Japan cosmetics OEM M&A
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Japan Cosmetics OEM M&A: Consolidation of Contract Manufacturers, Plant Sales by Brand Owners and Foreign Capital
(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.) In Japanese cosmetics, OEMs manufacture products for brand owners, and ODMs also take on formulation and product development; this article refers to both as contract manufacturers. Japanese contract manufacturers have been consolidating. In 2024, Nihon Kolmar Holdings, the holding company of TOA,…