10.25.23
Colgate-Palmolive is #17 on our Top Global Beauty Companies 2023 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
Net sales in the Oral, Personal and Home Care product segment were $14,254 million in 2022, up 1% from 2021, due to net selling price increases of 9%, partially offset by volume declines of 3.5%, and negative foreign exchange of 4.5%. Organic sales in the Oral, Personal and Home Care product segment increased 5.5% in 2022. Net sales increased 3.5% in North America, 8.5% in Latin America and 3.5% in Africa/Eurasia, while, net sales decreased 10.5% in Europe and 1.5% in Asia Pacific. The increase in
Personal Care was primarily due to organic sales growth in the bar soap and underarm protection categories, partially offset by organic sales declines in the skin care category.
In March 2023, Colgate launched Colgate Total Plaque Pro-Release. Developed by Colgate scientists, the toothpaste offers long-lasting 24-hour antibacterial protection and is clinically proven to significantly reduce harmful plaque bacteria between dentist visits.
In April, the company announced plans to introduce a “modified cheaper” version of its recyclable toothpaste tube later this year. The new tube uses 16% less plastic and is 16% lighter. Company tests also showed it being easier to dispense from and having superior “feel in hands.”
According to Ann Tracy, Colgate-Palmolive’s chief sustainability officer, about 77% of Colgate’s toothpaste units in North America are now sold in a recycled tube, and the company aims to increase this figure to 95% by the end of 2023. The company first announced the breakthrough tube in 2020, and then modified it earlier this year, redesigning a new version.
Tracy acknowledged that studies have shown consumers may not be willing to pay more for sustainable products like toothpaste, but Colgate has nevertheless raised prices on its toothpastes, dish soaps, and pet foods to offset rising commodity and labor costs.
One of the challenges Colgate faces is ensuring consumers properly recycle the toothpaste tube and that facilities process it correctly. Tracy said that the company’s goal is to share technology to help facilities process the tube as quickly as possible. Modern recycling plants with automation can process the tube more efficiently, she added.
“We believe we are well positioned to continue to drive top and bottom-line growth through the balance of 2023 as our gross margin expansion, driven by sustained pricing and the benefits from funding-the-growth and other productivity initiatives, allows us to invest behind our brands,” Wallace said.
“Our strong results this quarter and in the first half add to our confidence that we are executing the right strategies to deliver on our updated 2023 financial targets, drive cash flow and generate long-term value for our stakeholders,” he adds.
Based on current rates the company expects net sales growth to be 5% to 8% for the full year 2023. Meanwhile, the company expects organic sales growth to be 5% to 7%.
Read Next: Mary Kay is #18
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands and latest innovations.
Corporate Sales:
$18 billionBeauty/Personal Care Sales:
$3.8 billionKey Executives at Colgate-Palmolive
- Noel Wallace, chairman, president and chief executive officer
- Prabha Parameswaran, group president, growth and strategy
- Panagiotis Tsourapas, group president, Europe and Developing Markets
- Maria Paula Capuzzo, president, Africa/Eurasia
- Mukul Deoras, president, Asia Pacific
- Jean-Luc Fischer, president, Europe
- Gina Grant, senior vice president and treasurer
- Jesper Nordengaard, president, North America
- Luciano Sieber, chief supply chain officer
- Ann Tracy, chief sustainability officer
- Juan Pablo Zamorano, president, Latin America
Colgate-Palmolive's Brands
- Elta MD
- Filorga
- Irish Spring
- Palmolive
- PCA Skin
- Protex
- Sanex
- Softsoap
- Sorriso
- Speed Stick
- Lady Speed Stick
- Tahiti
New Products
- Colgate Visible White O2 toothpaste
- Protex Pro
- Filorga Lift Structure Radiance
- Filorga Hydra-Hyal Cream
- EltaMD UV AOX Mist Broad-Spectrum SPF 40
Financial Report
Colgate-Palmolive saw its overall corporate sales climb 3% to $17.97 billion in 2022, with personal care sales accounting for 19% of that total.Net sales in the Oral, Personal and Home Care product segment were $14,254 million in 2022, up 1% from 2021, due to net selling price increases of 9%, partially offset by volume declines of 3.5%, and negative foreign exchange of 4.5%. Organic sales in the Oral, Personal and Home Care product segment increased 5.5% in 2022. Net sales increased 3.5% in North America, 8.5% in Latin America and 3.5% in Africa/Eurasia, while, net sales decreased 10.5% in Europe and 1.5% in Asia Pacific. The increase in
Personal Care was primarily due to organic sales growth in the bar soap and underarm protection categories, partially offset by organic sales declines in the skin care category.
2022/2023 Highlights
In 2022, Colgate-Palmolive maintained its ranking as the No. 1 toothpaste company in the world. Its share of the global toothpaste market was 39.8% for full year 2022, up 0.5% share points from the previous year.In March 2023, Colgate launched Colgate Total Plaque Pro-Release. Developed by Colgate scientists, the toothpaste offers long-lasting 24-hour antibacterial protection and is clinically proven to significantly reduce harmful plaque bacteria between dentist visits.
In April, the company announced plans to introduce a “modified cheaper” version of its recyclable toothpaste tube later this year. The new tube uses 16% less plastic and is 16% lighter. Company tests also showed it being easier to dispense from and having superior “feel in hands.”
According to Ann Tracy, Colgate-Palmolive’s chief sustainability officer, about 77% of Colgate’s toothpaste units in North America are now sold in a recycled tube, and the company aims to increase this figure to 95% by the end of 2023. The company first announced the breakthrough tube in 2020, and then modified it earlier this year, redesigning a new version.
Tracy acknowledged that studies have shown consumers may not be willing to pay more for sustainable products like toothpaste, but Colgate has nevertheless raised prices on its toothpastes, dish soaps, and pet foods to offset rising commodity and labor costs.
One of the challenges Colgate faces is ensuring consumers properly recycle the toothpaste tube and that facilities process it correctly. Tracy said that the company’s goal is to share technology to help facilities process the tube as quickly as possible. Modern recycling plants with automation can process the tube more efficiently, she added.
Looking Ahead
In a statement issued in Q2 2022, Colgate’s Noel Wallace, chairman, president and CEO, commented that the company had achieved another quarter of strong top-line momentum along with an increase in profitability. Net sales increased 7.5% and organic sales grew 8.0%.“We believe we are well positioned to continue to drive top and bottom-line growth through the balance of 2023 as our gross margin expansion, driven by sustained pricing and the benefits from funding-the-growth and other productivity initiatives, allows us to invest behind our brands,” Wallace said.
“Our strong results this quarter and in the first half add to our confidence that we are executing the right strategies to deliver on our updated 2023 financial targets, drive cash flow and generate long-term value for our stakeholders,” he adds.
Based on current rates the company expects net sales growth to be 5% to 8% for the full year 2023. Meanwhile, the company expects organic sales growth to be 5% to 7%.
Read Next: Mary Kay is #18
