Nivea Sales Fall 4.9% in Q3 as Beiersdorf's Derma Unit Grows 10.6%

Nivea's net sales dropped 4.9% in the third quarter of 2026, dragging Beiersdorf's group net sales down 1.3% to €2.4bn for the quarter. The derma category, anchored by Eucerin and Aquaphor, grew 10.6% organically — double-digit growth that partly cushioned the mass-market brand's slide.

The figures, released with Q3 results on 27 October 2026, show the pressure in context. For the first nine months of the year, group net sales reached €7.3bn, an organic decline of 2.8%. Beiersdorf blamed the quarterly drop on temporary sell-in headwinds and trade destocking, and expects those factors to "gradually fade" by year-end.

What does the split mean for practitioners?

The story here is channel divergence. CEO Vincent Warnery called the shift toward premium products a "complicated and interesting phenomenon" in the investor call, and framed the strategy as running two price propositions in parallel.

"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," Warnery said. "[This] has always been a key dynamic of Nivea; we are a value for money brand, but in other channels, and, for example, drugstores, pharmacies and department stores, you have premium skin care developing, supported by the strong scientific efficacy."

That pharmacy and drugstore channel is exactly where Beiersdorf says it is winning. Warnery credited Eucerin's R&D expertise for turning it into a strong derma brand able to command premium prices. For dermatology professionals, the implication is straightforward: the company is concentrating its clinical-efficacy positioning — and its pricing power — in the derma portfolio, not in the heritage mass brand.

Nivea's own premium push had limits. Beiersdorf tried to move the brand upmarket in face care with its Luminous line, and succeeded to some extent, but Warnery conceded it came "at the expense of the other categories." Going forward, he said, the company will manage both propositions explicitly: "We clearly have to have a differentiated approach between Nivea, which is clearly value for money, and [something like] La Prairie, where we are clearly offering consumers products which are more in the premium skin care category."

"The good news is that we have the tools to do that… to develop the equity of the brands strongly, so that [we] can support these premium prices," he added.

What is in the Nivea turnaround plan?

The brand's recovery rests on the second phase of a rebalancing plan announced at half-year results. Its three stated pillars:

• Unlocking broad-based innovation across all categories
• Reinforcing Nivea's value-for-money proposition
• Leveraging local relevance, with stronger focus on local insights and proven regional franchises

One initiative is already live: FACE+, a face care concept adapted from emerging markets for European consumers. Warnery called FACE+ a success and said it is taking market share from private labels — "something that we did not have in the past, so value money is essential."

He also acknowledged the brand's uneven global footprint. "There is not one single Nivea identity across the world, and that is something which we respect," he said, noting Nivea functions more as a body care and deodorant brand in some countries and is stronger in face care in others.

On the marketing side, Beiersdorf is stepping up consumer-facing investment, including Nivea Sun's five-year partnership with the Tour de France starting in 2027.

Middle East war, Russia and cost pressure

CFO Astrid Hermann addressed the Middle East war's operational impact. "It has caused quite a bit of headache to our teams, particularly in the supply chain," she said, while stressing no significant disruptions: "We have found ways around them." The most immediate effect is higher logistics costs. She flagged the risk of sustained oil prices above US$100 pushing costs up further, but said teams have managed the pressure well so far.

Warnery also defended the company's continued presence in Russia, where Beiersdorf has operated since 1906. "We know that if we had left Russia, somebody else could have produced Nivea without us," he said. "We are there to protect the brand and to pay the salaries of our employees. Nothing more. Nothing Less."

With destocking effects expected to fade by year-end and the derma category compounding at double digits, the Q4 print will show whether Nivea's turnaround phase can stabilize the group while Eucerin carries the clinical-efficacy flag in pharmacy channels.