Agriculture

Unilever to exit home care, skin cleansing business

Published

6 months ago

March 20, 2023

Unilever to exit home care, skin cleansing business

Fast Moving Consumer Goods company, Unilever Nigeria, has said that it will be exiting the home care and skin cleansing markets to reposition its business for sustained profitability.

This was revealed in a corporate notice to the Nigerian Exchange Limited (NGX) and signed by Unilever Company Secretary, Abidemi Ademola.

The company said that it was changing its business model to accelerate the growth of the company and meet the needs of consumers, shareholders, and employees better.

The statement by Unilever read in part, “This will involve repurposing the portfolio by exiting the home care and skin cleansing categories to concentrate on higher growth opportunities.

“Strengthening business operations with measures to digitise 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 the overall improvement in profitability, growth and a more sustainable Unilever Nigeria plc. business. The Company will in due course review the optimal treatment of redundant resources and assets in accordance with due process.”