Beiersdorf’s Sales Surge Despite Slowdown in China’s Luxury Sector

2 min read | August 07, 2024 12:00 AM PDT | By Team Kalkine Media

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Beiersdorf’s Sales Surge Despite Slowdown in China’s Luxury Sector — Image source: Shutterstock

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Beiersdorf achieved a 7.1% organic sales growth in the first half of 2024, with notable contributions from its Nivea brand.
Overall group sales reached 5.2 billion euros, a rise from the previous year's 4.9 billion euros, despite challenges in the luxury skincare market in China.
The company maintains its forecast for a 6% to 8% growth in group sales for 2024.

Beiersdorf reported a strong 7.1% increase in organic sales for the first half of 2024, largely driven by impressive performance from its flagship skincare brand, Nivea. This growth was achieved despite the ongoing challenges in the luxury skincare market, particularly in China.

According to CEO Vincent Warnery, Nivea led the charge with double-digit sales growth. This success was complemented by positive results across all major regions and product categories, effectively counterbalancing the difficulties faced in the luxury segment. "Our icon NIVEA led the way with a double-digit sales increase combined with growth across all key regions and categories," Warnery noted.

For the first six months of 2024, Beiersdorf’s total sales climbed to 5.2 billion euros ($5.7 billion), up from 4.9 billion euros during the same period last year. The company saw significant growth in its core businesses, with Nivea and Derma sales rising by 11.1% and 8.3%, respectively. However, the luxury brand La Prairie experienced a 7% decline in sales, attributed to a notable downturn in China’s luxury skincare market and pressures within the consumer stocks sector.

Despite these mixed results, Beiersdorf has reaffirmed its 2024 outlook, projecting an overall sales increase of 6% to 8% for the year.

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