TOKYO, Feb 9 Reuters Shiseido became the latest victim on Friday of a slowing Chinese economy that has battered earnings at many global consumer goods companies, when the Japanese cosmetics maker reported a 40 slide in annual earnings.

China39;s weak consumer spending has also hit profits at L39;Oreal and Estee Lauder, which like Shisedo had for years banked on the that country39;s thriving beauty market for growth.

We recognise that the macroeconomic numbers are not good, Shiseido President Kentaro Fujiwara said about China at an earnings briefing. We need to look not only at the macroeconomy, but also carefully assess where we have a chance to win, and where growth is taking place.

On Thursday, cosmetics group L39;Oreal reported slower sales growth for the fourth quarter compared with the previous three months, hurt in part by the Chinese government39;s crackdown on resellers of foreign consumer goods, known as daigou.

That came after Estee Lauder earlier this month announced plans to cut 3 to 5 of its global workforce amid skittish Chinese demand.

China39;s beauty and personal care market, valued at around 80 billion, has softened as consumers tighten their purse strings and become more discerning about what they buy, leading some multinational brands to offer deep discounts.

Beauty manufacturer and retailer L39;Occitane Group bucked the trend, saying steady growth in China helped its overall sales grow by 19.5 for the quarter to Dec. 31, although analysts…