Nivea sales fall 4.9% as Beiersdorf resets its price strategy

By Marcus Bennett

Nivea net sales fell 4.9% in Beiersdorf’s third quarter of 2026, dragging group net sales down 1.3% to €2.4bn.

Nivea’s decline reflected temporary sell-in headwinds and trade destocking during the quarter. Beiersdorf expects those pressures to gradually fade by the end of 2026, but the recovery still depends on retailer orders returning rather than further inventory reduction.

What did the third-quarter numbers show?

Group net sales reached €7.3bn in the first nine months of 2026, an organic decline of 2.8%. The derma category, including Eucerin and Aquaphor, delivered 10.6% organic growth and offset the weakness only slightly.

The figures expose two businesses with different growth and pricing profiles. Nivea supplies scale in the mass market; derma gives Beiersdorf another route to growth, with Eucerin positioned for premium prices. For buyers and distributors, that mix matters because category growth has not yet offset Nivea’s volume pressure.

Takeaway: The group still sells more, but Nivea’s 4.9% fall sets the immediate commercial problem.

How will Beiersdorf separate value and premium pricing?

On the 27 October 2026 investor call, CEO Vincent Warnery said: “You have, particularly in the mass market, consumers willing to have value for money proposals, and this is why Nivea has to fight and maintain.” He described rising demand for premium products as a complicated and interesting phenomenon.

Warnery said premium skin care continues to develop in drugstores, pharmacies and department stores, supported by strong scientific efficacy. He argued that Eucerin has become a strong derma brand because of Beiersdorf’s R&D expertise, allowing it to command premium prices.

Beiersdorf’s earlier attempt to move Nivea into premium face care through the Luminous line achieved only partial success, at the expense of other categories. The revised strategy manages both propositions: Nivea remains value for money, while brands such as La Prairie carry the premium skin-care offer.

Warnery said the group has the tools to build brand equity and support premium prices. For brand, product and channel teams, that means assigning distinct price roles rather than stretching one Nivea identity across mass, pharmacy and department-store channels.

Takeaway: Nivea keeps the value role, while Eucerin and La Prairie carry more of the premium proposition.

What is inside Nivea’s turnaround plan?

Beiersdorf is executing the second phase of its rebalancing under the comprehensive turnaround plan announced with half-year results. The programme has three stated priorities:

• Unlock broad-based innovation across all Nivea categories.
• Reinforce Nivea’s value-for-money proposition.
• Use local consumer insight and proven regional franchises more strongly to preserve local relevance.

FACE+ adapts a successful face-care concept from emerging markets to European consumer needs. Consumer-facing investment also rises through a five-year Nivea Sun partnership with the Tour de France, beginning in 2027.

Warnery said he was extremely happy with FACE+ and said the product had taken share from private labels, something the company had not achieved previously. He called value for money essential as Nivea competes for price-conscious consumers.

National differences also shape development. Some markets know Nivea mainly for body care and deodorant; others recognise it more strongly for face care. Warnery said Beiersdorf respects the absence of one global Nivea identity, supporting regional propositions rather than forcing the same range everywhere.

For product and procurement teams, the practical implication is a more segmented brief: local insight should determine category emphasis, innovation should protect affordability, and brand investment should run alongside channel-specific execution.

Takeaway: The turnaround seeks growth through regional fit and affordable innovation, not one global premium repositioning.

What does the Middle East war mean for supply?

CFO Astrid Hermann said: “We are not seeing significant impacts in terms of disruption of our supply chains, we have found ways around them.” She acknowledged that the war had caused supply-chain headaches, but said no significant disruption had emerged.

The most immediate effect has been higher logistics costs. Hermann said an oil price above US$100 for a longer period could create significant upward cost pressure, although teams had managed the situation so far. Supply continuity therefore does not mean cost stability.

For procurement and logistics teams, the near-term watchpoints are route availability, freight spending and the duration of elevated oil prices. Beiersdorf’s disclosure supports a risk of higher landed costs, not a forecast of material supply failure.

Takeaway: The war has raised the cost of moving goods so far without stopping delivery.

Why is Beiersdorf staying in Russia?

Beiersdorf remains in Russia despite the continuing war in Ukraine. Warnery said the company has operated there since 1906 and stayed to protect the Nivea brand, warning that another producer could have made Nivea without Beiersdorf. He said the company remains to protect the brand and pay employee salaries, with no objective beyond those purposes.

That is a defensive commercial rationale, not a statement of expansion. For investors and procurement teams, the disclosure frames Russia as an existing market exposure with brand and employment obligations, rather than a stated source of near-term growth.

Takeaway: Russia serves brand protection and employee continuity, not a stated expansion priority.

By year-end 2026, watch whether the forecast fading of Nivea’s sell-in and destocking pressure coincides with sustained derma growth and stable logistics costs.