Hipsters have struck an unexpected blow to capitalism.
Proctor & Gamble — the multinational company behind Gillette, Colgate, Johnson & Johnson and other manufacturers of 'personal care' products — have reported stagnating sales in the "grooming market".
Their earnings have dropped 15.5 percent since this time last year. Chief financial officer Jon Moeller blames trendy facial hair for the decline in sales of Gillette razors and shaving cream, as well as Braun electric razors. (The last quarter would also have included Movember, the month when men famously grow out their beards and moustaches to raise awareness of prostate cancer.)
Moeller's not sweating it, though, because while your barista's shaggy beard is striking a blow at his wallet, there's another trend he can cash in on: Manscaping.
"While the incidence of facial shaving is somewhat down," he said, "the incidence of body shaving is up, and we can take advantage of that and plan to do that as well."
(Via Yahoo! News)
