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A Milk Giant Goes Broke as Americans Reject Old Staples
Nov. 13, 2019 | The New York Times | By David Yaffe-Bellany.

Saddled with debt and struggling to adjust to changing consumer habits, Dean Foods filed for bankruptcy protection on Tuesday, signaling another grim chapter in the recent struggles of the dairy industry. The company, whose portfolio of brands includes TruMoo and Lehigh Valley, said it was in talks to sell itself to Dairy Farmers of America, a marketing cooperative that sells milk from thousands of farms.

Across the food and beverage industry, the challenges facing Dean Foods are becoming increasingly familiar. In recent years, consumers have moved away from brands, and even entire categories of food, once seen as household staples. The decline of the milk industry has emerged as a particularly stark example of how these changing tastes are challenging major companies whose products once crowded store shelves.
bankruptcies  Big_Food  CPG  dairy  Danone  Dean_Foods  grocery  Kraft_Heinz  plant-based  private_labels  shifting_tastes  spin-offs  supermarkets  Target  Wal-Mart  yogurt 
november 2019 by jerryking
Cashew foie gras? Big Food jumps on ‘plant-based’ bandwagon
MAY 18, 2019 | Financial Times | by Leila Abboud in Paris and Emiko Terazono in London

* Boom in meat and dairy substitutes sets up ‘battle for the centre of the plate’
* Nestlé recently launched the Garden Gourmet's Incredible burger in Europe and plans to launch it in the US in the autumn in conjunction with McDonald’s.
* Burger King has partnered with a “foodtech” start-up to put meat-free burgers on their menu.
* Pret A Manger is considering a surge in its roll-out of vegetarian outlets as it looks into buying UK sandwich rival Eat.

A change is afoot that is set to sweep through the global food industry as once-niche dietary movements (i.e. vegetarians, then the vegans, followed by a bewildering array of food tribes from veggievores, flexitarians and meat reducers to pescatarians and lacto-vegetarians ) join the mainstream.

At the other end of the supply chain, Big Food is getting in on the act as the emergence of plant-based substitutes opens the door for meat market disruption. Potentially a huge opportunity if the imitation meat matches adoption levels of milk product alternatives such as soy yoghurt and almond milk, which account for 13% of the American dairy market. It is a $35bn opportunity in the US alone, according to newly listed producer Beyond Meat, given the country’s $270bn market for animal-based food. 

Packaged food producers, burdened with anaemic growth in segments from drinks to sweets, have jumped on the plant-based bandwagon. Market leaders including Danone, Nestlé and Unilever are investing heavily in acquisitions and internal product development.

Laggards are dipping their toes. Kraft-Heinz, for example, is investing in start-ups via its corporate venture capital arm and making vegan variants of some of its products. Even traditional meat producers, such as US-based Tyson Foods and Canada’s Maple Leaf Foods, are diversifying into plant-based offerings to remain relevant with consumers.......“Plant-based is not a threat,” said Wayne England, who leads Nestlé’s food strategy. “On the contrary, it’s a great opportunity for us. Many of our existing brands can play much more in this space than they do today, so we’re accelerating that shift, and there is also space for new brands.” .....a plethora of alternative protein products are hitting supermarket shelves... appealing to consumers for different reasons....(1) reducing meat consumption for health reasons... (2) others concerned about animal welfare...(3) concern over agriculture’s contribution to climate change......As Big Food rushes in, it faces stiff competition from a new breed of start-ups that have raced ahead to launch plant-based meats they claim look, taste and feel like the real thing. Flush with venture capital funding, they have turned to technology, analysing the molecular structure of foods and seeking to reverse-engineer versions using plant proteins......Not only are the disrupters innovating on the product side, they are rapidly creating new brands using digital marketing and partnerships with restaurants. Big food companies, which can struggle to create new brands, often rely on acquisitions to bring new ones onboard.....Aside from the quality of the new protein substitutes, how they are marketed will determine whether they become truly mass-market or remain limited to the margins of motivated vegetarians and vegans. The positioning of the product in stores influences sales, with new brands such as Beyond Meat pushing to be placed in the meat section rather than separate chilled cabinets alongside the vegetarian and vegan options.....Elio Leoni Sceti, whose investment company recently backed NotCo, a Chile-based start-up that uses machine learning to create vegetarian replicas of meat and dairy, believes new brands have an edge on the marketing side because they are not held back by old habits. 

“The new consumer looks at the consequences of consumption and believes that health and beauty come from within,” said one industry veteran who used to run Birds Eye owner Iglo. “They’re less convinced by the functional-based arguments that food companies are used to making, like less sugar or fewer calories. This is not the way that consumers used to make decisions so the old guard are flummoxed.”...Dan Curtin, who heads Greenleaf, the Maple Leaf Food's plant-based business, played down the idea that alternative meats will eat into meat sales, saying the substitutes were “additive”. “We don’t see this as a replacement. People want options,” he said. 

 
animal-based  Beyond_Meat  Big_Food  brands  Burger_King  CPG  Danone  diets  digital_strategies  food_tech  hamburgers  Impossible_Foods  Kraft_Heinz  laggards  Maple_Leaf_Foods  McDonald's  meat  Nestlé  new_products  plant-based  rollouts  shifting_tastes  start_ups  tribes  Unilever  vegetarian  vc  venture_capital 
may 2019 by jerryking
Marijuana data firm Headset to partner with global analytics company Nielsen
March 6, 2019

Global measurement and data analytics company Nielsen has formed an alliance with Seattle-based cannabis analytics firm Headset to provide insights about the U.S. marijuana market to consumer packaged goods (CPG) businesses.

According to a news release, the two firms are joining forces as New York-based Nielsen develops “a full suite” of cannabis measurement capabilities to help inform CPG companies about the marijuana industry. Nielsen’s consumer research capabilities will be intertwined with Headset’s point-of-sale data for cannabis products, collected from “key” states with legal recreational marijuana markets.
alliances  analytics  cannabis  CPG  Headset  insights  Nielsen 
march 2019 by jerryking
JAB’s Peter Harf: hire ambitious talent and give them a mission
February 16, 2019 | | Financial Times | by Leila Abboud and Arash Massoudi.

