P&G bought Gillette 18 years ago. He is still paying the price.

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Updated December 5, 2023 4:45 PM ET

Procter & Gamble said it was retaining a $1.3 billion charge on its Gillette business, changing the value of the shaving giant it took nearly two decades ago.

P&G bought Gillette for stock initially valued at $54 billion in 2005, making it a major player in the global razor industry. The unit has struggled in recent years as upstarts, such as Dollar Shave Club and Harry’s, have entered the market with lower prices. As of June 2023, P&G estimated that its wedding business was worth approximately $14.1 billion.

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