The German maker of personal care products also wants to avoid losing the market position of its brands, which is something of which Beiersdorf has "a long painful history," the CEO told shareholders during the company's annual general meeting.

The CEO added the impact of war in Ukraine on Beiersdorf's operations is "not significant", so there is no reason to adjust the group's forecasts.

Competitor Henkel also said earlier in April it would continue its Russian business while stopping all investments, advertising and sponsoring measures.

(Reporting by Jan Schwartz; Writing by Zuzanna Szymanska; Editing by Thomas Escritt)