Olay’s revamp is paying off, says P&G; sales of hero product up 7 percent

Olay’s revamp is paying off, says P&G; sales of hero product up 7 percent

Olay’s mission to regenerate its struggling Olay line with renewed focus on anti-aging is paying off, according to a report published by WWD.

As reported by Global Cosmetics News in January this year, the Procter & Gamble-owned brand discontinued several products from its Olay range in a bid to simplify display. And the strategy appears to be working. “We are making meaningful progress,” Alexandra Keith, President Global Skin and Personal Care at P&G told reporters at the company’s investor meeting on Friday. “Olay stretched too far… the shelf became complex. As sales slowed, cost reductions were made… the relevance of our brand declined.”

Keith disclosed that sales of the brand’s ‘hero’ product, Regenerist Micro-Sculpting Cream grew 7 percent in the last fiscal year, and the complete Micro-Sculpting line put on 27 percent. New packaging, which reflects the brand’s premium positioning will be rolled out next month. New launch Olay Eyes has also been hailed as a success, upping the brand’s market share in the segment by nine points.

“Our shelf simplification, counter reinvention and Olay Eyes are just the beginning – we have bigger and more exciting things to come in the next 12 to 18 months,” Keith revealed.  

 

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