Beiersdorf saw its shares drop some 10 percent last week after it revealed that its margins would be adversely affected this year as it invests in a bid to keep up with the growing number of Indie brands, according to a report published by Reuters.

“The consumer goods industry… is in turmoil,” said Stefan De Loecker, Beiersdorf CEO in an analyst call, per Reuters. “I need to act now.”

Small disruptor brands now account for some 40 percent of the European skin care market, said the owner of Nivea. Beiersdorf will invest up to €80 million in its consumer business in a bid to boost growth and operating margin by 2023.