Core Insights - Unilever is undergoing a significant transformation, marked by layoffs, divestitures, and executive changes, with the Chinese market serving as a critical testing ground for its strategic shift [1][2] Financial Performance - In the first three quarters of the year, Unilever reported revenues of €44.8 billion, a year-on-year decline of 3.3%, with Q3 sales at €14.7 billion, down 3.5% [1] - All five core business segments experienced negative growth, with home care leading at a 5.3% decline, followed by ice cream at 4.2%, and beauty, health, and food segments each declining around 3% [1] - The Americas market saw a significant drop of 5.1%, while Europe achieved a modest growth of 1.9%. In contrast, Indonesia and China showed signs of recovery, with China's Q3 sales returning to low single-digit growth [1][6] Strategic Reforms - CEO Alan Fernandis initiated aggressive reforms, focusing on cutting inefficient businesses, enhancing brand premiumization and innovation, and strengthening digital capabilities [2] - A major workforce reduction is planned, with 7,500 jobs cut, representing 5.9% of the total workforce, and a quarter of the top 200 executives will be replaced, aiming for annual cost savings of $800 million [2] Business Divestitures - Unilever has been actively divesting underperforming brands, including the sale of the water purifier brand Pureit and over 20 beauty brands, as well as the separation of its ice cream business, which has been rebranded as "Dream Ice Cream Company" [3] - The ice cream segment, which holds a 21% market share globally, is projected to generate €7.9 billion in revenue for 2024. In China, it ranks second in market share, trailing behind Yili [3] Market Adaptation - The Dream Ice Cream Company plans to innovate in market engagement, adopt competitive pricing strategies across all snack price points, and expand high-end brand offerings internationally [4] - Unilever is concentrating resources on its "Power Brands," which contribute 78% of sales and achieved a Q3 growth rate of 4.4%, significantly above the overall performance [4] Future Outlook - The company anticipates an improvement in operating profit margins, projecting at least 18.5% for the second half of the year [5] - Unilever aims for a full-year sales growth of 3% to 5% by 2025, with expectations of stronger performance in the second half compared to the first [8] - The management remains optimistic about the transformation despite the ongoing challenges, focusing on a streamlined portfolio that includes beauty, health, personal care, home care, and nutrition [8]
联合利华刮骨疗毒：裁员7500人、剥离梦龙，中国市场成转型试金石
3 6 Ke·2025-10-28 04:00