P&G: Expanding Connect + Develop program will boost business
CINCINNATI Procter & Gamble is looking to expand its open innovation partnerships, which would triple the impact of its Connect + Develop open innovation strategy.
Connect + Develop, which was launched nearly 10 years ago, enables the company to share research and development, commercialization and brand strength worldwide, so great ideas can arrive on the market and to consumers in a timely fashion, according to P&G’s website. By tripling its open innovation work, P&G said Connect + Develop would garner $3 billion toward the company’s annual sales growth.
The announcement came just days after the company reported its strong first-quarter earnings.
"Connect + Develop has created a culture of open innovation that has already generated sustainable growth; but we know we can do more," said P&G chairman, president and CEO Bob McDonald. "We want the best minds in the world to work with us to create big ideas that can touch and improve the lives of more consumers, in more parts of the world, more completely."
Innovations that have spawned from the Connect + Develop program include Swiffer dusters, Olay Regenerist, Tide Total Care, Mr. Clean magic eraser, Clairol Perfect 10 and the Oral B Pulsonic toothbrush.
"Connect + Develop opened our minds and doors to external collaboration. It changed our culture from ‘invented here’ to ‘partnering for greater value,’" said chief technology officer Bruce Brown. "With these new goals, we are taking C+D to the next level. We are looking to ensure that we’re not just delivering more partnerships, but greater value through our partnerships. We want collaboration that creates innovation across all our business operations, from product development to logistics."
WSJ: OPI may be looking to sell
NEW YORK There’s talk that nail polish company OPI Products is looking to sell itself for at least $900 million, according to a Wall Street Journal report.
OPI reportedly is in discussions with several parties, including Coty and private-equity firm Bain Capital, according to WSJ, which cited "people familiar with the matter."
Harris Shepard Public Relations, which represents OPI, stated: "The rumors about the sale of OPI have persisted for years. Other than that, [we] have no comment. Thank you."
WSJ reported that Bain didn’t respond to its request for a comment, and Coty stated that it "had no news to report at this time."
Citing Euromonitor International data, WSJ reported that OPI’s products held roughly 6% of the U.S. market last year.
Coming to a Walmart near you: Justin Bieber’s My World line
NEW YORK Pop star Justin Bieber has teamed up with Etoile Nation Beauty to develop a collection of fragrance-infused accessories that will be sold at Walmart.
The My World collection includes collectible wristbands and dog tags infused with a fragrance selected by Bieber. Top notes of bergamot, lychee and pomegranate create a unisex scent. For an encore performance: cedar glimmers against a backdrop of musk, creating the signature scent.
There are four Bieber-inspired designs:
- Icon: Uses symbols to represent his lifestyle and the youth culture he influences;
- Energy: Captures the excitement of a Bieber My World concert, with graphics inspired by the classic Bieber pose;
- Tour: A perfect concert memento with featured tour cities; and
- Web: Imagery from his personal homepage.
My World is slated to hit Walmart shelves on Black Friday. The suggested retail price is $10.