JAB oversees its portfolio of coffee, beverages, and casual dining companies. .....When everything was going wrong last year at Coty, the cosmetics company backed by investment group JAB Holdings, Peter Harf reacted with characteristic ruthlessness, replacing Coty’s chief financial officer and chief executive, and taking back the Coty chairmanship from his longtime associate, Bart Becht. Describing last year’s share price decline of more than 60% as “unacceptable” for JAB and its co-investors, Mr Harf says the situation “had to have serious consequences” even for his inner circle......Harf believes that identifying talented people — and incentivising them through performance-based pay — have been key to his success over his nearly 40-year career..... just as important to Harf is knowing when to jettison those who are no longer serving the mission he has overseen since he was 35: growing the wealth of Germany’s reclusive Reimann family who are behind JAB....Harf's vision was for JAB to be modelled on Berkshire Hathaway, the investment conglomerate built by his idol, Warren Buffett. Success would come not only from backing the right leaders but by patiently building brands, embarking on deals and taking companies public to cash in on bets....Harf felt he had assembled a dream team: “My mantra has always been that I need to hire people who are better than me. Lions hire lions and sheep hire other sheep.”

Three questions for Peter Harf
(1) Who is your leadership hero?

“Warren Buffett. Hands down. All this stuff that I intend to do to make JAB into a long-term investment vehicle, he does it to perfection. He’s the greatest investor in the world, and I want to be like him. If we invest as well as Warren, we’ve won. Very simple.”

(3) What was your first leadership lesson?

One of my biggest role models was Bruce Henderson, the founder of Boston Consulting Group. When I worked for him, I prepared a three-page analysis about a problem. It had 10 bullet points as the conclusion. He dismissed it as way too complicated and said: “Don’t try to field every ball.” He meant that if you wanted to be a good leader, you have to be able to focus on the important stuff first.
+++++++++++++++++++++++++++++++++++++++++++++++++++
The trouble often starts when leaders start listing five or seven or 11 priorities. As Jim Collins, the author of the best-selling management books “Good to Great” and “Built to Last,” is fond of saying: “If you have more than three priorities, you don’t have any.”
BCG  Berkshire_Hathaway  beverages  casual_dining  coffee  commitments  CPG  dealmakers  deal-making  departures  exits  family_office  family-owned_businesses  HBS  hiring  investors  JAB  Keurig  lifelong  mission-driven  private_equity  portfolio_management  ruthlessness  talent  troubleshooting  Warren_Buffett 
february 2019 by jerryking
Tyson Made Its Fortune Packing Meat. Now It Wants to Sell You Frittatas.
Feb. 13, 2019 | WSJ | By Jacob Bunge

Tyson’s strategy is to transform the 84-year-old meatpacking giant into a modern food company selling branded consumer goods on par with Kraft Heinz Co. or Coca-Cola Co.
.....Tyson wants to be big in more-profitable prepared and packaged foods to distance itself from the traditional meat business’s boom-and-bust cycles. America’s biggest supplier of meat wants to also be known for selling packaged foods........How’s the transformation going? Amid an historic meat glut, the company’s shares are worth $4.9 billion less than they were a year ago—and are still valued like those of a meatpacker pumping out shrink-wrapped packs of pork chops and chicken breasts....Investors say the initiatives aren’t yet enough to counteract the steep challenges facing the poultry and livestock slaughtering and processing operations that have been the company’s core since....1935.....Record red meat and poultry production nationwide is pushing down prices and eroding Tyson’s meat-processing profit margins. Tariffs and trade barriers to U.S. meat have further dented prices and built up backlogs, while transport and labor costs have climbed. .......The packaged-foods business is itself struggling with consumers gravitating toward nimbler upstart brands and demanding natural ingredients and healthier recipes........Tyson's acquisition of Hillside triggered changes, including the onboarding of executives attuned to consumer trends. Tyson added managers from Fortune 100 companies, including Boeing Co. and HP Inc., who replaced some meat-processing officials who led Tyson for decades. The newcomers brought experience managing brands, understanding consumers, developing new products and building new technology tools, areas Tyson deemed central to its future......A chief sustainability officer, a newly created position, began working to shift Tyson’s image among environmental groups, .....Shifting consumer tastes have created hurdles for other packaged-food giants, such as Campbell Soup Co. and Kellogg Co. .... the meat business remains Tyson’s biggest challenge. In 2018 a flood of cheap beef, fueled by enlarged cattle herds, spurred a summer of “burger wars,” meat industry officials said. .......investment in brands and packaged foods hasn’t insulated Tyson’s business from these commodity-market swings. ........The company is also trying to improve its ability for forecast meat demand..........developing artificial intelligence to help Tyson better predict the future.........Scott Spradley, who left HP in 2017 to become Tyson’s CTO, said company data scientists are crunching numbers on major U.S. metropolitan areas. By analyzing historic meat consumption alongside demographic shifts, the number of residents moving in and out, and the frequency of birthdays and baseball games, Mr. Spradley said Tyson is building computer models that will help plan production and sales for its meat business. The effort aims to find patterns in data that Tyson’s human economists and current projections might not see. ......Deep data dives helped steer Tyson toward what executives say will be one of its biggest new product launches: plant-based replacements for traditional meat,
Big_Food  brands  Coca-Cola  CPG  cured_and_smoked  data_scientists  forecasting  Kraft_Heinz  meat  new_products  plant-based  predictive_modeling  prepared_meals  reinvention  shifting_tastes  stockpiles  strategy  sustainability  tariffs  Tyson 
february 2019 by jerryking
Brands Invent New Lines for Only Amazon to Sell WSJ
Jan. 25, 2019 | WSJ | By Annie Gasparro and Laura Stevens.

Amazon gets exclusive products, while brands receive faster customer feedback, marketing support and increased sales.......To build a big line of exclusive products on its site, Amazon.com Inc. AMZN 0.95% is pushing other brand manufacturers to do most of the work.

The online retail giant is asking consumer-goods companies to create brands exclusively for Amazon after finding that developing them on its own is too costly and time-consuming.....Amazon’s initiative is the latest example of the e-commerce giant flexing its muscles in order to offer the lowest prices and widest selection, as it seeks to cut into the market share of big-brand manufacturers.....Manufacturers generally benefit from selling their products through a range of retailers. Also, they risk cannibalizing higher-margin sales of their main brands by offering comparable products under different labels. But those entering deals with Amazon view the arrangement as a golden opportunity.

