INDEX / DIRECTORY / BEIERSDORF

Beiersdorf

Cosmetics & Skincare 69 CITED SOURCES UPDATED 2026-10-22 METHOD V6.5
Complicity Index score 458 /1000 C Tier C - High
OWNERSHIP TREE 30 brands and group businesses View all

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Key Findings

  • Economic: Beiersdorf held 60% of Alpa-BDF Ltd., its Israeli consumer-products joint venture, in both 2024 and 2025. Established with Alpa Cosmetics in 2019, the business markets NIVEA and Labello in Israel.1, 2, 3, 4
  • Political: The political audit identified an explicit corporate response to Russia’s invasion of Ukraine, including humanitarian assistance and commercial restrictions, but no public evidence of a Beiersdorf statement expressly addressing the Israel-Palestine conflict. The Ukraine statement establishes a documented comparison; it does not establish support for Israeli military action.5
  • Not found: No public evidence identified of Israeli military procurement, weapons-platform supply, Israeli security-technology provision, or settlement-specific operations. The audited corporate, industrial-product and technology disclosures establish civilian commercial activities without identifying those relationships.6, 7, 8, 9, 10, 11

Target Profile

FieldDetail
Company NameBeiersdorf AG.7
JurisdictionNo public evidence identified expressly establishing the country/state of incorporation in the supplied audits; Hamburg, Germany, is documented as the headquarters.12
HeadquartersHamburg, Germany.12
SectorConsumer skin-care and personal-care products, alongside technical adhesive tapes through the independently managed tesa business segment.7
OwnershipThe 2025 annual report records maxingvest group ownership of 53.17% of issued shares and Beiersdorf treasury shares of 9.92% at 31 December 2025. BBG Beteiligungsgesellschaft mbH is the direct controlling parent; maxingvest GmbH & Co. KGaA is the indirect controlling parent. Wolfgang Herz is identified as the ultimate controlling related party.13, 14
Key Executives / GovernanceThe 2025 disclosures identify Vincent Warnery as CEO and include Astrid Hermann, Nicola D. Lafrentz, Grita Loebsack, Ramon A. Mirt and Oswald Barckhahn in executive leadership. Wolfgang Herz is a Supervisory Board member; Michael Herz exercises significant influence over maxingvest.13, 15, 16
Israeli-Nexus SummaryA 60%-owned Israeli operating company, Alpa-BDF Ltd., registered in Herzliya, markets NIVEA and Labello through a joint venture established with Alpa Cosmetics in 2019.1, 2, 4

Executive Summary

Beiersdorf’s documented Israel/Palestine nexus is principally economic: majority ownership of an Israeli consumer-products business. Alpa Cosmetics states that it established Alpa-BDF jointly with Beiersdorf in 2019 to develop the Israeli presence of NIVEA and Labello. Beiersdorf’s consolidated shareholding lists independently record a 60% equity interest in Alpa-BDF in both 2024 and 2025, while its international directory identifies the company in Herzliya. This establishes continuing operating ownership rather than a passive minority investment.1, 2, 3, 6

The strongest evidence concerns corporate control, brand marketing and continuity. Alpa-BDF markets NIVEA skin-care and Labello lip-care products, and the ownership disclosures span reporting periods following July and November 2024. The evidence does not quantify the venture’s revenue, profit, workforce, taxes, dividends or original investment consideration. Alpa Cosmetics describes a wider Israeli distribution network, but its group facilities, employees and customers cannot automatically be attributed to Alpa-BDF.1, 2, 3, 4

The military and digital audits identified civilian activities that required examination but did not establish qualifying Israeli military or security relationships. tesa markets industrial adhesives for aviation and automotive applications; Beiersdorf uses enterprise software, AI-supported research and consumer skin-imaging systems. No public evidence identified of Israeli defence contracts, weapons-platform integration, surveillance provision, military AI, or transfers of consumer research data to Israeli security agencies. General industrial capability and the processing of sensitive consumer information do not establish those connections.8, 9, 17, 10, 11, 18

The political record is similarly bounded. Beiersdorf published an explicit Ukraine response documenting humanitarian assistance and commercial restrictions. No public evidence identified of an equivalent conflict-specific Israel-Palestine statement, military donation, settlement endorsement or relevant lobbying activity. No public evidence identified of settlement-based Beiersdorf facilities or named settlement contracts. The fixed, human-vetted V6.5 result is BRS 458, Tier C (Substantial Complicity), driven by the economic domain; the military, digital and political domain scores remain zero.

