A BAD SMELL FROM THE BOOKS New Procter & Gamble CEO Alan Lafley says that in its enthusiasm to build new businesses and brands, P&G began to overlook the core brands that account for a half of its revenues. P&G and Unilever are competing in very different markets, but in classic brand battlegrounds such as fabric wash and shampoos, UK figures bear out Lafley's comments. P&G has piled resource into new launches and initiatives such as Swiffer (the dust remover), Febreze (the smell remover), Bounty kitchen towel, Charmin toilet tissue and Olay Total Effects. At the same time, however, over the past two years its market share in detergents has dropped from 51% to 45% (with Unilever jumping nearly six points to 33%); in haircare by a third from 21% to 14% (the main beneficiary being L'Oréal with a six point jump); and in washing up liquids from 48.5% to 44% (the main beneficiary being own label). {{COVER FEATURE }}