THE WHAT? Procter & Gamble has revealed that its SK-II brand saw sales dive 34 percent in the three months to December 31, 2023. However, the US FMCG giant was quick to point out that its premium skin care brand has bounced back from a similar slump before and is expected to do so again.
THE DETAILS Indeed, sales look set to recover this quarter, P&G CFO, Andre Schulten told investors on the company’s earnings call. “Our consumer research said SK-II brand sentiment is improving, and we expect to see sequential improvement in the back half,” he said, per the BBC.
THE WHY? The slowdown has been attributed to both the slower-than-expected recovery after Covid restrictions were lifted and anti-Japanese sentiment that has been steadily building over the Fukishima release controversy.