Timeline of Relevant Events

DateEvent
28 March 1882Beiersdorf traces its Hamburg origins to Paul C. Beiersdorf’s medical-plaster patent. This historical commercial origin does not establish an Israeli institutional connection.19
2011Ynet reported complaints about Israel’s omission from Beiersdorf’s online country directory and its subsequent addition. The reported controversy concerned commercial website representation.20
2019Alpa Cosmetics states that it established Alpa-BDF jointly with Beiersdorf to develop NIVEA and Labello in Israel.1
March 2022According to Beiersdorf’s subsequent Ukraine statement, the company initiated a €2 million humanitarian donation to the German Red Cross and CARE Deutschland.5
2 January 2024Beiersdorf published its Ukraine statement, condemning Russia’s continuing war and describing assistance, advertising restrictions and changes to commercial activities in Russia.5
29 February 2024Beiersdorf announced completion of its SAP S/4HANA transition across global affiliates; the audited announcement did not identify an Israeli security-technology provider.17
Financial year 2024The consolidated shareholding list recorded a 60% interest in Alpa-BDF, Herzliya.3
31 December 2025The 2025 shareholding list again recorded a 60% interest in Alpa-BDF, establishing continuity across the two reporting periods.2
31 March 2026Beiersdorf announced a second-generation Skin Care Innovation Fund with a €100 million commitment. The announcement did not establish an Israeli investment.21
6 May 2026tesa updated its distribution-network information describing authorised industrial distributors, converters and resellers; the audited material did not identify an Israeli military purchaser.22
October 2026The corporate directory continued to identify Alpa-BDF as Beiersdorf’s Israeli business contact in Herzliya.6

Corporate Overview

Beiersdorf’s group comprises Consumer operations and the independently managed tesa adhesives business. Its disclosed activities are consumer skin-care products and technical adhesive tapes. Reported 2025 sales were €9,852 million: €8,176 million from Consumer and €1,676 million from tesa. These global figures provide corporate context and do not establish the size of Israeli operations.7, 23

The controlling structure runs through BBG Beteiligungsgesellschaft mbH and maxingvest GmbH & Co. KGaA. The 2025 related-party disclosures identify Wolfgang Herz as the ultimate controlling related party and Michael Herz as exercising significant influence over maxingvest. These relationships establish control and governance attribution; the audits did not identify qualifying Israeli military, settlement or surveillance transactions by those principals.13

Alpa-BDF is the verified Israeli operating interest. Its establishment in 2019 is documented by Alpa Cosmetics, while Beiersdorf’s financial reporting confirms the 60% holding and includes Alpa-BDF in its non-controlling-interest disclosures. Its consumer-brand activities are documented separately on Alpa’s product page.1, 2, 4, 24

Alpa Cosmetics describes a logistics and distribution centre in the Bar-Lev industrial area, offices in Herzliya and a wider workforce exceeding 600. The audits did not establish that Alpa-BDF owns or directly operates the Bar-Lev facility, or determine its separate workforce. Those wider partner-group disclosures must therefore remain distinct from the venture’s verified footprint.1

Domain Summaries

Military: Military

Mechanism of Involvement

No public evidence identified of a qualifying Israeli military relationship. The military audit examined direct procurement, intermediaries, industrial products, defence-prime supply chains, logistics, weapons systems and controlling-principal conduct.

