By  on May 31, 2013

The world has changed since A.G. Lafley last sat at the helm of Procter & Gamble Co.

Four years later, the consumer — who once willingly traded up to more expensive global brands — wants value and a more local point of view. Formidable competitors, such as L’Oréal and Unilever, have gained ground and nibbled away at P&G’s market share in beauty.

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