Movember Hurts P&G Profits
Procter & Gamble's second quarter down $700 million
Procter & Gamble’s profits have taken a hit because of your mustache. In addition to a general trend of more facial hair, the men’s health initiative Movember, which encourages mustache growth in November, is said to have affected the megacorporation’s bottom line in recent months.
Second-quarter profits for fiscal year 2014 were down $700 million compared with the same period last year. P&G attributes much of this loss to a decrease in facial-hair grooming due to a market trend and a generation that favors a little stubble.
A portion of this trend can certainly be attributed to Movember and a call for less shaving, during which P&G saw a dip in its Gillette and Braun razors and shaving creams. Movember reportedly sparked 250,000 mustaches in the United States this year and has raised more than $100 million for men’s health programs since its creation in 2003.
However, P&G isn’t too worried about the drop in facial grooming. The increasing popularity in body shaving is expected to offset the loss of facial-hair business.
Whether it’s for Movember or just general good looks, don’t miss Outside‘s Guide to Your Best Beard.