by Christopher Freeburn | April 8, 2013 11:00 am
Procter & Gamble‘s (NYSE:PG) mainstay men’s aftershave brand Old Spice is making a move to the soap market.
Bars of Old Spice scented soap will hit store shelves in late April, part of an effort to attract younger men toward a brand usually associated with older customers. However, while bar soap sales have risen 1% over the last five years, sales of body wash have surged by 30%, the Associated Press notes.
In fact, body wash sales now exceed bar soap sales. Between 2007 and 2012, body wash sales totaled $2.44 billion, well above bar soap sales of $1.62 billion.
Still, Old Spice has successfully launched a range of new products geared toward younger men over the last several years, including its Red Zone line. The brand generates about $564 million in annual sales, up 33% over the past three years. Company executives say there is still room in the bar soap market for Old Spice.
Old Spice will debut is bar soap line with three fragrances; Fiji, Pure Sport and Swagger. To promote the product, Old Spice will air TV ads offering a comical take on traditional soap ads.
Shares of Procter & Gamble climbed fractionally in Monday morning trading.
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