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Mitsui & Co., Ltd. to Invest in Kao's Brazil Subsidiary:
A Strategic Partnership in the Skin Care Business in Brazil

Kao Corporation and Mitsui & Co., Ltd. agreed that Mitsui would subscribe to new quotas in Kao's wholly owned subsidiary in Brazil, TBP Importação e Comércio de Cosméticos LTDA., with a view to expanding business in Brazil. The companies signed a Quota Subscription Agreement with the arrangement expected to go into effect in April 2023 after CADE (Brazilian antitrust) approval. Under the agreement, the investment ratio will be 70% for Kao and 30% for Mitsui.

Bioré products sold in Brazil

Bioré products sold in Brazil

Brazil is the world's fourth-largest beauty and personal care market (valued at JPY3 trillion). With new consumption behavior becoming established among the growing middle-income earner class and Gen Z consumers, this market is projected to post a yearly growth rate of 7.7%* . Kao and Mitsui have had a tie-up for sales and marketing of Kao's Bioré skin care brand since 2017 and have also carried out trial sales as part of market research. This research has indicated Brazilian consumers' strong acceptance of the Bioré brand, leading the two companies to become partners and begin sales in earnest. The companies will expand this business further, and products may be manufactured locally.

  • * Source: Euromonitor International

Kao and Mitsui plan to work together in the beauty and personal care field, mainly in emerging economies, and will also explore how they can further expand their partnership in their areas of interest.

Kao intends to increasingly focus on its skin care business providing "Only One" value as one of its global growth drivers. Working together with outside partners, the company will accelerate growth of its business to deliver better products and services to consumers.

Kao Corporation

Yoshihiro Hasebe, Representative Director, President and Chief Executive Officer

1-14-10 Nihonbashi Kayabacho, Chuo-ku, Tokyo, Japan

May 21, 1940 (founded June 19, 1887)

No. of employees (consolidated):
35,411 (as of December 31, 2022)

Business description:
Consumer products businesses, including Hygiene & Living Care, Health & Beauty Care, Life Care and Cosmetics, and the Chemical business to meet the needs of industry.


Kenichi Hori, President and Chief Executive Officer

1-2-1 Otemachi, Chiyoda-ku, Tokyo, Japan

July 25, 1947

No. of employees:
5,494 (consolidated: 44,336) (as of September 30, 2022)

Business description:
Utilizing its global operating locations, network and information resources, Mitsui & Co. multilaterally pursues business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Mineral & Metal Resources, Energy, Infrastructure Projects, Mobility, Chemicals, Iron & Steel Products, Food, Food & Retail Management, Wellness, IT & Communication Business and Corporate Development Business.

About Kao

Kao creates high-value-added products and services that provide care and enrichment for the life of all people and the planet. Through its portfolio of over 20 leading brands such as Attack, Bioré, Goldwell, Jergens, John Frieda, Kanebo, Laurier, Merries, and Molton Brown, Kao is part of the everyday lives of people in Asia, Oceania, North America, and Europe. Combined with its chemical business, which contributes to a wide range of industries, Kao generates about 1,550 billion yen in annual sales. Kao employs about 35,400 people worldwide and has 135 years of history in innovation. Please visit the Kao Group website for updated information.

Media inquiries should be directed to:

Public Relations
Kao Corporation

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