Procter & Gamble has announced that up to 100 of its least profitable brands will be axed as it looks to streamline its costs and focus on its core brands.
The FMCG giant, whose brands include Pampers, Ariel and Gillette, said that it will shed about 90 to 100 brands around the globe over the next year or two, leaving it with about 70 to 80 brands. It did not name which products it intends to keep but they will be organised into up to a dozen business units under "four focused industry areas".
According to P&G, its 70 to 80 leading brands accounted for 90% of its sales and 90% of its profit in the year to 30 June.
On a call with analysts, CEO AG Lafley said the strategy would create a new streamlined P&G "that will continue to grow faster and more sustainably, reliably create more value".
In June, P&G announced that it was axing the marketing director role across its entire portfolio of brands, and replacing this with brand directors.