P.&G.’s Chief on Whether Brand Loyalty Is Enough When Prices Keep Climbing

Sales growth at P.&G. has slowed for years as households with lower incomes are increasingly turning to store brands, which are usually priced lower than P.&G.’s products. At the same time, tariffs and rising energy costs caused by geopolitical conflicts have added costs to P.&G.’s operations and its sprawling global supply chain. In response, the company has raised prices and laid off workers. Last year, it said it was cutting 7,000 jobs, or 6 percent of its work force, over the next two years as it looked to reorganize amid the changing dynamics. My experience from emerging markets is sometimes...