'Movember' cuts into P&G's razor sales
Movember — the mustache movement created to raise awareness of men's health issues during the month of November — may be cutting into razor sales.
Procter & Gamble on Friday reported that grooming sales in developed countries for the period of October to December 2013 were essentially flat.
“While the incidence of facial shaving is somewhat down, the incidence of body shaving is up, and we can take advantage of that and plan to do that as well,” Jon Moeller, chief financial officer at P&G, told The Financial Times.
The company, which makes household products including Pampers, Tide and Charmin, acquired razor and battery maker Gillette in 2005 in a $57 billion deal. Gillette partnered with Movember last fall to assist in the charity's fundraising efforts while also helping "men stay stylish."
Globally, P&G's second-quarter sales were up 3 percent, said company spokesman Paul Fox. He attributed the decline in the U.S. market to a reduction in the number of people wet shaving and a shift from pricier razors to disposables.
“Fundamentally, I think what we’re dealing with is trends come and go,” he said. “We’re seeing an increase in shaving below the neck.”
Movember is a global charity started in 2003 in Australia to raise awareness for prostate cancer and testicular cancer by encouraging men to ditch razors and grow mustaches. In 2013, about 219,000 Americans raised more than $20 million for the programs that Movember funds.