(Reuters) – German skin care company Beiersdorf said on Tuesday the luxury skin care market in China has continued to “decline strongly” during the second quarter, but the group has managed to gain more market share with its La Prairie brand.
“Today we are not able to grow, we are gaining market share but in a very strongly declining market. Q1 was difficult. Q2 will be also difficult,” CEO Vincent Warnery told investors during a capital markets day.
“We see some market share gains but obviously we are not yet at the end of the tunnel on La Prairie,” he added.
(Reporting by Ludwig Burger, Marleen Kaesebier, Eva Orsolya Papp, Editing by Madeline Chambers)
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