Quick answer
Nippon Shikizai is a Tokyo-listed cosmetics ODM, founded as a pigment maker in 1930 and a contract manufacturer since 1957, that makes skincare, sun care and makeup in three ISO 22716-certified Japanese plants and two French subsidiaries, and sells no brand of its own (company-stated, checked 26 September 2026). In my judgement it is the strongest Japanese choice for brands that must satisfy EU, US and Japanese rules at once. It is also the only company in this series whose finances are fully public — and they show a thin business: ¥16.6 billion in sales but only ¥180 million operating profit for the year to February 2026, about 1.1%. My verdict: endorsed for export-focused and SPF/hybrid brands, with supplier-health checks built into your contract.
The only open book in the series
Nippon Shikizai is listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market under code 4920 (Nippon Shikizai About us). That makes it unusual among Japanese cosmetics OEMs, most of which are private family companies. For a buyer, a listing is valuable: audited annual reports, quarterly results and forecast revisions are public, so you can check a supplier’s health before you hand it your best-seller.
Here is what the public numbers say, per its filings as compiled by IRBANK (IRBANK results history, captured 25 September 2026). Sales fell from ¥12.2 billion (FY to Feb 2020) to ¥9.1 billion in the pandemic year, with an operating loss of ¥832 million, and a further loss the year after. Sales then recovered strongly — ¥15.1 billion (Feb 2024), ¥17.6 billion (Feb 2025) — before easing to ¥16.6 billion in the year to February 2026. The company forecasts ¥18.4 billion for the current year, and its first quarter came in 13.6% higher year on year.
What a 1% margin means for you as a customer
Operating profit of ¥180 million on ¥16.6 billion of sales is roughly a 1.1% margin; the year before it was about 2.8%. The stock market has noticed — IRBANK showed a market value of about ¥2.4 billion and a price-to-book ratio of 0.55 on 25 September 2026, meaning investors value the company at roughly half its net assets.
This is not a warning to avoid the company. Thin margins at a contract manufacturer often mean it is pricing competitively for large, demanding customers, and revenue is growing again. But it changes how you should contract. Ask for raw-material price-adjustment clauses to be spelled out rather than left open; agree who owns your formula and moulds if supply stops; and keep a qualified second source for your top SKU. Those are sensible steps with any supplier — the difference here is that the public numbers tell you to take them seriously.
Made in Japan, made in France
The company runs three Japanese plants — Zama (Kanagawa), Tsukuba (Ibaraki) and Komoro (Nagano) — all ISO 22716 certified, with ISO 9001 and ISO 14001 at Zama (company-stated). It employed 862 people as of February 2025. In France it owns Thépenier Pharma & Cosmetics (acquired 2000, 121 employees) and Nippon Shikizai France (acquired 2017, 38 employees) (About us & group companies).
The company states its products comply with the regulations in force in the EU, the US and Japan, and that it supplies major cosmetics companies on three continents with products sold in more than 100 countries (OEM & ODM page). For a brand planning to sell in Europe, having a supplier that already builds safety files and formulas to EU rules — and can produce in the EU itself — removes a whole layer of reformulation risk.
Skincare here means skincare plus colour
Be clear about the company’s centre of gravity. Nippon Shikizai started as a pigment maker and its catalogue leans heavily towards makeup — foundations, powders, blush, eyeshadow, brow, liner, mascara and lip — with skincare and UV as one of its product families alongside cleansers and moisturisers. It describes itself as an ODM that develops products from the concept stage and sells nothing under its own name.
That profile makes it especially good at the products where skincare and colour meet: tinted sunscreens, BB and CC creams, skincare-infused foundations and primers. If your hero product is a pure serum or toner, a skincare-first ODM such as Toyo Beauty may be the tighter fit. If it is an SPF product that also needs to look good on skin, Nippon Shikizai’s pigment heritage is a real advantage.
The company on paper (public records)
| Legal name | Nippon Shikizai, Inc. |
| Founded | 1930 (pigments); incorporated as cosmetics contract manufacturer 1957 |
| Head office | 5-3-13 Mita, Minato-ku, Tokyo |
| Listing | TSE Standard Market; Nagoya SE Main Market (code 4920) |
| Employees | 862 (February 2025, company-stated) |
| Plants | Zama, Tsukuba, Komoro (Japan); two French subsidiaries |
| Certifications | ISO 22716 (all three Japanese plants); ISO 9001; ISO 14001 (Zama) — company-stated |
| Results (FY to Feb 2026) | Sales ¥16,643 million; operating profit ¥180 million; net profit ¥335 million (filings via IRBANK) |
| Categories | Skincare/UV, base makeup, eye and point makeup |
| Published MOQ / lead time | Not disclosed |
| Website | shikizai.com/en |
Company values from Nippon Shikizai’s official English site, checked 26 September 2026; financials from filings compiled by IRBANK, captured 25 September 2026.
