Target: Beiersdorf AG Domain: Economic Research date: 22 October 2026 Geographic scope: Israel, West Bank including East Jerusalem, and Golan Heights Entities examined: Beiersdorf AG, Alpa-BDF Ltd., Alpa Cosmetics Ltd., maxingvest, and related group entities.
Supply Chain & Sourcing Relationships
Israeli commercial and distribution relationships
Alpa Cosmetics Ltd. states that it established Alpa-BDF as a joint venture with Beiersdorf in 2019 to develop the Israeli presence of NIVEA and Labello.1
Beiersdorf’s 2025 shareholding list identifies Alpa-BDF Ltd., registered in Herzliya, Israel, with a 60% equity interest held by the Beiersdorf group.2
The corresponding 2024 shareholding list also records a 60% interest, establishing that the controlling relationship existed in both reporting years.3
Alpa Cosmetics describes itself as an Israeli importer, marketer and distributor of cosmetics, toiletries and other consumer products, operating through an independent distribution network.1
Alpa identifies a logistics and distribution centre in the Bar-Lev industrial area and sales, marketing and training offices in Herzliya.1
Alpa-BDF’s branded-product page identifies NIVEA skincare products and Labello lip-care products as products marketed through the business.4
Direct supplier relationships
No public evidence identified of Beiersdorf purchasing agricultural products from Mehadrin, Hadiklaim, Galilee Export or Agrexco successors.
No public evidence identified of specific Israeli-origin agricultural ingredients supplied to Beiersdorf’s cosmetics operations.
Importer-of-record structure
The Israeli joint venture operates within a commercial-partner group that describes importation and distribution as principal activities, but the examined disclosures do not identify Alpa-BDF as the customs importer of record for particular shipments.1
No public evidence identified of the precise customs-import entity, customs-registration number, shipping route or product-specific importer-of-record arrangements for NIVEA or Labello.
Seasonal sourcing patterns
No public evidence identified of recurring seasonal sourcing from Israeli agricultural suppliers.
Third-party sourcing and distribution
The 2019 Alpa-BDF arrangement establishes a named Israeli commercial intermediary through which Beiersdorf brands are marketed.1
Alpa identifies major Israeli food chains, pharmacies and other retailers as customers of its wider distribution business, without providing a separately verified retailer-level customer list for Alpa-BDF.1
No public evidence identified of a specific Beiersdorf shipment, delivery agreement or distribution contract involving an Israeli settlement retailer.
Product Origin, Labeling & Regulatory Compliance
Product origin
Alpa-BDF markets NIVEA and Labello branded products in Israel, including skincare, personal-care and lip-care products.4
Beiersdorf’s historical account identifies its Hamburg production activities, including manufacturing of NIVEA cream, Labello products and deodorants.5
No public evidence identified of an Alpa-BDF-owned manufacturing factory in Israel.
No public evidence identified of NIVEA or Labello products manufactured in West Bank settlements, East Jerusalem settlements or the Golan Heights.
Settlement-origin products
No public evidence identified of a Beiersdorf-branded product confirmed to originate from an Israeli settlement.
No public evidence identified of a regulator or court finding that Beiersdorf misrepresented settlement-produced goods as originating within Israel.
Labeling compliance
No public evidence identified of an enforcement action against Beiersdorf or Alpa-BDF concerning settlement-origin country labeling.
No public evidence identified of a specific Beiersdorf product subject to an Israeli settlement-origin customs correction.
Corporate labeling policy
No public evidence identified of a publicly stated Beiersdorf policy specifically addressing country-of-origin labeling for goods manufactured in occupied Palestinian or Syrian territory.
No public evidence identified of a company-specific prohibition on sourcing, manufacturing or distribution from Israeli settlements.
