Annual Report 2023

Annual Report 2023

Business and Strategy1

Marked sections contain information that is part of our Non-financial Statement.

With a portfolio of strong, global brands, Beiersdorf has developed into one of the world’s leading companies in the consumer goods industry over the past 142 years – with over 170 international subsidiaries and more than 20,000 employees worldwide. Our business is divided into two separate, independently operating business segments. In both segments, we hold a leading position in the market. We are confident that we can further maintain and expand our advantage by bringing key innovations with genuine added value to the market.

  • In the Consumer Business Segment, our focus is on skin and body care. Our portfolio comprises brands such as NIVEA, Eucerin, La Prairie, and Hansaplast, which are trusted by people around the world.
  • In the tesa Business Segment, we concentrate on developing innovative adhesive tapes and self-adhesive solutions for industry, craft businesses, and end consumers. Since 2001, tesa has been managed as an independent subgroup.



Our strategy

The Beiersdorf name has stood for innovative skin care since 1882. This is our core competency – and we want to deliver added value for our consumers in this area. Our goal: We want to ensure that people all around the world feel good in their skin.

In 2019, we formulated our C.A.R.E.+ business strategy. This describes our strategic priorities and is the means by which we want to secure our competitive, sustainable growth. The strategy focuses on the following areas:

  • Fast forward digital transformation
  • Win with skin care
  • Unlock white spot potential
  • Fuel the growth through increased productivity
  • Build on strong foundations: Culture – Core Values – Capabilities – Care Beyond Skin

We continued to implement the strategy in the reporting year and once again made significant progress. Below, we briefly introduce the most important progress.

Fast forward digital transformation

Digitalization in our company and business plays a decisive role in tapping new growth potential. That is why we have long been systematically driving digitalization as part of our C.A.R.E.+ strategy. We are using digital technologies more extensively, for example, to engage in direct dialogue with our consumers and fulfill their individual wishes. In the reporting year, we once again made substantial investments in digital approaches, particularly in various social and media networks and precision marketing. This included influencer collaborations and partnerships with providers of digital technologies. Our e-commerce business has grown steadily in recent years and, with strong partner relationships, high-quality content and effective retail media, has become an increasing driver of our overall sales growth.

In addition to these measures, we have been using forward-looking digital technologies including artificial intelligence (AI) for many years to drive faster and more efficient development of innovations – for example in developing and optimizing formulas. Another example of the use of AI-based technologies is the skin study SKINLY, which we continued in 2023 and is one of the world’s largest skin care studies involving consumers. Further details on this and other approaches are presented in the “Research and Development” chapter.

In addition to marketing and research and development, we also invested last year in the digitalization of our production, in future-oriented workplaces, in new forms of work and changing approaches to the workplace (“New Work”), and in our employees’ digital skills. For us, our new production center in Leipzig sets standards in the automation and digitalization of all production steps as well as in terms of sustainability standards. The Beiersdorf Campus, the new Group headquarters in Hamburg we inaugurated in the reporting year, offers new opportunities for dialogue and working collaboratively and creatively thanks to state-of-the-art technology. With an area of 51,000 square meters, we have created the new global centerpiece of our organization here, which our employees have significantly shaped. Further information on our employees can be found in the “People at Beiersdorf” chapter.

Win with skin care

Our claim is to bring innovations to market that offer our consumers added value. A fine example of that is our first anti-aging care range with Q10: We launched it in 1998 and heralded in a new era in cosmetics for us using active ingredients already 25 years ago. Q10 remains one of the most important anti-aging ingredients to this day and we continue to develop it further. The NIVEA Q10 face care range, for example, is now available in over 60 countries and is the number 1 in the NIVEA face care segment. The latest product in the range is the NIVEA Q10 TARGETED WRINKLE FILLER. The serum’s formula combines pure Q10 with BIOXIFILL® peptides – a skin-friendly and powerful combination that reduces wrinkles in sensitive areas of the face.

We successfully expanded our familiar face care range LUMINOUS 630® under the NIVEA brand in the reporting year. With the NIVEA Men Anti-Age Power Serum, which combines the patented anti-pigment ingredient LUMINOUS 630® with hyaluron in a 2-in–1 formula, we have successfully entered the market for anti-aging care for men.

The patented active ingredient Thiamidol from our dermocosmetic brand Eucerin also remains one of the company’s most successful innovations. Revision of our Eucerin Hyaluron-Filler + Elasticity product range with Thiamidol in the anti-age category reaped clearly perceptible successes in the fiscal year 2023. The relaunch enabled us to benefit from the growing market trend toward anti-aging products and further increase our market share. Following its success in face care, we have expanded use of our patented active ingredient Thiamidol to the body care segment in recent years. In the reporting year, for example, we launched the new Eucerin Hyaluron-Filler + Elasticity Anti-Age Body Cream, which has been specifically developed to counteract advanced signs of skin aging on the body.