In exchange for creating exclusive products, the brands get help launching their products on Amazon.com, faster customer feedback when testing new products, marketing support, and, of course, revenue from the sales. They also can appear at the top of search results—a big draw given that Amazon’s platform lists an estimated 550 million items......Speed was paramount. “We had to take what would normally be 12 to 24 months of development to 90 days,”....Amazon, on its own, has been quietly adding to its in-house brands in recent years. Analysts estimate the site now offers more than 100. ....Amazon sometimes promotes its own brands higher in search results on its site, like “Amazon’s Choice” and sponsored items, or as default results in voice searches using Amazon’s Alexa virtual assistant.

In-house brands often generate a higher profit margin for retailers, including Amazon, and can draw in customers because they can’t find those brands elsewhere. But developing a new brand and formulating products takes time..... the program offers manufacturers a way to “launch brands and products directly to Amazon customers.”

Amazon is increasingly important for consumer-product manufacturers. It now accounts for roughly half of all sales online,.....Amazon’s program also can be used for “orphan brands” that manufacturers have stopped selling or that never made it to market.....Amazon has no issue going full-court press on private label, and pursuing all these brands. If the quality and pricing architecture don’t fit and they have to pivot, they’ll do so,” said Todd Mitchell, president of Compass Marketing Inc., which works with Amazon. “They’re not limited to the constructs of shelf space.”
accelerated_lifecycles  Amazon  brands  cannibalization  CPG  e-commerce  exclusivity  fast-paced  in-house  manufacturers  new_products  orphan_brands  private_labels  product_development  product_launches  shelf_space  speed 
january 2019 by jerryking
JAB chair Bart Becht quits in split with partners
January 14, 2019 | Financial Times | Leila Abboud in Paris and Arash Massoudi.

Bart Becht's departure is the first outward display of tensions within JAB, created to manage the wealth of Germany’s billionaire Reimann family. The chairman of JAB Holdings, the acquisition-hungry owner of Pret A Manger and Keurig Dr Pepper, has quit after a five-year $50bn takeover spree led to a split with his two partners over the scale of the investment group’s dealmaking.

According to two people with direct knowledge of his decision, Bart Becht, a hard-charging 62-year-old consumer industry executive, stepped down after failing to convince JAB to scale back its takeover ambitions to focus on improving operations at its sprawling portfolio of companies.....The once-obscure investment vehicle has vaulted itself into the top tier of consumer products groups through acquisitions of high-profile US brands like Krispy Kreme, Peet’s Coffee and Covergirl owner Coty, competing directly with industry giants including Nestlé and Coca-Cola in coffee and L’Oreal in make-up......One person who has worked closely with JAB described Mr Becht’s decision as “undoubtedly a surprise”, especially since the trio of executives had only recently been raising money from outside investors and pitching themselves as long-term investors.

JAB operates in a similar way to a private equity investor, but with much longer time horizons. It is often willing to own portfolio companies for decades, often engineering an expansion via acquisitions.....The fundraising also coincided with a strategy shift as JAB exited investments in luxury and fashion to focus on what it calls premium food and beverage, casual dining, and coffee.
CPG  dealmakers  departures  exits  family_office  family-owned_businesses  hard-charging  investors  JAB  Keurig  private_equity  portfolio_management  time_horizons 
january 2019 by jerryking
Polaroid. Walkman. Palm Pilot. iPhone?
Jan. 11, 2019 | WSJ | By John D. Stoll.

The iPhone is arguably the most valuable product in the world, representing the backbone of Apple Inc.’s AAPL -0.98% half-trillion-dollar hardware business and undergirding its software-peddling App store. It remains the envy of consumer-product companies world-wide.

If history is any indication, though, America’s favorite handheld device will someday take up residence with the digital camera, the calculator, the pager, Sony’s Walkman and the Palm Pilot in a museum. Although it’s hard to imagine the iPhone dying, change can sneak up rapidly on contraptions that are deeply entrenched in American culture......“Over time, every franchise dies,” said Nick Santhanam, McKinsey’s Americas practice leader in Silicon Valley. “You can innovate on an amazing mousetrap, but if people eventually don’t want a mousetrap, you’re screwed.” Kodak, Polaroid and Sears are all examples from the recent past of companies that held too tightly to an old idea.....Apple, for the better part of the 2000s, was the master of the next big thing: the iPod, the MacBook Air, the iPad, the iPhone. Apple wasn’t always first, but its products were easier to use, thinner, cooler.

With the success of the iPhone since it arrived on the scene, the next big thing has been harder to find. Apple has had no breakthrough on TV, a modest success with its watch, a stumble in music and a lot of speculation concerning its intentions for autonomous cars or creating original programming. Can Apple’s greatest strength could be its biggest weakness?.....Whatever shape it takes, Apple’s evolution will be closely watched if only because reinvention is so hard to pull off. A decade ago, Nokia’s dominance in handheld devices evaporated after executives failed to create a compelling operating system to make their pricey smartphones more user-friendly. Finnish executives have told me on several occasions that Nokia knew it needed to rapidly change, but lacked the urgency and resources to do it....The Model T almost entirely underpinned Ford Motor Co.’s rise a century ago, when the Detroit auto maker owned roughly half of the U.S. car market. ....Both Ford and Microsoft adapted and survived. Iconic vehicles like Ford’s Mustang coupe or F-150 pickup prove companies can live a productive life after the initial hit product fades. Microsoft’s transition to cloud computing with its Azure product, meanwhile, has vaulted the company back near the top of the race for the title of world’s most valuable company.
Apple  change  CPG  decline  Ford  iPhone  Microsoft  Nokia  reinvention  Tim_Cook  inventions  rapid_change  next_play  Polaroid  digital_cameras 
january 2019 by jerryking
Consumer goods make appetising target for US activists | Financial Times
Scheherazade Daneshkhu and Lindsay Fortado in London, and Anna Nicolaou in New York JULY 21, 2017
Cadbury  CPG  Danone  Kraft_Heinz  Mondelez  Nelson_Peltz  Pepsi  shareholder_activism 
october 2018 by jerryking
Using Digital Tools to Move a Candy Company Into the Future - The New York Times
As told to Patricia R. Olsen
Sept. 21, 2018

explore the ways in which we can take advantage of new technologies and tools, such as artificial intelligence; how we should experiment; and whether we are even looking at the right problems. Mars is based in McLean, Va.,...... Part of my work involves prototyping, such as growing peanut plants in a fish tank using digital automation — without human intervention. To do this, I worked with a few colleagues in Mount Olive, N.J., a unit that I’m part of, though I don’t work there all the time. We implemented an automated watering and fertilizing schedule to see how the plants would grow.

