Updated Dec. 5, 2023 4:45 pm ET
Procter & Gamble said it was booking a $1.3 billion charge on its Gillette business, adjusting the value of a shaving giant that it took over nearly two decades ago.
P&G bought Gillette for stock initially valued at $54 billion in 2005, making it a dominant player in the global razor business. The unit has struggled in recent years as upstarts, such as Dollar Shave Club and Harry’s, have entered the market with lower prices. As of June 2023, P&G estimated its grooming business was worth about $14.1 billion.
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