The Procter & Gamble Co. has an antidote to get Pantene and Olay, two of its largest beauty brands, growing again, said chief financial officer Jon Moeller at a conference hosted by Morgan Stanley on Tuesday.

This story first appeared in the November 20, 2013 issue of WWD. Subscribe Today.

Moeller said Pantene and Olay’s recent “stumbles” in North America have offset progress in other beauty segments, such as cosmetics and personal cleansing.

“Making major changes in momentum of businesses this size, though, doesn’t happen overnight,” said Moeller.

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But change is in the works, he said, adding that the greater opportunities for the two brands are in North America and China.

Moeller noted that last January the company began converting Pantene’s U.S. positioning back to healthy hair, its heritage. This coming January, P&G will roll out another revamp showcasing a copper-fighting technology across its Pro-V shampoos and a new Pantene Expert collection called Hair Regrowth Treatment for Women.

For Olay, Moeller said, “We’re building holistic plans to address Olay’s overall brand architecture and execution, including consumer benefit segmentation, product formulation, packaging and communication. We’ve also made investments to improve supply chain capability. In the areas where we’ve made interventions, we’re beginning to see positive results.” He noted that more than 80 percent of consumers who try Fresh Effects, a line tailored toward a young consumer that launched earlier this year, are first-time Olay users.

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In China, Moeller said P&G is working to clarify its different product tiers and benefit segments across Olay. It also recently introduced upgrades to the Olay Natural White line, and plans to launch Olay Complexion Correction, or CC cream.

Cosmetics have emerged as a bright spot for P&G. Moeller said the company’s makeup business is charging along, led by double-digit volume growth last quarter, and more than 20 percent volume growth in the previous quarter.

The Cover Girl brand has increased its value share in the U.S. by 0.5 percent, driven by introductions such as Clump Crusher by LashBlast mascara, Outlast nail polish and Lipslicks Smoochies.

This fall, the brand tapped Katy Perry as a spokeswoman, launched a collection in partnership with “The Hunger Games” sequel called Flamed Out, and began shipping the Bombshell eye products, which includes Bombshell Volume by LashBlast mascara.

Moeller said, “We’re making progress on Pantene and Olay, but it will take some time to return these brands to market share growth.”

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