Mandom Report 2023

Introduction

What solutions can cosmetics provide
for social issues?
Mandom Corporate Slogan

なりたい自分に、全部なろう。

The products and services we provide are neither social infrastructure, nor food,nor pharmaceuticals. In other words, they are not directly essential to people ʼs survival.
Even so, we recognize that people all over the world share a desire to live each day true tothemselves, confidently, and filled with positivity.
Cosmetics are an item that can fulfill such desires. Cosmetics offer empathy andunderstanding to consumers ʼ moods in any ordinary day, as well as give them confidence
and vitality. Through cosmetics, we believe we can demonstrate “Dedication to Service(Oyakudachi) ” to support consumers all around the world.

Mandom Logo

Why “human-oriented”?

The two unique human abilities, imagination,and creativity, are the key for the future.
Our cosmetics and related services are intended to appeal one ʼs own beauty and coolness
and to give oneself confidence to appear in front of others. In this sense, we are anindustry with a strong cultural element that requires aesthetic sensitivity, emotionalsensibility, and a discerning eye.
That is why Mandom believes in the importance of being compassionate to peopleʼs emotions,imagining happy people (imagination), and creating value that is useful to people (creativity),
which are all values that are unique to humans and cannot be replicated by AI or robots.
We aspire to be a “human-oriented ” company where employees unleash these two abilities
to the fullest to bring discovery and inspiration to consumers in the realm of “Health,Cleanliness, Beauty and Fun ” and provide new value that resonates with them.
Mandom Report 202301

FY2023 Ceremony for New Employees

BE ANYTHING, BE EVERYTHING.
New employees attended the ceremony in clothing that expressed
who they want to be

Editorial Policy

The Mandom Group has been publishing the Mandom Report(integrated report) since 2018 to help our stakeholders
understand our medium- to long-term efforts at value creation.
Mandom Report also integrates the previously separate KohDoh
Report (CSR report). This has been done as part of our work on
providing integrated information as a company and to enhance thenon-financial information we provide. When editing this report, weput together a brief summary focused on information that is highly
important for improving Mandomʼs corporate value while referringto the “Guidance for Collaborative Value Creation” released by
the Ministry of Economy, Trade and Industry and other resources.

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Mandom Report 2023

Visit our website for more detailed information.
●●IR Information: https://www.mandom.co.jp/en/ir/
CSR Information: https://www.mandom.co.jp/en/csr/

Report Coverage: Mandom Corporation and its affiliated companies
both inside and outside JapanNote: For details, please see p. 86 “Mandom Group Companies.”

Reporting Period: FY2022 (ended March 31, 2023)●●Mandom and Group companies in Japan: April 1, 2022-March 31, 2023
Overseas Group companies: January 1, 2022-December 31, 2022

Note: To the extent it is possible, the latest information at the time this report waswritten is included.

Contents
About Mandom

̶From the Past to the Present Mandom̶04 Mission Framework
06 Dedication to Service (Oyakudachi) for Consumers Continuing
Constantly Since Founding
08 Mandom Group Business Areas and Business Highlights for the Fiscal
Year Ended March 31, 2023
10 Brands of the Mandom Group

Value Creation Story̶From the Present to the Future Mandom̶
12 Top Message
18 Mandom Groupʼs Human-Oriented Value Creation Model
20 Co-creation and Dialogue with Each Stakeholder
22 Materiality and Sustainability Strategy of the Mandom GroupStrengths and Initiatives to Help Materiality

̶From the Present to the Future Mandom̶
26 Strengths and initiatives to help “Creating an easy-to-start groomingculture”
28 <Feature> Only One Marketing Topics “LÚCIDO-L”
31 Strengths and initiatives to help “Expanding Dedication to Service(Oyakudachi) to a diversity of consumers”
34 Strengths and initiatives to help “Realizing mutual growth of employees
and the company”
36 <Feature> The Mandom Groupʼs Human Capital Management Initiatives
39 Strengths and initiatives to help “Actions for sustainable globalenvironment”
45 Strengths and initiatives to help “Sustainable procurement of rawmaterials”
48 Strengths and initiatives to help “Maintaining/enhancing the corporatebase”
51 Corporate Governance
58 Introduction of Officers
60 ComplianceMiddle-Range Planning
62
64
65
66
68
70

13th Middle-Range Planning “MP-13” and positioning of “VISION2027”
Look Back at Previous Middle-Range Planning
Outline of “MP-13 (April 2021 through March 2024)”
Look Back on the Fiscal Year Ended March 31, 2023
Financial Strategy
Middle-Range Planning Topics “Promotion of Digital Transformation of
the Mandom Group”

Performance for the Fiscal Year Ended March 31, 2022
72
7476
78

Analyses of Management and Finances
Financial and Non-financial Highlights
11-Year Consolidated Financial and Non-financial Highlights
Consolidated Financial Statements

Company Information
84 Mandom Group Detailed History
86 Mandom Group Companies
87 Company Outline / Stock and Shareholder Information

Reference Guidelines“International <IR> Framework”● “Guidance for Integrated Corporate Disclosure andCompany-Investor Dialogue for Collaborative Value
Creation” released by the Ministry of Economy, Trade,and Industry● “ISO 26000:2010̶Guidance on Social Responsibility”
edited by Japanese Standards Association● “Environmental Reporting Guidelines (2018 Version)”
released by Ministry of the Environment, Japan● “GRI Standards” released by GRI(Global Reporting Initiative)●Regarding Forward-Looking Statements

This annual report contains forward-looking statements concerning
Mandomʼs current plans, strategies, beliefs and performance. These
forward-looking statements include statements other than those basedon historical facts and represent the assumptions and beliefs ofmanagement based on information currently available. Mandom
therefore wishes to caution readers that actual results may differ
materially from expectations, and that forward-looking statements aresubject to a number of foreseen and unforeseen risks anduncertainties. All amounts have been rounded down to the nearest
whole unit.

Mandom Report 2023

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