The relevant industrial capability is tesa’s adhesive technology. Its aviation catalogue describes mounting, protection, masking and cable-management applications; its automotive material covers bonding, sealing, shielding, thermal management and assembly. These establish industrial applications potentially usable across different customers. Neither catalogue identifies a named Israeli military programme or defence purchaser.8, 9

No public evidence identified of contracts with the Israeli Ministry of Defence, IDF, Israel Prison Service or Border Police; supply agreements with Elbit Systems, Israel Aerospace Industries or Rafael; military end-user certificates; or integration into named Israeli weapons platforms. The audited group disclosures and product catalogues establish civilian business activities without documenting those military relationships.7, 8, 9

Counter-Arguments and Evidence Limits

The company’s strongest defence is the civilian character of the documented business and the absence of identified military contracts. Consumer skin-care products and technical adhesives are not, by themselves, evidence of defence procurement. Alpa Cosmetics describes the joint venture’s purpose as developing consumer brands in Israel, while tesa’s distribution information does not identify the final user of a particular product.1, 7, 22

No public evidence identified of military base services, defence logistics, contracted military medical supplies, munitions materials or purpose-built targeting systems. Possible downstream use of generally available goods remains unestablished and cannot support attribution to a named Israeli military customer.

Beiersdorf’s human-rights policies describe supplier expectations and due diligence. These are relevant governance provisions, but they do not independently prove the absence of military end use or document an Israeli defence-specific investigation.25 The audit’s negative findings describe the public record examined, rather than a guarantee concerning every downstream transaction.

Named Entities and Evidence Map

EntityDocumented evidenceAttribution limit
Beiersdorf AGConsumer products and technical adhesive tapes are principal group activities.7No public evidence identified of Israeli defence procurement.
tesaAviation and automotive adhesive applications; industrial distribution network.8, 9, 22Capability and distribution do not identify military end users.
Alpa-BDF / Alpa CosmeticsIsraeli consumer-brand joint venture.1, 4No public evidence identified of a security-agency supply programme.
Wolfgang Herz / Michael HerzControlling-party and significant-influence relationships.13No public evidence identified of qualifying personal military-channel acts.

Digital: Digital

Mechanism of Involvement

No public evidence identified of a qualifying Israeli digital-security nexus. Beiersdorf’s documented technology activities include SAP S/4HANA, Microsoft Copilot, AI-supported research and consumer skin imaging. The 2025 report records Copilot deployment to 3,300 employees and describes tesa’s enterprise AI activities.17, 10

SKINLY is a substantial consumer-research programme: the 2025 research disclosure reports approximately one billion data records and more than 140 million high-resolution skin images from over 22,000 participants across more than 60 countries. Its privacy policy identifies Beiersdorf AG in Hamburg as controller and describes photographs, health-related information and lifestyle data among the processed categories.11, 18

These disclosures establish consumer-data processing, but no public evidence identified of Israeli hosting, an Israeli processor, an Israeli security recipient or Israeli military datasets. No public evidence identified of Project Nimbus participation, offensive cyber capabilities or technology supply to Israeli military, intelligence or law-enforcement institutions.

Counter-Arguments and Evidence Limits

The strongest defence is the documented commercial and scientific purpose of the systems, combined with the absence of an established Israeli procurement or recipient relationship. Consumer skin analysis does not establish identity surveillance, and enterprise AI deployment does not establish military technology provision.10, 11, 18

A specific supplier lead was examined: Trax described a retail-technology demonstration featuring Beiersdorf products on simulated supermarket shelves. That establishes product presence in a demonstration, not Beiersdorf’s status as buyer, licensee, integrator or contractual customer. It cannot support a verified Trax procurement claim.26

No public evidence identified of direct procurement from the named Israeli-origin cybersecurity or surveillance suppliers examined in the audit. The SKINLY privacy policy’s provision for legally required disclosures does not establish routine transfer into Israeli jurisdiction or disclosure to Israeli security agencies.18

Beiersdorf’s €100 million innovation-fund announcement also does not establish an Israeli technology investment. The venture portfolio examined in the audits did not identify a directly held Israeli-domiciled investment; any Israeli exposure through indirect fund commitments remained unresolved.21, 27

Named Entities and Evidence Map

Entity or systemDocumented evidenceAttribution limit
SAP / Microsoft CopilotEnterprise transformation and employee AI deployment.17, 10No public evidence identified of an Israeli security supplier deployed through them.
SKINLYConsumer skin-imaging research and associated personal-data processing.11, 18No public evidence identified of Israeli security recipients or military training data.
TraxBeiersdorf products appeared in a retail demonstration.26No verified Beiersdorf customer relationship.
Beiersdorf Venture CapitalInnovation-fund commitment and published portfolio.21, 27Direct Israeli investment was not established; indirect exposure remained unresolved.

