Unilever Nigeria, FMCG giant has announced that it will be exiting the home care and skin cleansing markets to reposition its business for sustained profitability.
This was contained in a corporate notice to the Nigerian Exchange Limited which was signed by its Company Secretary, Abidemi Ademola following the board meeting held recently.
In the notice, 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.
“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 statement reads.
The company added that its exit of these two categories over 2023 was envisaged to result in an overall improvement in profitability, growth, and a more sustainable business.