Shiseido may have suffered domestic losses in 2008, but the Japanese beauty firm continues on its path to become “a global player representing Asia with its origins in Japan,” currently hoping to gain market share in Greece.

Shiseido International Europe S.A., a wholly owned subsidiary of Shiseido Co., Ltd., has signed a joint-venture agreement with Gerolymatos Cosmetics S.A., a cosmetics importer and seller located in Greece. The agreement paves the way for the establishment of a joint venture to strengthen sales of cosmetics in Greece.

Plans call for the joint venture Shiseido Hellas S.A. to start operations in January 2010. The new company will sell the global brand Shiseido that is available in markets worldwide.

By undertaking direct operations through a joint venture, Shiseido, which began selling its cosmetics products in the Greek market through a distributor in 1991, is seeking to establish a sales organization that is intimately connected to the market, and ultimately to increase sales by creating an enhanced presence for the Shiseido brand.