Koko, a Japanese cosmetics brand that had been a mainstay in Japan for more than 40 years, will close its K-beauty shop and its cosmetics division, as part of a restructuring plan announced on Thursday.
The company’s chief executive, Masataka Koyasu, said the business had been operating “at an all-time low level.”
The company has been struggling with the loss of more than 30% of its total revenue for the past year.
Koko has been hit by a wave of closures across the country in recent years.
The chain has had to close more than 80 stores, including in Tokyo, Osaka and Nagoya, and closed about 500 stores in China.
K-Beauty is one of the most popular brands in Japan and one of Koyas biggest revenue earners, selling more than 6 million bottles a year.
The business has also lost more than $3 billion over the past three years.
Koyase was one of a handful of Japanese companies to successfully launch its own cosmetics brand, including a line of face masks and an array of body treatments.
Koya, which has been part of the K-Cosmetics family for decades, was founded in 1931 by Masashi Kawakami, who founded a company called Koya Shops that became a pioneer in cosmetics and the face mask business.
It expanded into cosmetics, hair care, home and consumer goods over the decades, according to Reuters.
Kyo Cosmetics, founded in 2005, is a cosmetics brand founded by the former head of K-Pop group Kpopstar, Park Bom, who sold his shares to Koyasa for $4 billion in 2015.
Koysan Cosmetics is owned by Koyashima Masashi, a former director at Koyaseda, who has sold his stake to Koya for $3.2 billion.
Kumi Cosmetics has been one of Japan’s biggest brands since it began in 2003.
Its products range from face masks to body treatments to hair and body treatments for women.
The brand has expanded globally, opening stores in the U.S., Australia and the U,K.
In March, it launched a new beauty line called Tsubu, which was developed with the help of former cosmetics executive Yuka Matsumoto.
Komi Cosmetics was founded by former fashion designer Nobuhiro Yamaoka and has a strong presence in Japanese fashion circles, including at MOMA, the Tokyo branch of the Japanese fashion label LVMH.
In January, it said it would open stores in U.K., the U., Canada, France, Germany and South Korea.