In 2023, we further developed some of our skin care products and also made good progress in implementing our Climate Care strategy. Our goal is to achieve an absolute reduction in CO2e emissions along the entire value chain (Scopes 1, 2, and 3) of 30% by 2025 (vs. 2018). Key product transformation measures in 2023 included changes to the NIVEA Sun, Labello, and Eucerin ranges: In the case of NIVEA Sun, the bottles, caps, and trigger pumps are now partly made of recycled plastic. The revised formulas also have a lower environmental footprint. In the case of Labello, the formulas and packaging have also been developed further, thereby reducing CO2e emissions. Eucerin has introduced a special innovation: The Hyaluron Filler Day and Night creams come in particularly sustainable refill packaging. This refill concept for the anti-age bestseller, in which only the inner jar is replaced and the outer packaging is reused, enables a reduction in the use of plastic.

We also want to make a major contribution to protecting the climate and establishing a circular economy with our new aerosol cans. Since the last fiscal year, we started to produce our deodorant spray cans for the European market at least 50% from recycled aluminum. At the same time, they have also become lighter thanks to a reduction in material. In this way, we aim to cut CO2e emissions in the value chain.

Unlock white spot potential

Another element of Beiersdorf’s C.A.R.E.+ strategy is tapping into new potential for growth. We are concentrating on tapping “white spots” – markets and business areas where we are not yet present or would like to further expand our presence. The most attractive regions for us are in Latin America (especially Brazil and Mexico), Asia (especially China, South Korea, Thailand, and Indonesia), and Africa (especially South Africa and Nigeria). However, the market conditions in the individual countries differ greatly; therefore, we are focusing on different aspects as part of our market development strategies. The demand for our Derma products in Latin America is very dynamic, while we see significant growth potential for our NIVEA range in African countries. In China, premiumization is the key to success. As a global brand that aims to be successful in this strategically important market, securing our premium positioning is our top priority in order to create sustainable growth.

Our strategic focus with NIVEA is on the Face Care category and strengthening our efforts in e-commerce business. In the reporting year, we recorded successes in particular with the high-quality face care range NIVEA LUMINOUS 630®, which we sell via cross-border e-commerce. Our global research and development network makes a key contribution to tapping into this growth potential. It enables us to address local cultural, aesthetic, and climatic conditions and develop products that correspond to individual local or regional needs and preferences. At the same time, it allows us to learn from each other, pursue different research focuses that reflect local expertise, participate in global innovation, and have access to local talent and partners who provide valuable ideas and insights for our research and development work.

Our skin research center in Hamburg is at the heart of this network. At this center, we carry out application-oriented research, in particular, in order to gain a better understanding of the skin’s metabolic processes. The Beiersdorf Study Center was modernized in 2023 and is part of the skin research center. As a complement to tests performed externally, it is mainly tasked with intensively testing and ensuring the quality, safety, and tolerability of newly developed products prior to their market launch. The second largest research location is our innovation center in Shanghai. The main focus of research activities there is on the use of AI tools to optimize formulations, developing sustainable formulations, and gathering new insights into Chinese consumers in relation to anti-aging and sensitive or oily skin. In contrast, our innovation center in Florham Park, USA, focuses on clinical research and developing local product innovations for the dermocosmetic ranges of Eucerin and Aquaphor as well as for the sun protection brands Coppertone and Eucerin Sun. More information on this subject can be found in the “Research and Development” chapter.

Fuel the growth through increased productivity

In order to grow faster, we are committed to efficiency, strict cost discipline, and a focused, lean organization. We continuously invest in increasing our productivity, for example through investments in new production technologies or in expanding our production capacities.

An event of special importance in the reporting year was the inauguration of our new facility in Leipzig. The ultra-modern production center is one of the largest investments (almost €300 million) in a single location in Beiersdorf’s history, where a high degree of automation and extensive digitalization of all production steps, for us, will ensure above-average efficiency and productivity in the future. The facility has a modular and flexible design so that new innovations, trends, consumer wishes, or production processes can be implemented quickly.

This new production center also helps us achieve the goals of our CARE BEYOND SKIN sustainability agenda: Thanks to the use of renewable energies and biogas to generate heat, the facility is virtually CO2e-neutral. Valuable resources such as heat, wastewater, and ethanol are recovered and treated on a large scale. Moving ahead, we plan to operate the facility as an “Energy+” location and produce more electricity than we consume by generating our own renewable energy.