Investment, Capital & Financial Exposure
Controlling investment in an Israeli operating company
Beiersdorf’s 2025 consolidated shareholding list reports a 60% equity interest in Alpa-BDF Ltd., Herzliya, Israel.2
The Israeli commercial partner states that Alpa-BDF was established in 2019 as a joint venture with Beiersdorf.1
Beiersdorf’s 2024 and 2025 reports show that the 60% ownership position continued across both financial reporting periods.2, 3
The disclosed 60% equity interest represents majority ownership of an Israeli operating company, rather than a passive minority portfolio investment.2
Alpa-BDF markets Beiersdorf consumer brands including NIVEA and Labello in Israel.4
No public evidence identified of the original 2019 acquisition or incorporation consideration.
No public evidence identified of Alpa-BDF’s standalone annual revenue, operating profit, enterprise value or employee count.
No public evidence identified of a separate Israeli manufacturing subsidiary acquired by Beiersdorf.
Acquired Israeli operating companies
The identified Israeli operating interest is Alpa-BDF Ltd., established as a joint venture in 2019 and 60% held by Beiersdorf in 2025.1, 2
No public evidence identified of another Israeli manufacturer, pharmaceutical company, cosmetics producer, technology company or infrastructure company acquired and controlled by Beiersdorf.
No public evidence identified of an Alpa-BDF manufacturing plant in Israel.
No public evidence identified of a specific Alpa-BDF contract with the Israel Defense Forces, Israeli Ministry of Defense, Israeli defence manufacturers or settlement authorities.
Foreign direct investment
Beiersdorf’s continued 60% holding in Alpa-BDF establishes an Israeli corporate investment and operating ownership interest as of 2025.2
No public evidence identified of the original capital amount invested in the joint venture.
No public evidence identified of separately owned Beiersdorf factories, data centres, property investments or distribution warehouses within Israeli settlements.
Research and development
Beiersdorf describes a global innovation programme involving research institutions, universities, startups, suppliers and other collaborators.6
In March 2026, Beiersdorf announced a second-generation Skin Care Innovation Fund with €100 million committed to venture investments and strategic collaborations.7
The fund focuses on life sciences, biotechnology, sustainability, artificial intelligence and digital health, with typical initial investments of €0.5 million to €5 million.7
No public evidence identified of a Beiersdorf-owned research and development centre in Israel.
No public evidence identified of a named Israeli university, research institute or technology company operating a Beiersdorf-funded Israeli research laboratory.
Venture-capital and portfolio exposure
Beiersdorf Venture Capital’s disclosed investment model focuses on minority startup positions, with its investment website describing a typical maximum minority stake of 20%.8
Its published portfolio includes international startup investments and partnerships, alongside venture-fund commitments.9
The portfolio identifies Next Commerce Accelerator, YZR, Emerald and Revent among its fund partners.9
The separately published investment strategy includes sustainable raw materials, biotechnology, artificial intelligence, packaging technologies and digital health.10
No public evidence identified of a directly held Israeli-domiciled venture investment in the examined portfolio disclosures.
No public evidence identified of an Israeli sovereign bond or Israel Bonds holding by Beiersdorf.
No public evidence identified of an Israeli defence-company equity investment held directly by Beiersdorf.
No public evidence identified of the precise Israeli exposure, if any, embedded in Beiersdorf’s indirect venture-fund commitments.
Parent and beneficial ownership
Beiersdorf’s 2025 annual report identifies maxingvest GmbH & Co. KGaA as the ultimate controlling company and BBG Beteiligungsgesellschaft mbH as its direct controlling parent.11
The 2025 shareholder disclosures identify voting-rights notifications associated with Max und Ingeburg Herz Stiftung, IH Zweite GmbH and members of the Herz family, including Wolfgang Herz and Michael Herz.12
No public evidence identified of an Israeli-domiciled shareholder exercising ultimate control over Beiersdorf.
No public evidence identified of a material personal Israeli investment attributable to Wolfgang Herz, Michael Herz or another identified controlling-family principal.
No public evidence identified of a separately verifiable Israeli sovereign-debt, settlement-company or defence-company investment by maxingvest or BBG Beteiligungsgesellschaft.
Financing the Israeli state
No public evidence identified of Beiersdorf underwriting Israeli sovereign debt, distributing Israel Bonds, directly lending to the Israeli state, or providing insurance underwriting to Israeli military operations.
