Procter & Gamble Co (PG.N) is launching a lower-priced "Tide Simply Clean" liquid detergent for U.S. shoppers, but it is "not very interesting" to current Tide users, Chief Executive A.G. Lafley said on Wednesday.
Lafley said P&G does not expect the new, lower-priced version to pull current Tide users away from the premium-priced detergent. Tide Simply Clean is "not very interesting" to current Tide users, Lafley said during a Barclays conference that was also webcast.
The world's largest household products company faces competition in the lower-priced laundry category from competitors Church & Dwight Co Inc's (CHD.N) Arm & Hammer and Xtra. P&G tried a few years ago to appeal to budget-conscious shoppers with a powder detergent called Tide Basic. It was pulled from stores in 2010 after testing.
P&G already sells Tide powder, liquid and Tide Pods capsules. Its Cheer, Era and Gain detergents are geared toward budget-conscious consumers.
Some details of the company's Tide plans were reported by the Wall Street Journal.
(Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe)