The Japanese cosmetics industry faces huge competition not only from established players such as L'Oreal and Estee Lauder but increasingly also from the "K-beauty" craze coming from South Korea. Nevertheless, Japan is more than holding its own, with exports nearly quadrupling since 2013 to ¥546 billion ($5 billion), according to Finance Ministry figures, nearly two-thirds of that going to China and Hong Kong. The domestic industry is also benefitting from an explosion of inbound tourism in recent years ahead of the 2020 Tokyo Olympics -- in particular a relaxing of visa requirements for Chinese tourists who lap up the latest Japanese cosmetic fads. Shiseido chief executive Masahiko Uotani said that a focus on the high end of the market and time-honored attention to detail set them apart from the foreign brands seeking to dominate globally. "We are focusing on prestige, premium brands. Consumers in those categories see the value of Japanese culture," said Uotani.