No public evidence identified of direct financing by Beiersdorf of an OHCHR-listed settlement enterprise.
Operational Presence & Market Activity
Physical footprint
Beiersdorf’s global corporate directory lists Alpa-BDF Ltd. at Medinat Hayehudim 89, entrance E, 14th floor, Herzliya 4612002, Israel.13
The company’s 2025 shareholding list independently identifies Alpa-BDF as a company registered in Herzliya.2
Alpa Cosmetics reports an Israeli logistics and distribution centre in the Bar-Lev industrial area and a Herzliya office base for sales, marketing and training.1
Alpa’s published information does not establish whether the Bar-Lev facility is legally owned or directly operated by Alpa-BDF rather than another company within the wider Alpa group.1
Employment
Alpa Cosmetics reports that the wider Alpa group employs more than 600 people.1
That group employment disclosure does not separately identify the number employed by Alpa-BDF.1
Beiersdorf reported 22,399 employees worldwide at 31 December 2025.14
No public evidence identified of the Israeli joint venture’s standalone employee count or payroll costs.
Tax and regulatory presence
Beiersdorf’s consolidated shareholding disclosures identify Alpa-BDF as an Israeli registered corporate entity.2
No public evidence identified of Alpa-BDF’s Israeli corporation-tax payments, VAT remittances or customs duties.
No public evidence identified of an Israeli Preferred Technology Enterprise designation for Beiersdorf or Alpa-BDF.
No public evidence identified of a published Israeli government subsidy or grant awarded specifically to Alpa-BDF.
Market positioning
Alpa Cosmetics states that its 2019 Beiersdorf joint venture was established to strengthen the Israeli presence of NIVEA and Labello.1
Its Alpa-BDF product page markets NIVEA skincare and Labello lip-care products to Israeli consumers.4
The Israeli partner identifies broad categories of local retail customers, including food chains and pharmacies.1
No public evidence identified of an official Beiersdorf designation of Israel as a regional headquarters or strategic research hub.
No public evidence identified of Alpa-BDF’s Israeli market share.
Military employment and institutional relationships
No public evidence identified of an Alpa-BDF reservist-salary subsidy policy, military procurement agreement or employee military-service programme.
No public evidence identified of Israeli Ministry of Defense contracts with Alpa-BDF.
Occupied-territory operations
No public evidence identified of a named Alpa-BDF office, warehouse, manufacturing operation or directly operated retail outlet within a West Bank or Golan Heights settlement.
No public evidence identified of a named settlement retailer receiving products directly from Alpa-BDF.
No public evidence identified of settlement-specific turnover attributable to Beiersdorf.
Post-July 2024 and post-November 2024 continuity
Beiersdorf’s 2024 and 2025 shareholding lists establish continued majority ownership of the Israeli joint venture across periods following 19 July 2024 and November 2024.2, 3
Beiersdorf’s global-location directory continues to identify Alpa-BDF as its Israeli business contact.13
No public evidence identified that the verified post-2024 commercial activity included settlement-specific operations or military procurement.
Corporate Structure & Foundational Ties
Founding and incorporation history
Beiersdorf traces its origins to pharmacist Paul C. Beiersdorf’s Hamburg business and the registration of a medical-plaster patent on 28 March 1882.15
[pre-2020] The founding relationship is historical and remains established; Beiersdorf continues to identify Hamburg as its headquarters.15, 16
Alpa Cosmetics states that it was founded in Haifa in 1933 by Laslow Brand.1
[pre-2020] Alpa’s founding is a historical Israeli corporate relationship, and the business continues to describe itself as an Israeli company.1
Alpa reports that Ronen Shamir became chief executive in 1998 and continues to manage the business.1
[pre-2020] The Beiersdorf–Alpa joint venture was established in 2019, with subsequent ownership confirmed through 2025.1, 2
Headquarters and domicile
Beiersdorf identifies Hamburg, Germany, as its headquarters and original founding city.16
The 2023 relocation into its newer Hamburg campus continued its historical headquarters presence in the city.5
Alpa-BDF is identified as an Israeli registered company headquartered in Herzliya.2, 13
No public evidence identified of a dual Israeli headquarters for Beiersdorf AG.
