10.17.24
Procter & Gamble is #4 on our Top Global Beauty Companies 2024 Report.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#4 Procter & Gamble
Cincinnati, Ohio
www.us.pg.com
In P&G’s Beauty segment, net sales increased 1% to $14.8 billion while organic sales increased 3% versus a year ago. Skin and Personal Care organic sales were unchanged as growth from increased pricing was offset by lower sales of the super-premium SK-II brand, and in Greater China. Hair Care organic sales increased high single digits, driven by higher pricing and favorable product mix due to growth of premium products.
In Q3, Moeller told investors the company had “delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal year.”
He also said P&G remained committed to its integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice,” however the company posted a surprise drop in Q4 corporate sales, which was attributed to price-conscious consumers eschewing the company’s relatively more expensive toilet paper and diapers.
According to Reuters, P&G’s Q4 bottom line was also affected by weak spending in China where “consumer boycotts of its flagship, pricey Japanese beauty brand SK-II continued to hurt results from the country, P&G’s second-largest market.”
Reuters further reported that volumes in P&G’s beauty business, which includes SK-II, fell 1%. “Executives, however, said the ‘core’ of the business, which includes cheaper shampoos like Head & Shoulders and Pantene, and mainstream skincare brand Olay, is continuing to grow.”
Along with his retirement, P&G promoted Freddy Bharucha and Sue Kyung Lee. Bharucha has been named global president of personal care. Lee has been appointed the global president of P&G skincare.
In product news, Miracle Rescue with Melting Pro-V Pearls collection and the Pro-V Miracles collection was launched under the Pantene brand umbrella, and the brand also tapped Dara Rene as its latest Healthy Hair ambassador.
P&G’s Olay brand also introduced an Indulgent Moisture body wash collection including five scents in a newly designed 20-oz. bottle.
Below is a look at the company's 2023 highlights, recent acquisitions, best-selling brands, and latest innovations.
#4 Procter & Gamble
Cincinnati, Ohio
www.us.pg.com
Corporate Sales:
$82 billionBeauty Sales:
$14.8 billionKey Personnel:
- Jon R. Moeller, President, CEO and Chairman
- R. Alexandra Keith, CEO, Beauty and Executive Sponsor, Corporate Sustainability
Major Products/Brands:
- Art of Shaving
- Aussie
- Farmacy Beauty
- Gillette
- Head & Shoulders
- Herbal Essences
- Ivory
- Maybelline
- Native
- Olay
- Old Spice
- Ouai
- Pantene
- Safeguard,
- Secret
- SK-II
- Snowberry
- Tula
- Venus
New Products:
- Secret Whole Body Deodorant Collection
- Olay Super Serum
- SK-II GenOptics Ultraura Essence New & Improved Formula
- Head & Shoulders Royal Oils
- Pantene Pro-Vitamin Essence
- Daily Repair Mist for Damaged Hair
Comments:
In his address to shareholders, regarding 2023 results, Jon Moeller, Chairman of the Board, President, and Chief Executive Officer said P&G met or exceeded its “going-in plans for organic sales growth, core EPS growth, cash generation and cash returned to shareowners in a challenging economic and geopolitical environment.”In P&G’s Beauty segment, net sales increased 1% to $14.8 billion while organic sales increased 3% versus a year ago. Skin and Personal Care organic sales were unchanged as growth from increased pricing was offset by lower sales of the super-premium SK-II brand, and in Greater China. Hair Care organic sales increased high single digits, driven by higher pricing and favorable product mix due to growth of premium products.
In Q3, Moeller told investors the company had “delivered solid sales and strong earnings growth in the third quarter despite multiple headwinds, enabling us to raise our EPS growth guidance and maintain our top-line outlook for the fiscal year.”
He also said P&G remained committed to its integrated strategy of a focused product portfolio of daily use categories where performance drives brand choice,” however the company posted a surprise drop in Q4 corporate sales, which was attributed to price-conscious consumers eschewing the company’s relatively more expensive toilet paper and diapers.
According to Reuters, P&G’s Q4 bottom line was also affected by weak spending in China where “consumer boycotts of its flagship, pricey Japanese beauty brand SK-II continued to hurt results from the country, P&G’s second-largest market.”
Reuters further reported that volumes in P&G’s beauty business, which includes SK-II, fell 1%. “Executives, however, said the ‘core’ of the business, which includes cheaper shampoos like Head & Shoulders and Pantene, and mainstream skincare brand Olay, is continuing to grow.”
2023-2024 Highlights:
In March of this year, Markus Strobel announced that he would retire from his position of President of P&G’s skin and personal care division, effective August 1. Strobel joined P&G in 1991 and has served in his current position since 2017.Along with his retirement, P&G promoted Freddy Bharucha and Sue Kyung Lee. Bharucha has been named global president of personal care. Lee has been appointed the global president of P&G skincare.
‘Mainstream’ skincare brand Olay, continues to grow.
Bharucha currently serves as P&G’s global president of personal care and beauty operations and Lee serves as president of P&G’s North American personal care and beauty operations. Both Bharucha and Lee assumed their new roles on July 1, 2024.
“Markus has been a powerfully effective leader of our skin and personal care businesses over the last six years, in addition to his previous contributions on brands like SK-II, Braun, and Pantene,” said Alex Keith, CEO of P&G’s beauty division. “His impact on our global skin and personal care businesses is unique, resulting in consistent, strong growth across Olay, Old Spice, Secret, and more.”In product news, Miracle Rescue with Melting Pro-V Pearls collection and the Pro-V Miracles collection was launched under the Pantene brand umbrella, and the brand also tapped Dara Rene as its latest Healthy Hair ambassador.
P&G’s Olay brand also introduced an Indulgent Moisture body wash collection including five scents in a newly designed 20-oz. bottle.
