When J-pop star Erika Powell becomes Japanese Textiles CEO

When J-pop star Erika Powell becomes Japanese Textiles CEO

Japanese-born Erika Wright, who joined Japanese cosmetics giant Estee Lauder on Thursday as its new CEO, will oversee operations in Japan and China, a source familiar with the matter told Reuters. 

Wright will become the third Asian woman to run the company after founding president and CEO of Japanese brand L’Oréal in 2004 and then CEO of J-fashion label Chanel from 2012 to 2016.

She will join Japanese cosmetics leader Hiromichi Fukuda, who previously led EsteeLon, Chanel and JCPenney.

The decision to move her to China, which is her first major overseas market, comes amid a wave of new corporate takeovers in Japan, which has seen a surge in female executives since the government last year passed a sweeping new law requiring companies to offer equal pay for equal work.

A recent study by Tokyo-based research firm Technological Consulting Group (TCG) estimated that Japan’s female workforce at large will shrink by 1.7% by 2035, down from 2.5% in 2030.

The number of women in the workforce is expected to increase by 2.7%, to 5.4 million.

The company’s market value will grow by about $400 million in 2020, to $1.7 billion, the report said. 

In a statement, Wright, 54, said she was proud to be joining the Japanese brand’s new leadership team, which she said has brought together leaders in women’s business, fashion, and technology.

“The new leadership will bring together an experienced team that will focus on innovation, leading in the next generation of technology, and the development of global brands and products, she said.

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