Reckitt has launched a strategic review of its infant formula business Mead Johnson and announced plans to sell a large portfolio of its home care brands, including Air Wick and Cillit Bang, in an effort to streamline the business (The Financial Times £).
The group will focus on its most profitable health products, including Strepsils cough sweets, Nurofen painkillers and Durex condoms (The Mail).
Seven years after Reckitt Benckiser launched its biggest-ever acquisition with the $18bn purchase of the Mead Johnson infant nutrition business, the consumer goods group has finally moved to offload the problem child (The Times £).
The Telegraph (£) focuses down on Cillit Bang, the cleaning brand known for its adverts featuring character Barry Scott, in its coverage of the story.
The Lex column in The Financial Times (£) says the mini break-up isn’t a full spring clean. “Group’s promised plans at least give shareholders the hope of upside to come,” the paper writes.
Business commentary in The Times (£) says the problem with designating assets as unwanted is they can get tarnished, neglected and become that bit harder to sell.
The number of shoplifting offences recorded by police in England and Wales has risen to a new 20-year high (The Guardian).
Shoplifting has reached its highest level since records began as thieves operate “without fear of apprehension” (The Times £).
The number of shoplifting offences rose to 443,995 in the year to March 2024, an increase of more than 100,000 on the 342,428 recorded in the previous 12 months (The Telegraph £).
The Times (£) asks how healthy are your kid’s snacks? Ultra-processed foods (UPFs) now make up two-thirds of a typical child’s diet, according to a recent study of 3,000 British children aged between 11 and 18.
A daily glass of wine may not be the health tonic many might have hoped, scientists have concluded (The Times £).
LVMH led a sell-off in global luxury stocks on Wednesday after the industry bellwether reported slower than expected sales from shoppers reining in spending on champagne and handbags (The Financial Times £).
Shares in the French company slid 4.4% on Wednesday morning as it revealed sales in the key Asian markets, excluding Japan, were down 14% in the three months to June amid weak demand for Cognac in China and slowdowns in demand for fashion, watches, leather goods, perfumes and cosmetics (The Guardian).
LVMH chief executive Bernard Arnault hailed the firm’s ‘remarkable resilience’ as it posted a still impressive £17.6bn sales for the second quarter (The Mail).
No comments yet