It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Wading into progressive politics comes at a price, especially when doing so involves telling your largest consumer base that they’re terrible people.
Earlier this year, Proctor and Gamble’s Gillette launched a campaign against the much maligned and arguably completely fictional “toxic masculinity.” The campaign was widely and rightly criticized.
According to Reuters, P&G reported a $5.24 billion net loss:
P&G reported a net loss of about $5.24 billion, or $2.12 per share, for the quarter ended June 30, due to an $8 billion non-cash writedown of Gillette. For the same period last year, P&G’s net income was $1.89 billion, or 72 cents per share.
Cincinnati-based P&G, which operates in 80 countries, sells Gillette razors, gels and foams worldwide and said the writedown was due primarily to currency fluctuations – enduring strength in the U.S. economy in recent years has strengthened the dollar. The charge was also driven by more competition over the past three years and a shrinking market for blades and razors as consumers in developed markets shave less frequently. Net sales in the grooming business, which includes Gillette, have declined in 11 out of the last 12 quarters.
“Initial carrying values for Gillette were established nearly 14 years ago in 2005. … New competitors have entered at prices below the category average,” Chief Financial Officer Jon Moeller said on a call.
Gillette has lost a fair amount of business to competitors like Dollar Shave Club. The toxic masculinity campaign was an attempt to gain favor with the millennial crowd and not one its CEO regrets.
Major corporations in the HRC Business Coalition for the Equality Act include Abercrombie & Fitch Co.; Accenture; Adobe Systems Inc.; Advanced Micro Devices Inc.; Airbnb Inc.; Alcoa Inc.; Amazon.com Inc.; American Airlines; American Eagle Outfitters; American Express Global Business Travel; Apple Inc.; Arconic; Ascena Retail Group Inc.; Automatic Data Processing Inc.; Bain & Co. Inc.; Bank of America; Best Buy Co. Inc.; Biogen; Boehringer Ingelheim USA Corp.; Booz Allen Hamilton Inc.; Boston Scientific Corp.; Broadridge Financial Solutions Inc.; Brown-Forman Corp.; CA Technologies Inc.; Caesars Entertainment Corp.; Capital One Financial Corp.; Cardinal Health Inc.; Cargill Inc.; Chevron Corp.; Choice Hotels International Inc.; Cisco Systems Inc.; The Coca-Cola Co.; Corning Inc.; Cox Enterprises Inc.; CVS Health Corp.; Darden Restaurants Inc.; Delhaize America Inc.; Diageo North America; The Dow Chemical Co.; Dropbox Inc.; E. I. du Pont de Nemours and Co. (DuPont); eBay Inc.; EMC Corp.; Facebook Inc.; Gap Inc.; General Electric Co.; General Mills Inc.; Google Inc.; HERE North America LLC; The Hershey Company; Hewlett Packard Enterprises; Hilton Inc.; HP Inc.; HSN Inc.; Hughes Hubbard & Reed LLP; Hyatt Hotels Corp.; IBM Corp.; Intel Corp.; InterContinental Hotels Group Americas; Johnson & Johnson; JP Morgan Chase & Co.; Kaiser Permanente; Kellogg Co.; Kenneth Cole Productions; Levi Strauss & Co.; Macy's Inc.; Marriott International Inc.; MasterCard Inc.; Microsoft Corp.; Mitchell Gold + Bob Williams; Monsanto Co.; Moody's Corp.; Nationwide; Navigant Consulting Inc.; Nike Inc.; Northrop Grumman Corp.; Office Depot Inc.; Oracle Corp.; Orbitz Worldwide Inc.; Paul Hastings LLP; PepsiCo Inc.; Procter & Gamble Co.; Pure Storage Inc.; Qualcomm Inc.; Replacements Ltd.; S&P Global Inc.; Salesforce; SAP America Inc.; Sodexo Inc.; Symantec Corp.; Synchrony Financial; T-Mobile USA Inc.; Target Corp.; Tech Data Corp.; TIAA; Twitter Inc.; Uber Technologies Inc; Under Armour Inc; Unilever; Warby Parker; WeddingWire Inc.; Whirlpool Corporation; Williams-Sonoma Inc.; and Xerox Corp.
originally posted by: paraphi
It's a bit of stretch of the imagination to attribute the change of the razor market to "progressive policies". The market is changing. That's just the way it is. People have beards and people buy cheaper razors online. Gillette are being out-completed in a changing market.