Israeli-nexus factors
- Founded in Israel: Beiersdorf was founded in Hamburg in 1882; its Israeli joint-venture partner Alpa Cosmetics was founded in Haifa in 1933.15, 1
- Headquarters or principal management in Israel: Beiersdorf’s headquarters is in Hamburg, while its 60%-owned Israeli operating company is registered in Herzliya.16, 2
- Israeli tax residency or PTE status: no public evidence identified of Israeli tax residency or PTE status for Beiersdorf AG.
- Israeli beneficial ownership or control of Beiersdorf: Its disclosed controlling ownership is associated with maxingvest and the Herz family.11, 12
- Controlled Israeli operating company: Beiersdorf held 60% of Alpa-BDF at the end of 2025.2
Corporate group attribution
Beiersdorf’s 2025 reporting places Alpa-BDF within the group’s disclosed equity holdings and identifies maxingvest as the ultimate controlling parent.2, 11
Beiersdorf’s corporate group includes the Consumer business and tesa, which reported 2025 sales of €8,176 million and €1,676 million respectively.17
No public evidence identified of a separate Israeli manufacturing or defence subsidiary within the examined Beiersdorf group shareholding disclosures.
State and institutional relationships
No public evidence identified of Israeli state ownership of Beiersdorf or Alpa-BDF.
No public evidence identified of Israeli government-appointed directors at Beiersdorf.
No public evidence identified of an Israeli government designation of Alpa-BDF as critical national infrastructure.
Structural governance
No public evidence identified of an Israeli state golden share, special voting agreement, charter restriction or veto right over Beiersdorf.
No public evidence identified of governance provisions requiring Beiersdorf to support Israeli state or military policy.
Profit Repatriation & Economic Contribution
Group revenue
Beiersdorf reported consolidated 2025 revenue of €9,852 million, including €8,176 million from Consumer operations and €1,676 million from tesa.17
The group reported 2025 profit after tax of €955 million.18
Beiersdorf’s 2025 regional reporting divides worldwide sales between Europe, America and Africa/Asia/Australia without presenting a separate Israel revenue figure.19
Israeli market revenue
Alpa-BDF operates as a majority-held Israeli commercial entity marketing Beiersdorf consumer products.1, 2, 4
No public evidence identified of Alpa-BDF’s standalone annual sales.
No public evidence identified of Israel-specific Beiersdorf consolidated revenue.
No public evidence identified of the Israeli market’s percentage contribution to Beiersdorf’s global sales.
Profit ownership and repatriation
Beiersdorf’s 60% equity interest establishes its majority ownership position in the Israeli operating company.2
No public evidence identified of the amount of dividends distributed by Alpa-BDF to Beiersdorf.
No public evidence identified of Alpa-BDF’s retained earnings or annual profit.
No public evidence identified of Israeli profits repatriated through royalties, management fees, transfer pricing or intercompany financing.
No public evidence identified of the monetary value of Israeli tax receipts associated with Alpa-BDF.
Economic ecosystem role
Alpa Cosmetics describes a distribution network serving major food chains, pharmacies and other retailers in Israel, alongside a group workforce exceeding 600 employees.1
The Beiersdorf joint venture forms part of that Israeli commercial structure and markets NIVEA and Labello.1, 4
No public evidence identified of a government assessment designating Alpa-BDF as a critical employer, strategic industrial enterprise or nationally significant infrastructure provider.
No public evidence identified of a quantified Beiersdorf contribution to Israel’s GDP, national employment or export earnings.
Financial-sector and sovereign-debt exposure
No public evidence identified of Israeli sovereign-bond underwriting, Israel Bonds distribution, settlement-related lending or Israeli military insurance underwriting by Beiersdorf.
