Axios’ Courtenay Brown writes: From Oscar Mayer and Campbell’s to Clairol and CoverGirl, some of America’s most famous supermarket and drug store brands are losing market share as consumers’ tastes and shopping habits change.
Why it matters: The challenges facing well-loved brands reflect shifts that aren’t likely to swing back in their favor. As older companies scramble to keep up with upstart competitors, they are introducing more modern product lines, like ones with plant-based ingredients.
Driving the news: Legacy brands are concentrated within a handful of huge corporations that are losing money on various business lines as their products fade in relevance and popularity.
These companies’ “standard prescriptions for defending” their brands “no longer seem to be yielding results,” Carol Phillips, founder the Brand Amplitude consulting firm â€” which counted Campbell’s Soup as a client â€” tells Axios.
What’s happening: Consumers are piling into nouveau and generic brands â€” like Kylie Jenner’s Kylie Cosmetics and Brandless â€” some of which aren’t even sold in physical stores.
Between the lines: The companies that once used to set the trends are now the followers. Desperate to remain relevant, old-line companies â€” already late â€” often jump into the fad of the moment.
These strategies are “a total crapshoot,” says Robert Passikoff, founder of the consultancy Brand Keys.