Beiersdorf, the maker of Nivea and other skin care brands, is buying U.S. sun care brand Coppertone from Bayer for $550 million to strengthen its position in North America, the German consumer goods firm said on Monday.
German consumer goods firm Beiersdorf reported a recovery in sales of its Nivea skin cream and its premium La Prairie brand in the first quarter after a new chief executive pledged more investment to fight niche brands.
Shares in Beiersdorf dropped more than 10% on Wednesday after the maker of Nivea skin cream warned that its operating margin would fall in 2019 as it invests to compete with niche brands that are disrupting the sector.
Nivea skin cream maker Beiersdorf will make additional investment of up to 80 million euros a year in its consumer business to counter a forecast drop in sales growth, the German company said on Tuesday.
Beiersdorf , the maker of Nivea skin creams, is shaking up its top management team when new chief executive Stefan De Loecker takes over on Jan. 1, poaching managers from rivals Procter & Gamble and Reckitt Benckiser .
Beiersdorf said it snatched market share away from rivals as it posted a 6 percent rise in organic group sales in the first nine months, boosted by strong performances at both its Consumer and Tesa businesses.
Beiersdorf, the maker of Nivea skin creams, is promoting current deputy chief executive Stefan De Loecker to the top job from Jan. 1, with a mandate to make the company more digitally savvy and expand internationally.