Economic: Economic

Mechanism of Involvement

The verified mechanism is majority ownership of an Israeli commercial operating company. Beiersdorf’s 2024 and 2025 shareholding lists each record 60% ownership of Alpa-BDF, registered in Herzliya. Alpa’s account dates the joint venture to 2019, and its branded-product page identifies NIVEA and Labello.1, 2, 3, 4

This creates a direct ownership and market-distribution relationship. The corporate directory separately identifies Alpa-BDF at Medinat Hayehudim 89, Herzliya. The financial disclosures establish continuity across reporting periods following July and November 2024; the current directory provides a further public indication of the relationship’s continuing commercial identification.2, 3, 6

Alpa Cosmetics describes importation, marketing and distribution as principal activities and identifies food chains, pharmacies and other retailers among its wider customers. The audited material does not identify the customs importer of record for specific Beiersdorf shipments or provide a separately verified retailer-level customer list for Alpa-BDF.1

Counter-Arguments and Evidence Limits

The company’s strongest defence is that the established relationship concerns ordinary consumer goods and an identified Herzliya business presence. No public evidence identified of an Alpa-BDF manufacturing plant, settlement-based office, warehouse or directly operated shop; a named settlement customer; or a defence procurement contract. The supplied ownership, location and product records establish the commercial venture without establishing those additional relationships.2, 4, 6

The economic scale remains incompletely disclosed. No public evidence identified of Alpa-BDF’s standalone revenue, profit, employee count, tax payments, dividends or original investment amount. Beiersdorf’s regional reporting does not provide separate Israel revenue. Neither global sales nor the wider Alpa workforce can supply those missing figures.1, 28, 23

No public evidence identified of settlement-origin Beiersdorf products, settlement-labeling enforcement, Israeli sovereign-debt underwriting, Israel Bonds distribution, direct settlement-company financing or directly held Israeli defence-company investments. Indirect venture-fund exposure remained unresolved rather than affirmatively cleared.27

The audits establish continuing ownership, not an Israeli divestment. That continuity supports retaining the verified economic nexus, while the absence of settlement, military and quantified financial evidence constrains its description.2, 3

Named Entities and Evidence Map

EntityDocumented evidenceAttribution limit
Alpa-BDF Ltd.60% Beiersdorf holding in 2024 and 2025; Herzliya registration.2, 3Standalone financial and employment scale undisclosed.
Alpa Cosmetics Ltd.Joint-venture partner; wider importation and distribution business.1Its entire workforce, facilities and customer base cannot be assigned to Alpa-BDF.
NIVEA / LabelloProducts marketed through Alpa-BDF.4No public evidence identified of settlement manufacture or named settlement deliveries.
BBG / maxingvestDirect and indirect controlling-parent relationships.13No public evidence identified of separate qualifying Israeli sovereign, settlement or defence investments.

Political: Political

Mechanism of Involvement

The political audit establishes a comparison in corporate communications, alongside continuing Israeli commercial ownership. Beiersdorf’s 2 January 2024 Ukraine statement condemned Russia’s continuing war and described humanitarian donations, employee-donation matching, product assistance and accommodation support. It also reported suspension of La Prairie and tesa commercial activities in Russia, cessation of advertising and substantial restrictions to the NIVEA and Eucerin portfolios.5

No public evidence identified of an official statement expressly addressing the Israel-Palestine conflict, Palestinian civilian casualties, settlement policy or the Gaza campaign. This is an audit finding about the examined public record. The documented Ukraine response establishes the comparison; it does not establish an affirmative political position on Israel-Palestine.

Alpa-BDF’s continued inclusion in group reporting and the corporate directory establishes commercial continuity. Those disclosures do not present the relationship as a government, military or geopolitical partnership.6, 24 No public evidence identified of relevant lobbying, military donations, settlement sponsorship or conflict-specific advocacy by the identified controlling principals.

