On the surface, Shiseido’s $1.7 billion acquisition of Bare Escentuals looks like a winner. After all, it gives the Japanese cosmetics giant a larger footprint in the U.S. and access to Bare Escentuals’ mineral makeup empire. One thing’s for certain—it will boost Shiseido’s global sales significantly. At a press conference in Tokyo, Shiseido’s president and CEO Shinzo Maeda noted that when Bare Escentuals’ 2008 sales were added to Shiseido’s ledger, the Japanese company’s sales climbed to nearly...