Growing fondness for men’s facial hair is shaving away sales at Procter & Gamble.
The consumer-products giant blamed increased popularity of beards, mustaches and three-day stubble for spotty razor sales at its Gillette brand, which it acquired in 2005 for $57 billion.
Most recently, the global “Movember” movement, in which men grow mustaches throughout November to raise colon-cancer awareness, helped fuel a drop in fourth-quarter razor sales, P&G financial chief Jon Moeller told analysts Friday.
Copycat movements, including “Decembeard,” have likewise sprung up of late, helping fuel the revival of shaggy looks that had been out of vogue since the 1970s.
“What was cited five to 10 years ago as a hipster trend has now become mainstream,” said Steve Marks, whose Persons of Interest barbershops in Williamsburg and Carroll Gardens are destinations for hirsute hipsters.
Beards began cropping up in fashion ads a few years ago, and now they’re covering circulars from middle-of-the-road retailers like Macy’s, Target and JCPenney.
The economy is likewise to blame for the woes at Gillette, P&G said. Cash-strapped young men are shunning its pricey Mach 3 and Fusion models in favor of down-market disposables from brands like Schick and Bic.
Indeed, some men have stopped shaving altogether because they’re out of work, according to analysts.
Searching for a silver lining, P&G’s Moeller noted that as their faces get hairier, men have begun to shave their bodies elsewhere. P&G has been promoting the trend as “manscaping,” and last year filed for the trademark, “Gillette Body.”