Asia Pacific Equity Research 15 July 2026 J P M O R G A N Cosmetics & Personal Care Sector (Japan) DATA & NEWS: June data indicate robust Chinese demand for cosmetics Key data show that sales of cosmetics in May accelerated compared with April at drugstores and department stores. Cosmetics sales at major department stores in June also maintained YoY growth. In China, cosmetics imports swung to growth YoY in June, and sales growth momentum at large retailers accelerated again. We believe these data points ar ...