Beiersdorf updates guidance after "significant" growth
Beiersdorf, the owner of Nivea and Eucerin, has achieved sales growth of 7.8% to £6.3 billion (€7.3 billion) in the first nine months of 2023.
The group's consumer business segment saw sales rise 10.2% to £4.7 billion (€5.4 billion), driven by the "continuous global success" of Nivea, Eucerin and Aquaphor.
The Nivea brand reported a 17.5% increase in organic sales, with growth across all regions and categories. Derma brands Eucerin and Aquaphor also delivered an "outstanding performance" with organic sales growth of 24.8%.
However, luxury brand La Prairie saw sales decline 15.8%. This reflects the "continued negative influence of the 'daigou' business on the Chinese and Korean travel retail market and subsequent decision to destock and reduce inventory at the retailers".
Looking ahead, Beiersdorf has upgraded its guidance and expects low-double-digit organic sales growth for both the group and consumer business segment.
Vincent Warnery, CEO of Beiersdorf, said: "The excellent performance of Beiersdorf in 2023 continues.
"These outstanding results are a true testament to the effective strategic digitalisation and globalisation of our brand portfolio and were additionally fuelled by strong innovations and our pipeline of sustainable products.
"This achievement reinforces our continued growth ambition, and we are therefore raising our sales guidance for the full year."
