German skin care company Beiersdorf said on Tuesday the luxury skin care market in China has continued to “decline strongly” during the second quarter, but the group has managed to gain more market share with its La Prairie brand.
“Today we are not able to grow, we are gaining market share but in a very strongly declining market. Q1 was difficult. Q2 will be also difficult,” CEO Vincent Warnery told investors during a capital markets day.
“We see some market share gains but obviously we are not yet at the end of the tunnel on La Prairie,” he added.
By Ludwig Burger, Marleen Kaesebier and Eva Orsolya Papp; Editor: Madeline Chambers
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Beiersdorf Hikes Organic Sales Aim on Demand for Nivea, Sunscreen
First-half sales grew 12.3 percent from a year earlier to €4.9 billion ($5.35 billion), with an adjusted operating profit (adjusted EBIT) of €852 million, up from 710 million a year earlier.
