Unilever has warned it will miss its full-year revenue growth targets and suffer further weakness next year, putting pressure on chief executive Alan Jope to revive the consumer goods group as his first year in the job comes to an end (The Financial Times £). The consumer goods group behind Dove soap and Ben & Jerry’s ice cream has warned it will miss its sales target this year as it faces pressure in several global markets (The Times £). Dove and Vaseline owners Unilever says trading challenges in multiple international markets mean sales growth both this year and next will be lower than expected (The Daily Mail).
Unilever has been accused of failing to take responsibility for its own problems after it blamed poor sales growth on challenging market conditions. (The Telegraph)
Alan Jope waived the opportunity for a “reset” of goals when he took over at Unilever in January. That now looks a mistake, writes The FT’s Lex column. “[Unilever] believes cost savings will go on giving it the scope to reinvest in its brands while boosting profitability. But flagging sales suggest it might need to invest more in the business. If they continue to disappoint, it should be prepared to think again.” (The Financial Times £)
In the Daily Mail Alex Brummer argues Unilever boss Alan Jope needs to think bold rather than just relying upon emerging markets. “Instead of collecting brands – there have been 34 acquisitions in recent years – Jope should be plotting fundamental change”. (The Daily Mail)
Sterling went into reverse, unravelling all its gains in the wake of last week’s general election result after Boris Johnson set another hard Brexit deadline (The Times £). The pound has tumbled sharply after the government indicated Boris Johnson was planning legislation to prevent the Brexit transition period being extended beyond the end of next year (Sky News).
British American Tobacco has been ordered to stop promoting e-cigarettes on public Instagram pages after the UK advertising watchdog found the group’s posts “clearly went beyond” permitted marketing of vaping products (The Financial Times £). Four vaping firms, including British American Tobacco, have been banned from promoting their products on public Instagram pages (Sky News). The posts showed models and celebrities such as Lily Allen holding electronic cigarettes (The BBC).
JAB Holdings is combining some of the world’s best-known coffee brands to create a stronger challenger to Nestlé and Starbucks, aiming to raise as much as €3bn from a European listing next year. (The Financial Times £)
Losses at Habitat, the furniture and homeware retailer owned by Sainsbury’s, widened a month after its boss of eight years quit. (The Telegraph)
The chairman of Morrison’s, Andy Higginson, is being lined up to chair English rugby’s top domestic league as its new private equity backers seek to transform its commercial clout. (Sky News)
JD Wetherspoon has upset customers by serving pigs in blankets without their blankets at pubs across the UK (The BBC). It blamed the issue on a temporary labour shortage at an unnamed business further up the supply chain, not on meat travelling into the UK from Europe (The Daily Mail). However, JD Wetherspoon customers can breathe a sigh of relief as pigs in blankets are back on the menu in the run up to Christmas following a shortage earlier this week (City AM).
Year of the pig brings devastation to Asian hog farms, writes the FT. African Swine Fever has spread to China’s neighbours and is fuelling inflation in region. (The Financial Times £)
The Guardian has hosted a roundtable, including Tesco CEO Dave Lewis, on how to make Britain’s food supply sustainable. “There’s an appetite to make food production in the UK more sustainable, but economics and education of the public need to be at the heart of change,” it writes. (The Guardian)
Dame Vera Lynn has thwarted plans for a “Vera Lynn” gin after a drinks company unsuccessfully argued the name was cockney rhyming slang rather than a reference to the singer. (The Guardian)
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