Procter & Gamble (NYSE:PG) is focused on women and has launched a beta version of its new beauty and fashion website, StyleUnited, in partnership with ShopStyle to provide comprehensive single-destination personalized content and advice to women. The beauty and grooming products are some of the leading growth drivers for companies like Unilever (NYSE:UL) and Kimberly-Clark (NYSE:KMB) competing in the personal care segments. By engaging this target market online P&G is showing that it is thinking ahead on how to engage in target customers as well as promote another sales channel online.
P&G Going Tech-Savvy
P&G CEO Robert McDonald recently talked about his strategy of turning the company into the most tech-enabled business in the world by developing more direct relationship with consumers using technology to help foster higher brand awareness and loyalty. StyleUnited is an attempt in the same direction to connect and engage with consumers with focus on beauty and personal care segment, which generates more than 50% of P&G’s stock value, according to our estimates.
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The website comes with a diagnostic tool ‘Style 360’ that women can participate in, and it generates customized user experience based on the user’s unique skin-care, hair-care, cosmetics and fashion needs.
With more than 100 brands available in nearly 130 countries, P&G’s beauty and grooming products delivered sales of over $26 billion in fiscal 2008/09, making it one of the world’s largest beauty and grooming companies with popular brands like Pantene, Olay, Head & Shoulders, Gillette, etc.
The current Trefis price estimate for P&G’s stock is $71.56, a 10% premium over the market price.