Beiersdorf: Reassuring Q3 sales amid a slowing beauty market
Beiersdorf Q3 sales grew 5.3% (CSSe: 6.9%), but missed expectations for both the consumer and Tesa divison. However, we view the publication as reassuring in comparison to other beauty peers who published disappointing prints. Looking ahead, we feel like Q4 should reaccelerate which should enable t
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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