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By MAE ANDERSON
AP Business Writer
NEW YORK (AP) - Manscaping just got more complicated.
Looks like beards are in, but body hair is out.
P&G says the trend toward facial hair like stubble and beards as well as "Movember," when guys grow out their beards to promote prostate cancer awareness, has hurt its razor sales. But the world's largest consumer products company said shaving from the neck down is becoming more popular among men.
So P&G is introducing a new razor called Gillette Body Razor that's designed specifically for body shaving. The razor, which is be in stores mid-February, will be the center of an ad campaign, that will have the tagline: "The first razor built for the male terrain."
"Facial shaving is somewhat down, but body shaving is up, and we can take advantage of that," said CFO Jon Moeller.
Like most consumer product companies, P&G is trying to offset slower growth in developed markets with cost cuts and by expanding in emerging markets. It is also focusing on improving its grooming and beauty categories with new products and heavier marketing.
P&G, which is based in Cincinnati, said Friday that its net income fell 16 percent as P&G faced a tough comparison with the results a year ago. P&G also was hurt by the stronger dollar and nearly flat sales globally. Grooming sales globally were flat at $2.11 billion. Overall Procter & Gamble, like most consumer product companies, is trying to offset slower growth in developed markets with cost cuts and by expanding in emerging markets. It is also focusing on improving its grooming and beauty categories with new products and heavier marketing.
P&G hopes the Body Razor, which will retail for $7.97, will help rejuvenate the category. It found that 37 million men in the U.S., about 29 percent, have shaved some part of their body from the neck down in the past 6 months. Usually, men use other methods like hair removal cream, waxing or their girlfriend's razor, said P&G spokeswoman Susan Oguche. "We felt there was an opportunity to make a product specifically designed for the curvature of the body," she said.
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