We don’t only produce candy. We also offer pet care expertise and produce pet food and human food, like Uncle Ben’s Rice. With the peanut plants, we wanted to see if we could learn anything for partnering with our farmers, everything from how we might use technology to how a team comes together and tries different ideas.
career_paths  digital_strategies  Mars  women  CPG  confectionery_industry  artificial_intelligence  experimentation  howto  pets  problem_framing  problem_definition  prototyping  future  automation  human_intervention  worthwhile_problems 
september 2018 by jerryking
Big brands lose pricing power in battle for consumers
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Anna Nicolaou in New York and Scheherazade Daneshkhu in London 2 HOURS AGO

The product manufacturers are being squeezed by the big retailers — notably, Amazon and Walmart, which together sell $600bn worth of goods a year. Walmart has long put pressure on suppliers to cut prices. Amazon’s rise has exacerbated the “deflationary impact”, Société Générale says, creating a “much tougher environment in the US”. After Amazon bought Whole Foods in June, the price war grew more intense in groceries, pushing prices to historic lows that punished producers. 

Brand loyalty has suffered in the process. Equipped with the tools to compare prices online instantly, and bombarded with more choices, shoppers are growing more likely to opt for cheaper and discounted products — particularly in categories such laundry detergent and shampoo. To keep their spots on store shelves, brands are having to accept lower prices......Former Amazon employees say the company’s algorithms scan prices across competitors in real time, automatically adjusting its own so it can offer the lowest price. While most big brands have wholesale agreements with Amazon, third-party sellers are prolific on the site, complicating price control further. A 34oz bottle of P&G’s Pantene Pro-V Shampoo & Conditioner was listed by 10 different sellers — nine of them third parties — on the shopping site.

Amazon’s dominance makes it difficult for brands to abandon the platform, or try to sell directly on their own websites. “You have 200m customers on Amazon. If you walk away, there’s 200m people who are going to just buy from your competitors,” says James Thomson, a former Amazon manager who consults brands. “You’re probably not going to win.”

“This is a pretty dire situation,” he adds. “If brands are worried about meeting quarterly targets, they can’t afford to lose Amazon sales.”

Still, “the retailers have nothing to gain by pushing [consumer products makers] into bankruptcy”,
......Consumer goods companies have responded to the pricing pressures by aggressively cutting costs, led by the “zero-based budgeting” model of 3G Capital,
large_companies  Fortune_500  brands  CPG  pricing  price_wars  shareholder_activism  Amazon  P&G  Nestlé  win_backs  price-cutting  Nelson_Peltz  shifting_tastes  Colgate-Palmolive  upstarts  Unilever  zero-based_budgeting  3G_Capital  e-commerce  Mondelez  Big_Food 
february 2018 by jerryking
Produce or Else: Wal-Mart and Kroger Get Tough With Food Suppliers on Delays
Nov. 27, 2017 | WSJ | By Annie Gasparro, Heather Haddon and Sarah Nassauer

Grocers are giving food companies a tougher mandate: Ship on time, or pay the price.
Food retailers want their suppliers to resolve the persistent problem of delayed or incomplete deliveries, which they say costs them millions of dollars a year in lost sales and overtime pay.
Retailers used to give suppliers more leeway, since any number of factors—bad weather, a surge in demand, technology malfunctions—can foil deliveries of cereal, cheese, candy and other packaged goods from warehouses scattered around the country.
But now as traditional grocers battle Amazon.com<http://Amazon.com> Inc. and other online retailers that prioritize delivery speed, as well as price-cutting discounters, more are taking a strict line with suppliers, telling them on-time deliveries will translate directly into more sales and profits.
Delayed deliveries can leave holes on store shelves. Sales of some $75 billion a year are lost because products are out of stock or unsalable for other reasons, according to the Food Marketing Institute, a trade organization. That is about 10% of annual grocery sales industry-wide at a time when sales growth is hard to come by. “It’s a massive opportunity from a financial and customer standpoint,” .....The country’s biggest grocers are leading the charge. Kroger is fining suppliers $500 for every order that is more than two days late to any of its 42 warehouses, and Wal-Mart Stores Inc. is charging suppliers monthly fines of 3% for deliveries that don’t arrive exactly on time, according to the retailers. They began issuing the fines in August........Wal-Mart has signaled it could do more than levy fines if problems persist. Charles Redfield, executive vice president of food for Wal-Mart U.S., told suppliers they could also lose shelf space if they don’t solve their delivery issues, according to people in attendance at a supplier meeting earlier this year. Retailers can threaten suppliers with loss of promotional space in stores, analysts said.....Packaged-goods companies are straining to keep up with the demands and remain in the good graces of retailers. They need GPS trackers and software to adjust routes in real time. Filling full orders fast is also challenging, since many manufacturers house items all over the country. That is particularly true for refrigerated items needing costly cold storage—which has fueled investments in more fulfillment centers......“Shipping complete orders on time is a completely reasonable request but turns out it’s harder than it sounds.”...
Wal-Mart  Kroger  grocery  supermarkets  supply_chains  retailers  delays  food  shipping  Amazon  cold_storage  penalties  delivery_times  fulfillment  CPG  Kraft_Heinz  P&G  on-time  shelf_space  supply_chain_squeeze 
november 2017 by jerryking
Procter & Gamble vs. Nelson Peltz: A Battle for the Future of Big Brands - WSJ
By Sharon Terlep
Oct. 8, 2017

Activist investor Nelson Peltz, who wants P&G to radically revise its strategy, argues the success of Ms. Francisco’s unit is the exception. He says the Cincinnati giant, hopelessly mired in the past, should shift to smaller, niche brands disconnected from its marquee products, pull in talent from the outside and split into three independent units.

“All the action today is local. It’s these small brands. It’s what the millennials want,” the 75-year-old investor said. “They want a brand with emotion, a brand that’s got a story behind it, a brand that brings value to the environment or is organic.”...P&G stands out as the largest company to face off against an activist investor.....

Many the world’s leading consumer-products companies, which once made the goods that stocked supermarket shelves the world over, have found it hard to adapt to rapidly shifting consumer tastes and the rise of smaller brands. The outcome of the Peltz-P&G battle will help determine the industry’s future direction.....P&G executives have transformed the company into a leaner organization. They say the future lies in the same fundamentals that guided the company for 180 years: huge brands such as Tide and Gillette that spin off products so effective they dominate their category.