In addition, in 2023, we have once again globally invested in new production lines, state-of-the-art technology, and our IT infrastructure. In 2024, we will complete the expansion of our facility in Mexico, which is one of Beiersdorf’s three largest production sites. We are also expanding our production site in Poland extensively. The investments will total almost €200 million. Our objective for all production sites is to further increase the efficiency, agility, and resilience of our supply chain, allowing us to respond even better to constantly changing circumstances.

We will again invest in growth and innovation in 2024. For the Consumer Business Segment, investments will be at a similar level to those in 2023. Notable projects for the expansion of production and storage capacities relate to the locations in Poland, Mexico, and Leipzig.

Building on our strong foundations: Culture – Core Values – Capabilities – Care Beyond Skin2

We believe that our special culture is the key to Beiersdorf’s DNA. Based on trust, collaboration, respect, openness, and mutual appreciation, it centers on our Core Values – Care, Simplicity, Courage, and Trust – and sense of togetherness. This culture of “we” rather than “I” makes us strong and agile and is key to our strong cohesion and sustainable success.

The goal in all we do is to fulfill our consumers’ needs and wishes to the best of our ability and meet our responsibility toward society and the environment.

Our purpose “Care Beyond Skin” is an expression of what Beiersdorf stands for and what defines us as a company – because our care and concern go far beyond our core competence, skin. We want to make a positive contribution to our society and our planet. In the past fiscal year, for example, we demonstrated that with Beiersdorf’s first global volunteer day. At the CARE BEYOND SKIN DAY, all Beiersdorf employees had the chance to spend an entire working day supporting non-profit organizations. The activities varied greatly: from collecting garbage to renovating playgrounds, sports facilities, and children’s homes to planting trees. The wide range of support not only helped strengthen an inclusive society and environmental protection, but also increased employees’ sense of togetherness and identification with Beiersdorf.

We are committed to embracing diversity, equity, and inclusion (DE&I). Because we firmly believe that people are more motivated, more productive, and more satisfied when their different backgrounds, experience, and skills are valued and when they can truly be their unique selves. Therefore, alongside equal opportunities, we aim to encourage an inclusive corporate culture where everyone feels they belong – whatever their age, ethnicity, nationality, sex and gender identity, physical and mental abilities, religion and belief, sexual orientation, and socioeconomic background. In our goal to promote gender diversity in leadership positions, we have reached a significant milestone: By 2023, leadership positions below the executive board are intended to be equally filled by men and women worldwide – some 18 months earlier than planned. Further information on our sustainability agenda and the topic of diversity, equity, and inclusion can be found in the “Non-financial Statement” and in the “People at Beiersdorf” chapter.

With the Beiersdorf Campus, our new Group headquarters, we also laid the foundations for further growth and innovation in the past fiscal year. The investment of €250 million not only demonstrates our commitment to the Hamburg location. It is also the foundation for a highly attractive working environment with an extensive range of services. In designing the campus, we incorporated the needs and wishes of the employees at an early stage and translated their specific requirements into the new working environments. For instance, the floor plan and the concept for the various room modules were geared rigorously toward New Work and agile working methods. We also created numerous collaboration and communication spaces to promote dialogue between colleagues and use forward-looking technologies. The new Group headquarter was built in accordance with the WELL standard, which focuses on the health and well-being of employees – from planning to daily use of the building and the new working environments – and taking into account criteria such as office design, retreats, air quality, outdoor facilities, and food quality. Beiersdorf is also aiming to gain LEED certification, an internationally recognized seal of quality for sustainability in building planning, for the new Group headquarters.



tesa SE (referred to in the following as “tesa”) is one of the world’s leading manufacturers of innovative adhesive tapes and self-adhesive product solutions for commercial customers and end consumers. tesa SE, a 100% owned subsidiary of Beiersdorf Aktiengesellschaft, is managed as an independent subgroup that is the direct or indirect parent company of 60 tesa affiliates (previous year: 61), employs 5,189 people and operates in more than 100 countries.

In the fiscal year, tesa founded tesa Online GmbH, Norderstedt, Germany. In addition, tesa tape OOO, Moscow, Russia, and Sugru Inc., Livonia, USA, were liquidated.

Regions and significant locations

tesa operates worldwide, with its main focus on Europe, followed by the business regions of Africa/Asia/Australia and the Americas. In addition to the German locations, the affiliates in China, the United States, Italy, and Japan are among tesa’s largest and most strategically important single companies. The production sites are located in Europe (Germany and Italy), in the Americas (USA), and in Asia (China and Vietnam). The site in Haiphong, Vietnam, was opened in October 2023. The company headquarters, which include the research and technology center, are located in Norderstedt, near Hamburg.