No public evidence identified of a material direct Israeli sovereign-securities portfolio held by Beiersdorf or its controlling parent.
Footnotes
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Alpa Cosmetics Ltd., “About Alpa,” corporate history, describing the 1933 founding, management, distribution operations and establishment of Alpa-BDF in 2019. 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 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22
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Beiersdorf AG, Annual Report 2025, “Beiersdorf AG’s Shareholding List,” published 3 March 2026. Entry: Alpa-BDF Ltd., IL, Herzliya, 60.00%. 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 ↩14 ↩15 ↩16
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Beiersdorf AG, Annual Report 2024, “Anteilsbesitzliste,” published 2025. Entry: Alpa-BDF Ltd., IL, Herzliya, 60.00%. https://reports.beiersdorf.com/geschaeftsbericht/2024/konzernabschluss/anteilsbesitzliste.html ↩ ↩2 ↩3
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Alpa Cosmetics Ltd., “Alpa BDF,” product and brand information for NIVEA and Labello, accessed October 2026. https://www.alpa-cosmetics.co.il/en/bdf-%D7%90%D7%9C%D7%A4%D7%90 ↩ ↩2 ↩3 ↩4 ↩5 ↩6
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Beiersdorf AG, “Our Local Heritage,” describing Hamburg production operations and the headquarters campus, accessed October 2026. https://www.beiersdorf.com/about-us/our-history/local-heritage ↩ ↩2
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Beiersdorf AG, “Our Open Innovation Approach,” describing research partnerships and collaboration, accessed October 2026. https://www.beiersdorf.com/about-us/research/open-innovation ↩
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Beiersdorf AG, “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
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Beiersdorf Venture Capital, investment approach, ticket sizes and ownership parameters, accessed October 2026. https://vc.beiersdorf.com/ ↩
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Beiersdorf Venture Capital, “Portfolio,” listing selected startup investments and venture-fund partners, accessed October 2026. https://vc.beiersdorf.com/portfolio.html ↩ ↩2
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Beiersdorf Venture Capital, “Investment Fields,” describing biotechnology, sustainability, artificial intelligence and digital health priorities, accessed October 2026. https://vc.beiersdorf.com/investment-fields.html ↩
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Beiersdorf AG, Annual Report 2025, consolidated related-party disclosures identifying maxingvest, BBG Beteiligungsgesellschaft, Wolfgang Herz and Michael Herz. https://reports.beiersdorf.com/annual-report/2025/services/downloads.html ↩ ↩2 ↩3
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Beiersdorf AG, Annual Report 2025, “Shareholdings in Beiersdorf Aktiengesellschaft,” identifying voting-rights notifications associated with the Herz family and related vehicles. https://reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/other-disclosures/shareholdings-in-beiersdorf-aktiengesellschaft.html ↩ ↩2
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Beiersdorf, “Global Business,” official worldwide location directory, Israel entry for Alpa-BDF Ltd., accessed October 2026. https://www.beiersdorf.co.uk/about-us/beiersdorf-global ↩ ↩2 ↩3
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Beiersdorf AG, “Beiersdorf at a Glance - Key Figures,” worldwide employee headcount for 2025. https://www.beiersdorf.com/investor-relations/shares/factsheet ↩
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Beiersdorf AG, “Our Founding History,” documenting the founding in Hamburg and patent dated 28 March 1882. https://www.beiersdorf.com/about-us/our-history/founding-history ↩ ↩2 ↩3
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Beiersdorf AG, “Headquarters,” identifying Hamburg as the continuing corporate headquarters. https://www.beiersdorf.com/about-us/locations/headquarters ↩ ↩2 ↩3
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Beiersdorf AG, “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
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Beiersdorf AG, Annual Report 2025, consolidated income statement, including revenue and profit after tax. https://reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/consolidated-financial-statements/income-statement.html ↩
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Beiersdorf AG, Annual Report 2025, “Regional Reporting,” presenting aggregated regional sales and operating results. https://www.reports.beiersdorf.com/annual-report/2025/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/regional-reporting.html ↩