“Declaring big brands dead and buried just because there is new media and a new generation is wrong,” said P&G’s lead independent director, Jim McNerney, the former chief executive of Boeing Co. and 3M Co. “Our new world is big brands presented in different ways through different media.”

Mr. McNerney argues that Mr. Peltz, who has had directorships at H.J. Heinz Co. and Oreo maker Mondelez International Inc., is trying to apply a formula that works in food, which is more susceptible to shifting consumer whims, but not for packaged goods such as diapers and dish soap.
P&G  brands  China  localization  shareholder_activism  Nelson_Peltz  shifting_tastes  CPG  emotional_connections 
october 2017 by jerryking
Benevolent Bacon? Nestle And Unilever Gobble Up Niche Brands - WSJ
By Saabira Chaudhuri
Sept. 7, 2017

The global packaged-food industry is facing fierce competition from a burgeoning number of small, but high-growth food and beverage brands. These brands have struck a chord with consumers looking for locally produced or more healthy, natural choices.

Amid this shift, sales from traditional players have flagged, spurring consolidation, cost cutting and restructuring.

Unilever fended off an unsolicited takeover by Kraft Heinz Co. earlier this year. Activist investor Dan Loeb’s Third Point hedge fund in June disclosed a major stake in Nestlé, calling for changes in strategy to improve shareholder returns. In response, the two consumer-goods firms have focused on cost cutting and promises to boost dividends, while going on the hunt for nimbler food and beverage brands with the potential to accelerate growth.

‘We’re experiencing a consumer shift toward plant-based proteins.’
—Nestlé USA Chief Executive Paul Grimwood
Nestlé’s deal to buy Sweet Earth comes less than three months after it bought a stake in subscription-meals company Freshly, which sells healthy, prepared meals to consumers across the U.S.

Moss Landing, Calif.-based Sweet Earth bills itself as a natural, ethical, environmentally conscious company that substitutes plant proteins for animal ones in meals like curries, stir fries, breakfast wraps, burgers and pasta. Founded in 2011, Sweet Earth is available in more than 10,000 stores in the U.S. It is stocked at independent natural grocers, as well as bigger chains like Amazon.com Inc.’s Whole Foods, Target Corp. , Kroger Co. and Wal-Mart Stores Inc.

“We’re experiencing a consumer shift toward plant-based proteins,” said Paul Grimwood, chief executive of Nestlé’s U.S. arm. Plant-based food, as a sector, is growing at double-digit percentages rates, Nestlé said.
Big_Food  brands  CPG  emotional_connections  Unilever  niches  mergers_&_acquisitions  M&A  Nestlé  shifting_tastes  start_ups  large_companies  Fortune_500  plant-based  healthy_lifestyles  high-growth  gazelles 
september 2017 by jerryking
Hard sell for the ad men
| Financial Times |

Consumer goods groups are cutting costs amid slowing growth – the advertising industry is first to feel the pinch
CPG  cost-cutting  shareholder_activism  advertising  Big_Food  advertising_agencies  P&G  bots  marketing  budgets  Unilever  ABInBev  Mondelez  WPP  Interpublic  brands  Nestlé  slow_growth 
august 2017 by jerryking
The High Cost of Raising Prices - WSJ
By Andy Kessler
July 30, 2017

The more prices rise, the more customers bolt. It’s like running up a down escalator and never getting to the top. With the stock market hitting highs just about every day, investors need to be wary of companies that raise prices to make their numbers. These stocks make for spectacular sell-offs on even the slightest earnings miss......I had a friend who worked at General Electric for decades. He told me that in strategy sessions with his management, Jack Welch would constantly berate them, saying, “Any idiot can raise prices.” Except he used a stronger word than idiot to coax them into squeezing out costs, adding features, improving services and generally delighting customers. Contrast this with Berkshire Hathaway . Vice Chairman Charlie Munger found that with See’s Candies “we could raise prices 10% a year and no one cared. Learning that changed Berkshire.” .........There’s a long list of price bumpers. Walk down any supermarket aisle. Kellogg’s prices constantly snap, crackle and mostly pop. Procter & Gamble toothpaste sizes shrink faster than my cavity count, always less for the same price. Now private-equity firms are circling P&G. Same for Nestlé . Expect rising beer and liquor prices soon....Empires are lost on rising prices. Until recently, rather than innovate in mobile or cloud computing, Microsoft kept raising the price of its Windows operating system to computer manufacturers. Tablets and phones ate their lunch. Fees rose at eBay until Amazon took its growth away. .........Increasing prices attracts others to attack your market. Amazon’s Jeff Bezos warns: “Your margin is my opportunity.”....Competition solves much of this problem. Investors love protected businesses, but eventually relentless price increases kill them all. Consumers are the kangaroo at the bar in the old cartoon: The bartender says, “Say, we don’t get a lot of kangaroos in here.” The kangaroo replies, “No, and with these prices, I can see why!” Call me a kangaroo, but I prefer to invest in companies that lower prices and offer more.
Andy_Kessler  pricing  price_hikes  drawbacks  margins  Charlie_Munger  CPG  shareholder_activism  P&G  Nestlé  Kellogg  Jack_Welch  GE  large_companies  cost-cutting  Amazon  Jeff_Bezos  staying_hungry  delighting_customers  high-cost 
july 2017 by jerryking
Big-Name Food Brands Lose Battle of the Grocery Aisle - WSJ
By Annie Gasparro
Updated April 30, 2017

America’s packaged-food giants are losing the battle for retailers’ shelf space, complicating their efforts to break out of a yearslong slump. Instead of promoting canned soup, cereal and cookies from companies like Kraft Heinz Co. Kellogg Co., and Mondelez International Inc., grocery stores are choosing to give better play to fresh food, prepared hot meals, and items from local upstarts more in favor with increasingly health-conscious consumers. [Grocery stores] are seeking ways to... maximize return on our shelf space,..........[Grocery stores] like other retailers, aren’t giving up on big brands. But finding new ways to entice people to walk through the center aisles again is tricky.

Some brands are seeking ways to get their products into the fresh and prepared foods section of the store. But, Mr. Fitzgerald says: “If we overrun perishables with all the big packaged brands, we lose our competitive edge.”