Counter-Arguments and Evidence Limits

The strongest defence is the absence of documented affirmative political assistance. Silence on one conflict, even alongside explicit communications about another, does not establish military endorsement, settlement advocacy or geopolitical financing. The audit identified no qualifying conduct of those kinds.

No public evidence identified of employee sanctions for pro-Palestinian expression, IDF/FIDF charitable matching, military-reservist bonuses, suppression of Palestinian content or political remuneration targets. The identified governance and leadership disclosures establish corporate roles, without establishing those alleged activities.15, 16

The historical website controversy must retain its reported resolution: Ynet described Israel’s omission and subsequent addition in 2011. It concerned commercial geographic representation, not a verified surveillance, military or settlement programme.20

Ethical Consumer’s public profile states that it records no active company boycott. This is evidence of that database’s classification, not proof that no boycott activity exists anywhere or a comprehensive clearance of the company’s conduct.29

Named Entities and Evidence Map

Entity or recordDocumented evidenceAttribution limit
Beiersdorf corporate communicationsExplicit Ukraine response and assistance.5Comparative communication does not establish support for Israeli military action.
Alpa-BDFContinued group reporting and Israeli directory listing.6, 24Commercial presence does not establish geopolitical partnership.
Vincent Warnery / Herz principalsLeadership and controlling-party roles.13, 15, 16No public evidence identified of qualifying donations or conflict-specific advocacy.
Ethical Consumer / YnetDatabase boycott classification; resolved historical directory controversy.29, 20Neither establishes military or settlement involvement.

Complicity Index Score

Method: V6.5. Final, human-vetted values.

DomainIMPV-Domain Score
Military0.000.000.000.00
Digital0.000.000.000.00
Economic5.507.008.505.50
Political2.000.000.000.00

The documented majority-owned Israeli operating company and continuing consumer-brand activity drive Economic as the sole non-zero domain and therefore V_MAX; the resulting fixed classification is BRS 458, Tier C.1, 2, 3, 4 The political record supplies comparative communications context, while the fixed Political values retain I=2.00, M=0.00, P=0.00 and a zero domain result; no additional reviewed numerical rationale was supplied. These values are reproduced under the scale-free, evidence-only, vetted method, without recalibration from corporate size, unsupported allegations or inferred downstream relationships.

Methodology Note

Footnotes

  1. Alpa Cosmetics Ltd., “About Alpa,” corporate history and distribution operations. https://www.alpa-cosmetics.co.il/en/%D7%90%D7%95%D7%93%D7%95%D7%AA ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15

  2. Beiersdorf AG, Annual Report 2025, “Beiersdorf AG’s Shareholding List.” https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/beiersdorf-ags-shareholding-list.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13

  3. Beiersdorf AG, Annual Report 2024, “Anteilsbesitzliste.” https://reports.beiersdorf.com/geschaeftsbericht/2024/konzernabschluss/anteilsbesitzliste.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  4. Alpa Cosmetics Ltd., “Alpa BDF.” https://www.alpa-cosmetics.co.il/en/bdf-%D7%90%D7%9C%D7%A4%D7%90 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  5. Beiersdorf, “Our Support for Ukraine,” 2 January 2024. https://www.beiersdorf.com/newsroom/press-news/all-news/2024/01/02-our-support-for-ukraine ↩ ↩2 ↩3 ↩4 ↩5

  6. Beiersdorf, “Global Business,” international locations directory. https://www.beiersdorf.co.uk/about-us/beiersdorf-global ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  7. Beiersdorf, Annual Report 2025, “Material Accounting Policies.” https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/material-accounting-policies.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  8. tesa, “Aerospace adhesives for mounting and protection.” https://www.tesa.com/en-gb/industry/markets/transport-industry/aviation-industry ↩ ↩2 ↩3 ↩4 ↩5

  9. tesa, “Advanced automotive adhesives: revolutionizing car design and assembly.” https://www.tesa.com/en/industry/markets/automotive ↩ ↩2 ↩3 ↩4 ↩5

