Trendy beards slice into sales for razor manufacturer Procter & Gamble
According to Procter & Gamble, the owner of Gillette razors, the upturn in facial hair has caused a downturn in sales.
In the last quarter of 2013, the shaving market took a big hit that some say was worsened by the movement known as Movember. During the month of November, some men choose to forego shaving in an effort to raise awareness for prostate cancer.
But Movember is not the only cause for the shaving industry’s financial losses. Recent shifts in grooming trends have resulted in more men opting to sport beards over a clean shave.
Procter & Gamble’s chief financial officer, Jon Moeller, told the “Financial Times” that in addition, some men are choosing premium shaving products over disposable razors, like the ones Gillette produces.
Gillette is not the only subsidiary of P & G that experienced losses in the last year. Both Pampers and Crest toothpaste posted revenues of $22 billion- a 15 percent decline in profits.
Despite the persistence of the no-shave trend, P & G’s chief executive stated he is confident that the company will see growth in the coming year.