Instead, retailers such as Wal-Mart Stores Inc. are pressuring big brands to lower their prices as a way to attract customers..........Companies like Hershey and PepsiCo Inc. said they are working with retailers to be creative. “That’s a conversation we’ve been having with some of the retailers, to say ‘how can we help you rethink the center store so that we can bring growth back,” said Pepsi Chief Indra Nooyi on a conference call last week, when it reported declines in its Quaker Foods division. “Our hope is that with the rejuvenation of the center store, our categories will grow, too.”.......Big brands are increasingly focusing on improving profitability through cost-cutting and consolidation. Kraft and Heinz combined two years ago as slow growth spurred a need for savings. Kraft Heinz Co. has been able to cut more than $1 billion from the two predecessor companies’ budgets. Some analysts say Kraft Heinz’s sights could be set on Mondelez, which unsuccessfully attempted to buy Hershey last year... Kraft and Mondelez used to be part of the same conglomerate until 2012, when it was split in two.
grocery  supermarkets  brands  retailers  CPG  Kraft_Heinz  shelf_space  Kellog  Mondelez  Hershey  PepsiCo  prepared_meals  perishables  fresh_produce 
may 2017 by jerryking
From Diaper to Soda Makers, Big Brands Feel the Pinch of a Consumer Pullback - WSJ
By Sharon Terlep, Jennifer Maloney and Annie Gasparro
April 26, 2017

Some blamed the weak start of the year on higher gas prices, bad weather and other external factors, while other executives pointed to shifting consumer tastes. Analysts say some big brands, such as Gillette and Yoplait, are losing ground to upstarts. Overall purchases of consumer packaged goods in the U.S. declined 2.5% in unit terms in the first quarter, according to Nielsen.....consumers are cutting back purchases, aggressively seeking deals and drawing down supplies at home. At the same time, he said, a growing affinity for beards has played a big part in driving down razor sales, which contributed to a 6% organic sales decline for P&G’s grooming unit....PepsiCo, like big food rivals Kraft Heinz Co. and Nestlé, is struggling as consumers shift away from diet sodas and processed foods to fresher and healthier options. It has launched new products, such as a premium bottled water brand, to adjust to the shift.....For food and nonfood staples, big brands are struggling more than the overall industry. The 20 largest consumer packaged goods companies last year had flat sales while smaller ones posted sales growth of 2.4%, according to Nielsen.

Wal-Mart Stores Inc., meantime, has been reducing inventories and slashing prices as it fights to compete with Amazon.com Inc. and European discounters moving into the U.S. Those cuts are eating into its own profit and, in turn, leading the world’s biggest retailer to put pressure on its vendors.........The dynamics are driving tough choices for companies as they are forced to decide between reducing prices and ceding market share. PepsiCo and Coca-Cola Co. have been shrinking packages and raising prices.
Amazon  Big_Food  brands  Coca-Cola  CPG  Fortune_500  Gillette  hard_choices  healthy_lifestyles  Kraft_Heinz  large_companies  Nestlé  P&G  PepsiCo  pullbacks  price-cutting  price_hikes  shifting_tastes  supply_chain_squeeze  upstarts  volatility  Wal-Mart  Yoplait 
april 2017 by jerryking
Hyena capitalism receives a swift kick from the Unilever giraffe
25 February/26 February 2017 | FT| Robert Armstrong.

the rise in hyena capitalism — broadly, the emphasis on squeezing the maximum present return out of assets — is an effect of low economic growth. When the number of US workers was increasing and innovation was delivering faster productivity growth, there were lots of reasons to invest. Today it just makes more sense to focus on cost.....More generally, it may be that, since the financial crisis, spooked managements and, in the case of public companies, investors have become increasingly risk averse — more so than the state of the economy would justify. So money piles up on balance sheets, is paid as dividends, or goes to repurchase shares. Investment falls, despite the availability of cheap credit to fund new projects.
It also looks increasingly likely that the change in management incentive structures, in particular the increase in share-based incentives and shortening tenures for top executives, have made company leaders less inclined to invest. there is a risk that it could become self-reinforcing. Lack of investment affects not just future productivity, but also demand. At the extreme, if no one invests, no one earns and there is no growth. If companies are forgoing opportunities to invest, they are depriving the economy of customers with money to spend.
More insidiously, it could be that hyena capitalism undermines trust in the institutions and mores that makes corporate capitalism possible in the first place. If workers know they are regarded as dispensable cost centres, why should they commit to learning company-specific skills and procedures? Why not shirk instead? If the gains from corporate transformations go overwhelmingly to investors and financiers, why should voters support free market policies?
Capitalism needs both giraffes and hyenas. But in a time of modest growth, low productivity growth and rising inequality, one must keep an especially close eye on the hyenas.
CPG  Unilever  3G_Capital  private_equity  public_companies  consumer_goods  Kraft_Heinz  inefficiencies  capitalism  sweating_the_assets  undermining_of_trust  deprivations 
march 2017 by jerryking
How Can Big Food Compete Against Fresher Rivals? - WSJ
By ANNIE GASPARRO
Updated July 12, 2015 1

it is a two-part problem. No. 1, the consumer and competitive marketplace is definitely shifting. For example, quality has evolved beyond just good ingredients, preparation and packaging. Basic quality is a given now; many consumers are looking for something extra: less mass-produced, natural, local.

No. 2, iconic food companies and their mature brands are not responding effectively. Large, established food companies and their brands are being managed as portfolios of revenue and profit streams with a short-term financial orientation, and not as companies that produce food products. Small companies, on the other hand, are being created and managed by people with a food orientation and passion.
CPG  Kraft  emotional_connections  Nestlé  Coca-Cola  food  Pepsi  Big_Food  trends  Kellogg  passions  gourmet  foodies  decreasing_returns_to_scale  shifting_tastes  small_business  SMB 
july 2015 by jerryking
Target Puts Some Food Suppliers on Back Burner
Several top suppliers summoned to Target Corp.’s headquarters early this year left digesting some difficult news: Their brands were no longer special. Representatives from Campbell Soup Co.,…
big-box  Target  grocery  CPG 
may 2015 by jerryking
Digital Lessons From the Museum and Art World
OCTOBER 27, 2014 | NYTimes.com | By STEVE LOHR.

....institutions are using digital technology and data not just for marketing and social media, but also to enrich the museum experience for visitors, reach new audiences online and transform scholarly research. And there are also new kinds of art being made with digital tools and data....How do you intelligently use digital technology to enhance your business rather than being overrun by it? The physical and the digital sides of your business should work together, so that your investments in the physical world remain a powerful asset.