  10. Beiersdorf, Annual Report 2025, “Business and Strategy.” https://www.reports.beiersdorf.com/annual-report/2025/combined-management-report/foundation-of-the-group/business-and-strategy.html ↩ ↩2 ↩3 ↩4 ↩5

  11. Beiersdorf, Annual Report 2025, “Research and Development.” https://reports.beiersdorf.com/annual-report/2025/combined-management-report/foundation-of-the-group/research-and-development.html ↩ ↩2 ↩3 ↩4 ↩5

  12. Beiersdorf, “Headquarters.” https://www.beiersdorf.com/about-us/locations/headquarters ↩ ↩2

  13. Beiersdorf, Annual Report 2025, “Related Party Disclosures.” https://reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/other-disclosures/related-party-disclosures.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  14. Beiersdorf, Annual Report 2025, “Beiersdorf’s Shares and Investor Relations.” https://www.reports.beiersdorf.com/annual-report/2025/to-our-shareholders/beiersdorfs-shares-and-investor-relations.html ↩

  15. Beiersdorf, Annual Report 2025, “Management Team.” https://www.reports.beiersdorf.com/annual-report/2025/to-our-shareholders/management-team.html ↩ ↩2 ↩3

  16. Beiersdorf, Annual Report 2025, “Beiersdorf Aktiengesellschaft Boards.” https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/beiersdorf-aktiengesellschaft-boards.html ↩ ↩2 ↩3

  17. Beiersdorf, “Record sales and fastest-growing beauty company,” 29 February 2024. https://www.beiersdorf.com/newsroom/press-information/all-press-releases/2024/02/29-record-sales-and-fastest-growing-beauty-company ↩ ↩2 ↩3 ↩4

  18. Beiersdorf, “Skinly App Privacy Policy.” https://www.beiersdorf.com/meta-pages/local/en/skinly/privacy-policy-en-eu ↩ ↩2 ↩3 ↩4 ↩5

  19. Beiersdorf, “Our Founding History.” https://www.beiersdorf.com/about-us/our-history/founding-history ↩

  20. Ynetnews, “Nivea puts Israel back on the map,” 2011. https://www.ynetnews.com/business/article/4104842 ↩ ↩2 ↩3

  21. Beiersdorf, “New €100 million Venture Capital Fund to strengthen Beiersdorf’s Innovation Agenda,” 31 March 2026. https://www.beiersdorf.com/newsroom/press-information/all-press-releases/2026/03/31-new-100-million-euro-venture-capital-fund-to-strengthen-beiersdorfs-innovation-agenda ↩ ↩2 ↩3

  22. tesa, “Distribution Network,” updated 6 May 2026. https://www.tesa.com/en-gb/industry/markets/distribution-partners/distribution-network ↩ ↩2 ↩3

  23. Beiersdorf, “Full Year Results 2025: Beiersdorf Grows in a Slowing Market, Derma Outperforms,” 2 March 2026. https://www.beiersdorf.com/newsroom/press-information/all-press-releases/2026/03/02-full-year-results-2025-beiersdorf-grows-in-a-slowing-market-derma-outperforms ↩ ↩2

  24. Beiersdorf, Annual Report 2025, “Non-Controlling Interests.” https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/notes-to-the-balance-sheet/non-controlling-interests.html ↩ ↩2 ↩3

  25. Beiersdorf, “Human Rights Policies.” https://www.beiersdorf.com/responsibility-and-commitments/reporting/human-rights-policies ↩

  26. Trax Retail, “NRF Europe Spotlight: Trax Redefines Retail with Cutting-Edge AI.” https://traxretail.com/blog/nrf-europe-spotlight-trax-redefines-retail-with-cutting-edge-ai/ ↩ ↩2 ↩3

  27. Beiersdorf Venture Capital, “Portfolio.” https://vc.beiersdorf.com/portfolio.html ↩ ↩2 ↩3 ↩4

  28. Beiersdorf, Annual Report 2025, “Regional Reporting.” https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/regional-reporting.html ↩

  29. Ethical Consumer, “Beiersdorf AG - Company Ethical Profile.” https://www.ethicalconsumer.org/company-profile/beiersdorf-ag ↩ ↩2