SK-II, a leading luxury beauty brand in Japan, was experiencing a decline. Its customers were aggressively courted by rivals, and changes in society made it difficult for the brand to stay compelling to its customers. SK-II must formulate a new strategy to fundamentally transform itself, bolster relevance and transcend the competition. The case describes the market landscape, economic, societal and technological changes, as well as SK-II’s prior strategies and their implementation. In developing the new strategy, the brand needs to decide:

1. whether and how it should speak to social issues such as gender equality and incorporate those issues into its brand purpose;
2. how digital technologies should be effectively integrated into every aspect of the brand experience;
3. how it should synergistically leverage social media, metaverse and other media platforms; and
4. how it should work with established celebrities as well as emerging influencers to create a prestigious and yet engaging brand image.

The brand needs to thoroughly assess the pros and cons associated with the potential options, craft its strategy and develop a detailed implementation plan.

The second part of the interview with INSEAD Professor Amitava Chattopadhyay, on the management approach and latest trends of EMNCs defying the common wisdom.
This time the discussion explores what is missing in Japanese companies.