That fundamental challenge for museums is similar to the one facing retailers, manufacturers, consumer goods makers and perhaps traditional media companies. (More than one museum official I interviewed talked about the importance of being a “content manager.”) The museum curators and administrators seemed to have a clear notion of the need for balance — that just as we all increasingly live in a world that is a blend of the physical and digital, so too institutions of all kinds must learn to operate in a blended, hybrid environment.
art  atoms_&_bits  content  CPG  cyberphysical  digital_media  digital_strategies  manufacturers  mass_media  museums  physical_assets  physical_world  retailers  Steve_Lohr 
october 2014 by jerryking
Digital rethink: Google's new high-tech pitch to marketers - The Globe and Mail
SUSAN KRASHINSKY - MARKETING REPORTER
The Globe and Mail
Published Monday, May. 05 2014,

The former chief marketing officer of L’Oreal Canada is just a few weeks into her new role at Google Canada as the liaison with marketing executives like her. She’ll be selling marketers on how Google can play a bigger role in their communication with customers. Her role – director of consumer packaged goods and branding for Canada – did not exist before. (She is also marketing director for Quebec.)...Within the past year, Google has been making a greater effort to woo both advertisers and their agencies on its technology. At its root is an attempt to get a bigger slice of ad budgets by persuading clients and agencies to think about digital as a more central part of their advertising....“In old marketing it used to be, if we had the right price, the right communication in the marketing, the right [point of purchase strategy] and the right TV ad, we were great,” she said. “The brand ecosystem has enlarged. It’s not about when the brand wants to talk to the consumer; it’s when the consumer feels like hearing it … it’s the consumer coming to the brand where it’s relevant – assuming the brand is there.”...But Google wants to show marketers how others have used its APIs – the coding that can enable digital campaigns – so that they can see what already exists without needing to build a campaign from scratch.

“Marketers understand they need to talk the way consumers talk,” Ms. Lamothe said. “… They don’t see it as, ‘Here’s a campaign from this brand, and then three months later there’s another campaign.’ They just think of the brand. If it’s always on, it always exists, and I find the brand where they’re relevant. The consumer is way ahead of the industry in the way they consume digital, because they make it part of their everyday life … and yet we don’t market that way.”
APIs  brands  campaigns  Susan_Krashinsky  marketing  Google  L'Oreal  CMOs  digital_media  advertising_agencies  advertising  LBMA  CPG 
june 2014 by jerryking
Pulling More Meaning from Big Data
August 2013 | Retail Leader | By Ed Avis

"A.G. Lafley [Procter & Gamble's CEO] spoke of the two moments of truth," says John Ross, president of Inmar Analytics based in Winston-Salem, N.C. "The first occurs when a consumer buys a product, and the second when they use it. Much of the data today is about orchestrating and understanding those two moments. But two additional moments of truth are emerging to bookend Lafley's. One occurs when a consumer is planning to make a purchase. The other happens following use, when the consumer talks about his or her experience with the product. All of these activities leave a 'data wake' that describes how the consumer is moving down the path to purchase." (jk: going to assume that data wake = exhaust data).

Like most consumer packaged goods companies, Procter & Gamble relies on data to determine what consumers are looking for. "Consumer insight is at the core of our business model. We approach every brand we make by asking the question, 'What do people really need and want from this product? What does this mean to their lives?' Let me be clear – this is not casual observation. We employ teams of behavioral scientists, researchers, psychologists, even anthropologists to uncover true insight based on intensive research and exploration," said Marc Pritchard, P&G's global marketing and brand building officer, speaking at the Association of National Advertisers' 2012 Annual Conference....Most firms haven't advanced beyond localized analytics and don't fully capitalize on the existing data they have at hand – such as POS data, loyalty club data and social media traffic – according to a 2012 Deloitte study for the Grocery Manufacturers Association.
massive_data_sets  Sobeys  grocery  supermarkets  Safeway  P&G  A.G._Lafley  Kroger  point-of-sale  loyalty_management  customer_insights  insights  CPG  exhaust_data  psychologists  psychology  anthropologists  anthropology  ethnography  behavioural_science  hiring-a-product-to-do-a-specific-job  data  information_sources  moments  moments_of_truth 
december 2013 by jerryking
General CPG Stores Rise; Supermarkets Decline | @ppetite
by Linda Eatherton, Chicago
Mon, 3/7/2011

General merchandisers, drugstores, dollar stores and other traditionally non-food retailers are scrambling to add fresh food and more groceries to their shelves. They see groceries as an opportunity to boost customer visits, increase shopper loyalty and add to their profit margins.

The average consumer visits a grocery store 2.1 times per week but a drugstore only 1.2 times per month.

The trend could mean more convenience and lower prices for consumers, but more competition and a thinner piece of a shrinking pie for traditional grocers.

Besides battling rivals in their own expanding ranks, grocers also have to contend with convenience stores, farmers markets, food co-ops and other food sources.
supermarkets  grocery  pharmacies  convenience_stores  fresh_produce  CPG 
march 2013 by jerryking
THE EVE OF BATTLE
Oct 2006 | Canadian Grocer 120. 8 (): 38-39,41,43. | Andrew Allentuck

Wal-Mart's success in the U.S. was built on conquering the fragmented and relatively inefficient grocery market, says [John Chamberlain]. But Canada is likely to be different. "It it were a slam dunk, Wal-Mart's Supercentres would have been here a lot sooner. If you read into the time they have taken to arrive, there is a recognition that this market is going to be very challenging." As award-winning Business Week senior writer Anthony Bianco said, in The Bully of Bentonville (Random House, 2006), "It is far from certain that even Wal-Mart can thrive in a Wal-Mart world."

What will Canadian retail grocery be like a few years down the road? Chamberlain figures that Wal-Mart will take over packaged goods. "It can dominate the field. Everybody knows what a box of detergent should cost and nobody wants to pay 40% more at a competitor," he says. By sheer massive buying power, with savings passed along to consumers, Wal-Mart will take a lot of the centre store grocery. Rut in differentiated goods, from lettuce to meat, bakery to meal replacement, the market may not tumble to Wal-Mart. To the extent that people are prepared to pay more for quality or even just differentiation, Wal-Mart will have trouble maintaining its winner-takes-it-all momentum, he suggests.

