Jefferies cuts Beiersdorf on insufficient Nivea growth, too high innovation hopes

Beiersdorf AG

16/09/2025 08:11

** Jefferies cuts Beiersdorf BEIG.DE to "hold" from "buy", pointing to growth slowing down at its brand Nivea and the company's "too optimistic" H2 innovation hopes

** The broker flags Beiersdorf's long over-reliance on Nivea's ability to be competitive with value for money offers and 'masstige' (mass products with designer prestige) price points

** "This cycle is being repeated, with Nivea struggling for the growth needed to make the stock work," it says, as it points to a lull in new innovation and reset of the portfolio in China, among others

** It flags "elusive" contribution to growth from Beiersdorf's luxury brand La Prairie, which was heavily exposed to COVID disruptions to travel retail channel and "boom/bust" demand for skincare products in China

** "We worry the persistent lag of growth is also a symptom of the brand losing its consumer purpose," it says

** Shares in Beiersdorf slip 1.2%

(Reporting by Linda Pasquini)

((Linda.pasquini@thomsonreuters.com))