This is what I found on FOXNEWS.COM:
Those pesky millennials are reportedly to blame for upsetting another unexpected industry — the razor business. Procter & Gamble recently revealed they’ve taken an $8 billion hit on Gillette, citing millennial men’s penchant for beards, a trend apparently “hair” to stay for the time being.
On Tuesday, P&G linked its slumping sales of men’s shaving products in part to the grooming fad in their fiscal fourth-quarter earnings report, CNBC reports. The personal grooming giant also cited increased competition in recent years from subscription services, as per the outlet, including Harry’s and Dollar Shave Club.
“Lower shaving-frequency has reduced the size of the developed blades and razors market,” P&G Chief Financial Officer Jon Moeller said in the call, MarketWatch reports.
Through the last five years, the demand for shaving products in the American men’s market has decreased by 11 percent, with the razors and blades market dropping in worth from $2.4 billion in 2015 to $2.2 billion in 2018, according to Euromonitor data.
Information provided by FOXNEWS.COM.
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I actually think this is funny but there could be another reason too. Everyone in this household that shaves now buys from that mail order company and no longer from stores.
Blaming your loss of business on beards is the least of Gilette’s problems. P&G (Gilette) is loosing razor business due to:
1) Attacks on their customer base by acting as social justice warriors against “toxic masculinity”. (2) Blades/cartridges that are not competitively priced (3) blades that wear oit quickly compared to brands lile Harry’s that last 3-4 times longer and at a much lower price point
I don’t purchase products from companies who choose unpatriotic spokespersons or insult their customers
Or…older Trumper guys like me who are done being kicked around as toxic racists and will never buy their blades again. Apologies not accepted
Check to see if sales of other razors went up as their sales went down. What do you bet it was because of the ads, not the beards?
They will never see another dime from me.