USD 1,190.2 mn | 2.6%. R8 | USD 559.1 mn | USD 374.4 mn | -33.0%. Other | USD 430.0 mn | USD 136.2 mn | -68.3%",
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      "text": "4. Bloated Brand Portfolio",
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