CINCINNATI: Procter & Gamble has sold its 33-year-old Sure deodorant brand for an undisclosed sum to Innovative brands. The sale is part of an ongoing P&G policy to dump smaller brands.
Last May, chairman/ceo A G Lafley told investors the company would be ridding itself of brands "that don't have a strategic role or cannot deliver strategic growth or financial performance."
Phoenix, Arizona-headquartered Innovative Brands was established by private equity firm Najafi Companies to acquire and build consumer brand discarded by bigger corporations.
P&G spokeswoman Michele Szynal says Sure is the number one unscented deodorant brand marketed for use by men and women alike. The company, however, has shifted its focus to gender-specific deodorants with a global reach such as Secret or Old Spice.
Says Innovative ceo Joe Jacober: "We're going to focus a huge portion of our energy on the brand. It will get a lot more attention."
Data sourced from USA Today.com; additional content by WARC staff