Rising commodity costs contributed to a 12 percent drop in quarterly profits at Procter & Gamble Co.’s beauty unit, while tax expenses held back Revlon Inc., which just barely broke even for the period. Both companies are seeing signs of the macroeconomic funk that has the beauty industry and businesses in general on edge.
“In terms of consumer spending, we really don’t see much difference today versus what we’ve been seeing since about 2008, which is in the developed markets, you have a bifurcation,” said Jon Moeller, chief financial officer at P&G. “You have on the high end, people with their incomes continuing to expand, growing very strongly and continuing to spend on premium products.…On the other end, you’ve got the people who are unemployed or seeking employment and they continue to find ways, try to find ways to cope.”
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"