Shiseido Sells Stake In Turkish Joint Venture To Local Partner Vepa

Shiseido said it has agreed to sell its 51-percent stake in its subsidiary Shiseido Turkey to its joint venture partner Vepa Dis Ticaret Limited Sirketi. To be renamed as Vepa Perakende Kozmetik Anonim Sirketi, the former joint venture will be the importer and distributor of Shiseido brand products in Turkey. Shiseido said the move is part of its efforts to achieve greater brand value and push for reform of business structure under its Vision 2020 medium-to-long-term strategy.