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Huggies diaper maker Kimberly Clark Corp (NYSE:KMB) hopes to spur growth by targeting millennial parents with a line of premium diapers, according to Yahoo Finance.
What Happened
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Kimberly Clark launched a Huggies Special Delivery line of diapers in July that come in an "edgy" black box and are made from plant-based materials, according to Yahoo.
The product is meant to attract millennial parents who demand a combination of cool packaging with an "Earth-saving story" — at a higher price tag.
In an interview with Yahoo's Brian Sozzi, Kimberly Clark CEO Michael Hsu said premium products should help reverse the "previous few years of slower growth" and spur a new period of re-accelerating growth.
Why It's Important
Winning the highly competitive diaper space is important to Kimberly Clark, but investors are demanding more.
Hsu said he has a "secret weapon" in the form of a new $500 million to $550 million cost savings program through 2021.
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The company has so far realized 40% of its targeted savings, the CEO said.
"We are executing the largest restructuring in our history right now; it's structurally lowering our cost base," Hsu told Sozzi.
What's Next
Kimberly Clark's diaper innovation is one part of the company's plan to win back share in "challenging market positions," the CEO said.
Other new products with added benefits include more flexible materials in Depends undergarments and softer Cottonelle toilet paper, according to Yahoo.
The stock was down 1.58% at $131.21 at the time of publication Tuesday.
Related Links:
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Photo by ParentingPatch via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.