Nestle to cut costs by $2.8 bn, boost marketing under CEO Laurent Freixe

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Nestle to cut costs by $2.8 bn, boost marketing under CEO Laurent Freixe - Business Standard

Quick Summary:

Under Schneider, Nestle gutted its marketing and advertising budget and invested less in innovation during the cost-heavy Covid-19 pandemic.

It forecast medium-term organic sales growth to be more than 4 per cent in a normal operating environment, and an underlying trading operation profit margin of 17 per cent.

Advertising and marketing expenses in 2023 were 7.7 per cent of sales, an increase of 80 basis points from the year before, according to Nestle's latest annual report released this year.