The Moodie Report China Newsroom
China-Japan dispute casts shadow over Shiseido travel retail despite H2 improvement
Steadily reducing year-on-year sales declines in the combined China & Travel Retail division through 2025 offered encouragment for the Japanese beauty house. But the worsening dispute between China and Japan means Q1 2026 will be problematic.
In our regular roundup we spotlight how airports, retailers and brands are connecting with travellers during the Lunar New Year celebrations across social media.
La Mer’s striking Year of the Horse campaign leverages cultural artistry, exclusivity and immersive retail theatre to drive engagement and conversion at travel retail locations across Asia Pacific.
Revenue at the leading travel retail-to-dining player climbed by +5.5% year-on-year with like-for-like sales rising by +4.4%, alongside improved profitability. We feature highlights plus comment from CEO Frédéric Chevalier to investors on the outlook for 2026.
Pernod Ricard reported a Q2 recovery in travel retail supported by the resumption of Martell sales in China duty free and continued growth in Europe, the Americas and the cruise channel.
Sales growth was driven by core brands and rising domestic demand in Mainland China and Asia, with the addition of the PURI brand strengthening regional momentum and helping to offset a softer travel retail performance.
Puig surpassed €5 billion in annual sales in FY2025, delivering strong growth and improved profitability led by prestige and niche fragrances and stand-out makeup momentum.
The Moodie Davitt Report offers unrivalled Chinese language coverage of key China-related stories, anchored by our dual WeChat platforms – our weekly Moodie Davitt Account and Moodie Davitt Report China Travel Retail Express, which publishes daily.
The Moodie Davitt Report offers unrivalled Chinese language coverage of key China-related stories, anchored by our dual WeChat platforms – our weekly Moodie Davitt Account and Moodie Davitt Report China Travel Retail Express, which publishes daily.
The French beauty products powerhouse has posted a strong full-year performance despite the continued drag of the important but disrupted North Asian travel retail channel.
The policy allows ordinary passport holders from these countries to enter China without a visa for up to 30 days for business, tourism, family visits, exchanges or transit.
Running from 11 February to August, the promotion showcases design elements inspired by Oriental philosophy within a minimalist space defined by cultural aesthetics.
Tapping into the peak gifting season, the retailer has launched the Glenfarclas 2002 Single Malt alongside The Dalmore 16 Year Old Single Malt.