Significant investments will also be made in growth and innovation in 2024. Investments for tesa will be at a similar level to 2023. Notable projects for the expansion of production and warehouse capacities for tesa relate to the production site in Hamburg. Further investments in automation and digitalization are intended to increase the efficiency of the sites.


In the Industry division, tesa supplies specialized product and system solutions directly to industrial customers, especially in the automotive, electronics, printing and paper, and building and construction industries. The strategic focus is primarily on developing and expanding profitable business lines in technologically advanced fields of application. tesa’s product and system solutions are used to optimize and enhance the efficiency of production processes, as fastening solutions in construction-related applications – often offering features beyond just bonding – and as customized protection and packaging systems.

Along with direct business, the technical retail trade is part of the Industry division. Through retail partners, tesa offers a wide range of products for diverse applications in various industrial sectors, including product ranges for assembly and repair, tapes to secure items during transportation, and adhesive solutions for the packaging industry.


The Consumer division encompasses those markets in which tesa supplies end consumers with market-driven products via retail partners or retail-like channels. This includes product ranges aimed at private consumers and craftspeople. tesa also uses e-commerce business to offer products for sale directly to end customers.

The Consumer business is focused on Europe and Latin America. It sells both long-established and innovative product solutions intended for various applications, including for daily use in offices, at home, and in crafts. Under the tesa® umbrella brand, end consumers find a broad assortment of more than 300 innovative products in DIY stores and superstores as well as in paper goods and stationery shops and online. tesa provides tailor-made ranges for professional craftspeople and designs its marketing concepts for the specific target groups.

Management and Control

The Executive Board manages the company and is dedicated to sustainably increasing its value. In addition to the functional areas of responsibility within the Executive Board, there are regional areas of responsibility. The Executive Board is closely involved in the company’s operational business in particular through the allocation of responsibilities for the regions and markets. A breakdown of the Executive Board’s areas of responsibility can be found in the chapter “Beiersdorf AG Boards” of the notes to the consolidated financial statements. The tesa Business Segment is managed as an independent subgroup.

Information on the remuneration of the Executive and Supervisory Boards as well as on incentive and bonus systems is provided in the Remuneration Report in the section “Additional information.” The Combined Management Report includes the Corporate Governance Statement of Beiersdorf AG and the Group in accordance with §§ 289f and 315d Handelsgesetzbuch (German Commercial Code, HGB), which is also made publicly available on the company’s website at

Value Management and Performance Management System

The goal of Beiersdorf’s business activities is to sustainably increase the company’s market share by achieving qualitative growth and, at the same time, to expand its earnings base. The long-term key performance indicators – organic sales growth3 in conjunction with market share development, EBIT, and the EBIT margin before special factors (the ratio of EBIT to sales) – are derived from this goal. The aim is to generate internationally competitive returns through continuous investment in growth opportunities, systematic cost management, and the highly efficient use of resources. The development of the relevant key performance indicators can be found in the section “Results of Operations.” In the 2023 fiscal year, there was no change in the key financial performance indicators compared to the previous year.

The company has created an efficient management system in order to meet these strategic goals. Corporate management derives business performance targets for the individual units in the Group for the coming year from the Group’s strategic business goals. This planning covers all segments and affiliates. Formal adoption by the Executive Board and Supervisory Board of the Group’s planning for the following year is generally toward the end of the year. In specific cases the planning is not finalized until the beginning of the fiscal year in view of current developments.

Actual key performance indicators are compared with target values and with the current forecast for the year as a whole at regular intervals during the fiscal year. These comparisons are used to manage the business in line with the objectives.

The tesa Business Segment forms a separate, independent unit within the Group. It is also managed on the basis of sales growth, the operating result (EBIT), and the EBIT margin.

Marked sections contain information that is part of our Non-financial Statement.

1 Marked sections contain information that is part of our Non-financial Statement.

2 This section of the Combined Management Report is not subject to audit requirements.

3 For the definition of organic sales growth refer to Significant Accounting Policies (“Notes to the Segment Reporting”).

CO₂e – (CO₂ Equivalents)
Unit of measure to compare the effect of different greenhouse gases. It converts the amount of a greenhouse gas into the corresponding amount of CO2 that causes the same warming over a given period.
EBIT (Earnings Before Interest and Taxes)
Result before interest and taxes.
EBIT Margin
The EBIT margin is calculated from the ratio of EBIT to sales.
Organic Sales Growth
Organic sales growth shows nominal revenue growth, adjusted for exchange rate effects, as well as structural effects from acquisitions and divestments.
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