Gillette kicked off 2019 by declaring war on one of the Left's favorite villains — masculinity, particularly "toxic masculinity" — and, predictably, sparked a massive backlash for alienating a large percentage of its target audience. Seven months later, Gillette's parent company Procter & Gamble was forced to take an $8 billion writedown for the increasingly "toxic" brand.
While Procter & Gamble Co is doing quite well overall, enjoying strong sales and expectations-beating profit, one notable exception to its upward-trending performance is its embattled razor brand.
"Procter & Gamble Co’s (PG.N) quarterly revenue and adjusted profit beat Wall Street expectations on Tuesday, sending shares to a record-high even as the world’s No.1 personal goods company took an $8 billion charge on its Gillette shaving business," Reuters reported Tuesday. Procter & Gamble "reported a net loss of about $5.24 billion, or $2.12 per share, for the quarter ended June 30, due to an $8 billion non-cash writedown of Gillette," Reuters explains.
So why the big losses for Gillette? The company offered some explanations for the dramatic decline, including "currency fluctuations" and "more competition over the past three years and a shrinking market for blades and razors as consumers in developed markets shave less frequently" — the industry overall suffering an estimated 11% decline over the last 5 years, Reuters notes.