- Global brand Unilever told shareholders at an investor seminar in London Thursday that is working to trim costs, and a big chunk of the cuts will come from marketing expenses.
- Unilever reported it plans to reduce its marketing headcount by 12% globally, which will result in about 800 employees being cut.
- The brand believes it will be able to find $470 million in marketing savings this year, with a big chunk of that coming from reducing agency fees and commercial production.
Unilver is the world's No. 2 spender in advertising and marketing, so the cuts are significant. Marketing isn't the only thing being cut, though, as the company is also reducing product variety by 30%, but the marketing decisions will affect the most employees.