There is also the union question. In China, faced with the pro-union policy of the incumbent government, the company has agreed to work with them. Chinese unions are not trenchant opponents of management. Rather, they work at "promoting good relations between employers and workers," reports the Wall Street journal. If unions did capture Wal-Mart Supercentres, they might raise payroll costs and hinder the company's aggressive cost reduction strategy. Wal-Mart may remain hostile to unions in North America. It shut its Jonquière, Que. store after it was certified by the United Food and Commercial Workers union. The February 2005 shutdown sent a message that was undeniably clear. Bomb threats and temporary store closings followed, Bianco recalls. The cost of Wal-Mart's image was huge, but, as Bianco admits, "The allure of cut-rate prices and convenient locations is not easily resisted."
ProQuest  buying_power  Wal-Mart  grocery  Metro  Sobeys  Loblaws  fragmented_markets  retailers  CPG  winner-take-all 
july 2012 by jerryking
Strategic Innovation: Dr. David Dunne Outlines the Potential of "Disruptive" Technologies
June 2004 | GFTC-Newsletter | David Dunne.

“Innovation is essential, and must be a central mission in any firm which hopes to succeed,” says Dr. Dunne. “And it’s easier for some, like food retailers, than for others,like food manufacturers. It makes sense for manufacturers to see what it is that retailers are doing, and learn from that example.”.....It takes about 3000
new ideas to generate only four reasonably viable products, only one of which will be truly innovative --and generating those 3000
new ideas requires constant effort.”....."Examining product experiments to see what was supposed to happen and what actually did happen can also provide a wealth of knowledge and new ideas. Finding inadequacies in underlying processes and finding ways to address those inadequacies can be fruitful, as can taking advantage of demographic changes, new knowledge, and changes in perception, mood, and fashion.”
disruption  innovation  private_labels  experimentation  new_products  CPG  manufacturers  food  agribusiness  Rotman  grocery  supermarkets  change  ideas  lessons_learned  retailers 
july 2012 by jerryking
The search for dark secrets - FT.com
November 28, 2005 | Financial Times | By Jeremy Grant

With the premium end of the US chocolate market growing at an annual compound rate of 15 per cent compared with 3 to 4 per cent for standard chocolate, Mars believes there is scope to sell high-quality chocolates in a café setting to a target group of relatively affluent people aged from 25 to 39.

Focus group work, and the number of young mothers visiting the Chicago stores with prams and strollers, tells Mars that most will be women. It is perhaps no coincidence that the name Ethel – that of the wife of Mars company founder and inventor of the Milky Way, Frank Mars – was chosen.
CAGR  cafés  chocolate  confectionery_industry  CPG  experimentation  gourmands  gourmet  high-end  high-growth  high-quality  market_research  Mars  niches  retailers  Starbucks  upscale  women 
july 2012 by jerryking
Amazon to Buy Diapers.com, Soap.com Owner Quidsi - WSJ.com
November 8, 2010 | WSJ | By GEOFFREY A. FOWLER And ELLEN BYRON
Amazon Expands in Bulk With Diapers, Soap Deal
Quidsi  Amazon  e-commerce  mergers_&_acquisitions  M&A  P&G  CPG  household_products  Zappos 
july 2012 by jerryking
Nabbing grocery shoppers where it counts most – at the store shelf
Jun. 11 2012 | - The Globe and Mail | MARINA STRAUSS - RETAILING REPORTER.
consumer-products giant Unilever Canada Inc. will soon move almost all its marketing spending for its Knorr products – about $5-million annually – to in-store initiatives such as displays, signs, samplings and chef appearances while ditching television, radio, digital and other media ads.
grab shoppers’ attention at the store aisle where most – 76 per cent – of today’s purchasing decisions are being made, compared with 70 per cent in 1995.
grocery  Marina_Strauss  Unilever  CPG  Kraft  in-store 
june 2012 by jerryking
Green-Products Makers Crank Up Marketing - WSJ.com
JANUARY 11, 2010 | Wall Street Journal | by ELLEN BYRON And
SUZANNE VRANICA. Some leading makers of environmentally friendly
household products are boosting their marketing firepower, mounting a
broader challenge to manufacturers of mainstream consumer goods by
launching major marketing campaigns, introducing new products and
upgrading their management teams with consumer-product industry
veterans. These firms compete with the likes of P&G and the Reckitt
Benckiser Group.
Seventh_Generation  Method_Products  green  consumer_goods  environmentally_friendly  P&G  new_products  CPG 
january 2010 by jerryking
Switch to the low-income customer
14-Nov-2005 | Financial Times | By Jeremy Grant. "When AG
Lafley came in [in 2000] and said, 'We're going to serve the world's
consumers', that led us to say, 'We don't have the product strategy, the
cost structure, to be effective in serving lower income consumers'.
"What's happened in the last five years has been one of the most
dramatic transformations I've seen in my career. We now have all of our
functions focused on that," says Mr Daley. P&G, the world's largest
consumer goods company, devotes about 30 %of its $1.9bn in annual
research and development spending to low-income markets, a 50 % increase
from 5 yrs. ago. Consumer research: spend time in consumers' homes to
gain insights into daily habits; Cost innovation: use proprietary
technology to design low-income products; Innovation productivity: use
"matchmakers" such as InnoCentive; Manufacturing efficiency: cut mfg.
costs by developing a network of suppliers in China, Brazil, Vietnam and
India.
P&G  BRIC  market_research  consumer_research  primary_field_research  customer_insights  innovation  Bottom_of_the_Pyramid  A.G._Lafley  InnoCentive  supply_chains  China  Brazil  Vietnam  India  observations  insights  cost-structure  jugaad  proprietary  behavioural  cost-cutting  match-making  CPG  low-income 
december 2009 by jerryking
How to Turn Trash Into Treasure - WSJ.com
April 13, 2007 | Wall Street Journal | By ELLEN BYRON. Under
pressure to deliver growth, a number of consumer-products titans,
including Procter & Gamble Co., Unilever and Colgate-Palmolive Inc.,
have been selling well-known but underperforming brands to better focus
on those with more potential. Smaller firms trying to play Dr.
Frankenstein have bought such familiar castoff brands as Sure and Right
Guard deodorants, Comet cleaner, Aqua Net styling products, Pert Plus
shampoo and Rit dye.
orphan_brands  resuscitation  marketing  consumer_goods  culling  P&G  Unilever  Colgate_Palmolive  CPG  divestitures  brands  under-performing  personal_care_products 
may 2009 by jerryking

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