Published terms
No MOQ, price band or lead time is published. The client base — global cosmetics groups on three continents — tells you the company is geared to large programmes, and an enquiry for a few thousand units is unlikely to be a priority. Enquiries go through the Inquiries form on its English site.
If you do engage, use the listing to your advantage. Read the latest quarterly results before the first meeting, ask how your project fits the company’s current plan, and ask which plant — Japanese or French — would make your product and why. A supplier that is growing again after two loss years will usually be keen on well-prepared, growing customers.
Who should call them — and who should not
Call them if: you sell or plan to sell in Europe or the US as well as Asia; your hero product is a sunscreen, tinted skincare or a skincare-makeup hybrid; or your compliance team insists on a supplier with audited public financials.
Look elsewhere if: you need a pure-skincare specialist for serums and toners; your first order is small; or you want a supplier with deep financial headroom and no need to discuss price adjustments. Compare the skincare-first alternative in our Toyo Beauty review, and the ASEAN-flexible option in our Cosmo Beauty review.
Related Manufacturers
- Japan’s largest cosmetics ODM — our full TOA (formerly Nihon Kolmar) review
- Skincare, body and hair with dated GMP — our full Toyo Beauty review
- Japan, Vietnam and China production — our full Cosmo Beauty review
- Korean sun-care specialists — leading OEM/ODM sunscreen factories in South Korea
More reviews in the OEM Manufacturer section.
FAQ
Is Nippon Shikizai a listed company?
Yes. It is listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market under code 4920. Its annual and quarterly results are public, which lets buyers check the supplier’s financial health before signing.
Does Nippon Shikizai make skincare or only makeup?
Both. Its product families include skincare and UV alongside base, eye and lip makeup, but its heritage is pigments and its catalogue leans towards colour. It is strongest where the two meet — tinted SPF, BB/CC creams and skincare-infused foundations.
Can Nippon Shikizai produce in Europe?
It owns two French subsidiaries, Thépenier Pharma & Cosmetics and Nippon Shikizai France, and states its products comply with EU, US and Japanese regulations. Ask which site would produce your product and which regulatory documents come with it.
Is Nippon Shikizai financially stable?
It is profitable but thin: operating profit was about 1.1% of sales in the year to February 2026, after losses in the two pandemic years, and revenue is forecast to grow this year (filings via IRBANK, 25 September 2026). Build formula ownership and price-adjustment terms into your contract, as you would with any single-source supplier.
Is Nippon Shikizai ISO 22716 certified?
It states ISO 22716 at all three Japanese plants — Zama, Tsukuba and Komoro — plus ISO 9001 and ISO 14001 at Zama (checked 26 September 2026). Ask for the current certificate for the plant that will make your product.
Limitations of this review
This is a desk review. I did not visit Nippon Shikizai’s Japanese or French plants, test products or obtain a quotation. Plant, certification, headcount and product information are company-stated from its official English site on 26 September 2026; I did not see the certificates themselves. Financial figures come from the company’s filings as compiled by IRBANK on 25 September 2026 and were not re-checked against the original securities reports; market value and price-to-book move daily. The share of revenue from skincare versus makeup is not disclosed. MOQ, price and lead time are not published and were not assessed. Google Maps ratings were not captured. Verify all commercial and regulatory details directly with the company before committing.
How this review was researched
Sources: Nippon Shikizai official English website — About us, group companies and OEM & ODM pages (captured 26 September 2026); results history for code 4920 compiled from the company’s filings by IRBANK (captured 25 September 2026). Certifications are company-stated unless a record is cited.
⭐ OEM Review ENDORSED (with questions on record) — Japan’s Export-Ready ODM, 2026. Endorsement scope: brands selling into the EU and US, and SPF or skincare-makeup hybrid products. Questions on record: operating margin about 1.1% in the latest year; skincare share of business not disclosed; no published MOQ.
About this review
Aiman Zafran is a reviewer and researcher covering OEM and ODM manufacturing across Asia. Every figure and company detail in this review comes from publicly available sources — the company’s official website and public financial filings — each captured on the dates stated in the text. Figures that were not publicly available were not used. Conclusions and verdicts are one reviewer’s professional opinion, formed by comparing these public facts against other manufacturers measured the same way, and are offered for reference only; verify all commercial and regulatory details directly with the company before committing.
