Floundering Gillette Shows the Dangers of ‘Woke’ Capitalism
9th September 2019
Business executives are as prone to fashion trends as teenage girls. Unfortunately, their mistakes cost their shareholders quite a bit (not themselves, though).
Procter & Gamble’s latest revenue report shows the multinational corporation is doing just fine. One of its blue chip brands, however, is not. The consumer goods company took a serious financial shave on Gillette, announcing an $8 billion non-cash write-down on the world’s leading shaving brand, which P&G purchased for $57 billion in 2005.
In a rightly-ordered society, whoever came up with this lame-ass ad campaign would be thrown out in the street. But that society is not this society.