Gillette experienced a whopping $8 billion write-down during its most recent quarter, the latest setback for the maker of razors and other personal grooming supplies.
Parent company Procter & Gamble (P&G) blamed the loss on currency fluctuations as well as the continued “market contraction” of blades and razors, primarily in developed markets as men continue to grow out their facial hair.
Gillette helped to drag P&G into the red for the fiscal fourth quarter, with a net loss of $5.24 billion for the consumer goods giant, compared to net income of $1.89 billion a year ago.
Gillette generated heated social media pushback earlier this year after it debuted a series of commercials that criticized masculinity and featured a transgender adolescent learning to shave.
While it has traditionally marketed its razors to men — “the best a man can get” — Gillette has been trying to reach new demographics in a bid to revive a flagging business that has seen a decline in demand for razors and blades. – READ MORE