Gillette slashes prices to keep up with competitors

Gillette slashes prices to keep up with competitors

Procter & Gamble has slashed the prices of its Gillette razors in a bid to keep up with start-ups such as the Dollar Shave Club and Harry’s that are proving popular with consumers due to lower-cost razors and blades.

As of this month Gillette will break from its traditional marketing route of creating new features for its products, while also raising prices, and will now compete with its younger competitors which are luring in consumers with cheaper products.

The move follows a six-year straight loss of US market share for the company, with plans for a 20 percent cut in prices said to be in the pipeline to try and claw back some ground. While the company won’t rid itself of the higher priced items altogether, it will develop a stronger marketing strategy for its lower cost products.

According to The Australian, Gillette spokeswoman Kara Buckley said, “We are very aware of what’s happening in the North American landscape and we are very focused on addressing some of the challenges we face.”

She continued, “We need to do a better job of telling guys we are available for them at a multitude of price points.”