Categories: Fashion

Beiersdorf posts 9-month sales growth, flags China weakness

By

Reuters

Published



October 24, 2024

Nivea maker Beiersdorf on Thursday reported an increase in group sales for the first nine months of 2024, but flagged persisting challenges in the Chinese luxury market.

Nine-month sales rose 6.5% organically to €7.55 billion ($8.15 billion) from €7.26 billion a year earlier, helped by a rebound in North America and growth in its skin care segment.

“The luxury market however, especially in China, continues to be challenging,” CEO Vincent Warnery said in a statement.
A slowdown in Chinese consumer demand amid a weak economy has hit the luxury sector, which is reliant on discretionary spending, weighing on quarterly sales at French peer L’Oreal and industry bellwether LVMH, among others.

Sales in Beiersdorf’s luxury brand La Prairie dropped by 7.3% in organic terms in the first three quarters, driven by the continued weakness of the Greater China region, and its negative impact on the travel retail market, the company said.

Meanwhile the company’s core brands have remained resilient. Sales in the overall consumer segment rose 7.3% to €6.3 billion in the first nine months of 2024.
 
This was helped by double-digit growth rates for the skincare brands Eucerin and Aquaphor in North America and strong Nivea sales in emerging markets in the third quarter, the company said.

Beiersdorf still expects organic sales growth of 6-8% in 2024 and margin on earnings before interest and taxes (EBIT), excluding special factors, to be slightly above the previous year’s level. 

© Thomson Reuters 2024 All rights reserved.

News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

2 weeks ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

2 weeks ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

2 weeks ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

2 weeks ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

2 weeks ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

2 weeks ago