P&G is slimming down its operations, divesting or discontinuing more than half its global brands over the next two years.
The world’s largest CPG co made the announcement on Friday, the same day the sale to Mars of its pet food brands Iams, Eukanuba and Natura in North America, Latin America and other select countries was finalized.
The news came during a quarterly earnings call with P&G CEO A.G. Lafley, after the company announced core earnings per share of $0.95, an increase of 20% compared to the previous year.
Lafley said the maker of products such as Tide, Crest and Charmin will focus on successful brands while shedding products that have suffered sales declines.
“Less will be much more,” Lafley was reported saying by AdWeek. “We are going to create a faster growing, more profitable company that’s far simpler to operate.”
Globally, P&G’s agencies include Publicis Groupe’s Publicis, Leo Burnett and Saatchi & Saatchi, as well as Grey.
No word yet on which brands will be discontinued.
