Paul Bulcke, president of the famous confectionery company Nestle, has announced that the company will review its prices and make its products more affordable.
He noted that the sharp price increase in recent years, which occurred during the COVID-19 epidemic and the management of former CEO Mark Schneider, negatively affected the company's sales volumes.
Bulcke emphasized that during Schneider's management, the company significantly reduced its marketing and advertising budget and reduced investment in innovation programs, which led to a slowdown in sales growth.
New CEO Laurent Frakes, who replaced Schneider in September, has promised to implement significant changes to improve the company's efficiency and restore consumer interest. Bulke also said the company should return to its previous pricing policy to ensure consumers continue to buy Nestle products.
