The CEO of Gillette said he does not regret his company’s controversial marketing campaign inspired by the #MeToo movement, despite losing some loyal customers over it.
Gary Coombe called the loss of revenue from those customers a “price worth paying” in a Monday interview with Marketing Week. Procter & Gamble, the parent company of Gillette, announced Tuesday they had taken over $5 billion in losses for the quarter, after Gillette had an $8 billion noncash writedown after its market share for razors fell over the last three years.
“I don’t enjoy that some people were offended by the film and upset at the brand as a consequence. That’s not nice and goes against every ounce of training I’ve had in this industry over a third of a century,” he said. “But I am absolutely of the view now that for the majority of people to fall more deeply in love with today’s brands you have to risk upsetting a small minority and that’s what we’ve done.”
Gillette was acquired by Proctor & Gamble in 2005 for $57 billion. In devaluing it by $8 billion, the parent company blamed currency fluctuations, new competitors, and new social norms that have led to men shaving less often. There is no evidence that the “best a man can get” ads pushing back against sexism and bullying contributed to the $8 billion figure…[Read More]
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