THE WHAT? Beiersdorf CEO, Vincent Warnery warned investors that China’s luxury skin care market is declining strongly and that the company expects that the second quarter of the current financial year will be difficult for China’s prestige skin care sector after a tough first quarter.

THE DETAILS According to a report published by Reuters, Warnery revealed that the company’s La Prairie brand saw its market share grow in China.

THE WHY? China’s economy took a hit from its protracted lockdown conditions and while GDP is picking up, consumer spending remains subdued. At the same time, international brands have lost sales to local labels.