Unilever Nigeria Plc, one of the leading consumer goods companies, has announced that it will stop manufacturing some of its popular products, including Omo and Lux.
The manufacturer says it will exit two categories, Home Care and Skin Cleansing, which will affect the aforementioned brands.
Other brands to be affected include Sunlight, Dove Beauty Bar, Lux soap, Pepsodent Toothpaste, vaseline,Lifebuoy and Rexona products amongst many others.
Unilever Nigeria will likely sell its home, and skin care unit to another company.
In a statement sent to the capital market, Unilever informed shareholders that: “the Company will make changes to its business model in order to accelerate growth and sustain profitability while enhancing its ability to meet consumer needs.
“The 100-year-old consumer goods company will repurpose its portfolio while putting in place measures to make the business more efficient and future fit.
“These changes will reposition the Company to better meet the needs of consumers, shareholders, and employees.
“This will involve: Repurposing the portfolio by exiting the Home Care and Skin Cleansing categories to concentrate on higher growth opportunities.”
Unilever also noted that the new model would reduce exposure to devaluation and currency liquidity.
It also believed offloading its home care and skin cleansing portfolios would enable the management to “concentrate on higher growth opportunities.”
The statement continues:
“Strengthening business operations with measures to digitize and simplify processes; and Focusing more on business continuity measures that reduce exposure to devaluation and currency liquidity in our business model.
“The exit of these two categories over 2023 will boost the vision to make Unilever Nigeria great, building on the impressive progress made in other key aspects of the business, and is envisaged to result in overall improvement in profitability, growth and a more sustainable Unilever Nigeria plc. Business.” (Legit.ng/Punch)