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Nestlé price increases went ‘too far,’ chairman admits | Fortune Europe
<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>Nestlé price increases went ‘too far,’ chairman admits | Fortune Europe</title><meta name="msapplication-TileColor" content="#ffc40d"/><meta name="theme-color" content="#FFFFFF"/><meta name="description" content=""The consumer must be able to buy our products. We need to act there," said Nestlé’s chairman Paul Bulcke."/><meta name="author" content="Prarthana Prakash"/><meta name="keywords" content=""/><meta property="og:url" content="https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/"/><meta property="og:type" content="article"/><meta property="og:title" content="Nestlé's price rises went ‘too far’ with burdening consumers and ultimately turning them away, chairman admits"/><meta property="og:description" content=""The consumer must be able to buy our products. We need to act there," said Nestlé’s chairman Paul Bulcke."/><meta property="og:site_name" content="Fortune Europe"/><meta property="og:image" content="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?resize=1200,600"/><meta property="og:width" content="1024"/><meta property="og:height" content="683"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:title" content="Nestlé's price rises went ‘too far’ with burdening consumers and ultimately turning them away, chairman admits"/><meta name="twitter:description" content=""The consumer must be able to buy our products. We need to act there," said Nestlé’s chairman Paul Bulcke."/><meta name="twitter:image" content="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?resize=1200,600"/><meta name="twitter:url" content="https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/"/><meta property="fb:pages" content="56501027948"/><meta name="robots" content="max-image-preview:large"/><link rel="preconnect" href="https://www.google-analytics.com" crossorigin=""/><link rel="preconnect" href="https://www.googletagservices.com" crossorigin=""/><link rel="preconnect" href="https://ad.doubleclick.net" crossorigin=""/><link rel="preconnect" href="https://static.doubleclick.net" crossorigin=""/><link rel="preconnect" href="https://securepubads.g.doubleclick.net" crossorigin=""/><link rel="icon" href="/icons/favicons/favicon.ico"/><link rel="canonical" href="https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/"/><link rel="alternate" type="application/rss+xml" title="Fortune RSS" href="https://fortune.com/feed/fortune-feeds/?id=3656530"/><script id="json-schema" type="application/ld+json">{"@type":"NewsArticle","@context":["https://schema.org",{"stnMeta":{"@id":"https://stnvideo.com","@type":"@json"}}],"publisher":{"@type":"NewsMediaOrganization","logo":{"@type":"ImageObject","url":"https://fortune.com/static/media/logo.png"},"name":"Fortune"},"stnMeta":{"bmb":"bmb","campaign":"campaign","ch":"","cid":"4082583","franchise":"franchise","permutive":[],"tags":["consumergoods","costofliving","editor'spicks","europe","fortune500europe","inflation","nestle","retail"],"topics":[]},"headline":"Nestlé’s price rises went ‘too far,’ burdening consumers and ultimately turning them away, chairman admits","url":"https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/","mainEntityOfPage":"https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/","dateModified":"2024-11-27T21:42:17-00:00","datePublished":"2024-11-27T11:54:09-00:00","identifier":4082583,"thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg","image":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg","keywords":["consumer goods","Cost of living","Editor's Picks","Europe","Fortune 500 Europe","inflation","Nestle","retail"],"articleSection":"Retail","description":"\"The consumer must be able to buy our products. 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50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 768 512'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg?w=1440&q=75"/><div data-cy="caption" class="sc-762dcccc-9 fbephs">Paul Bulcke is the chairman of Nestlé.</div><div data-cy="credit" class="sc-762dcccc-10 ebMnGM">Jason Alden—Bloomberg/Getty Images</div></div></div><div class="sc-9d11c37b-6 ccKQGH trinity-player"><div class="trinity-tts-pb" dir="ltr"></div></div><div class="sc-9d11c37b-1 gGsili"><div class="sc-9d11c37b-2 diFVtX"><div id="article-content" class="sc-9d11c37b-3 joUTPf"><div><div data-cy="article-content" class="rawHtml-content-no-nativo"><p>Unrelenting inflation in the aftermath of the pandemic forced consumer companies like Nestlé to hike prices. But the Swiss company may have gone too far.</p><div class="paywall-selector"></div><div class="paywall"> <p>Nestlé has already started to course-correct, having cut marketing and advertising expenses to control costs during the high inflation period. But the consumer giant’s chairman believes more needs to be done. </p><div class="related-video-container hidden"><div class="sc-b2504c1d-0 dTxuPI"><div class="sc-c5bbce56-0 ipVLKc"></div><div class="sc-c5bbce56-0 gZwXGO video-placeholder"></div></div></div> <p>Paul Bulcke told Swiss media that the company must do something to lure shoppers back to its brand. Consumers have turned away from Nestlé’s higher costs, hurting its market share. </p> <p>“That had an influence on sales,” Bulcke said in an interview with Swiss television channel TeleZüri on Tuesday, reported <a href="https://www.reuters.com/business/retail-consumer/nestle-chairman-sees-need-action-product-prices-2024-11-26/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.reuters.com/business/retail-consumer/nestle-chairman-sees-need-action-product-prices-2024-11-26/" rel="noopener">by Reuters</a>.</p> <p>The company may have saddled more of the price burden on consumers than they could bear amid the soaring cost of living. </p> <p>“Perhaps we went a bit too far with prices. That needs to be rolled back. The consumer must be able to buy our products. We need to act there,” he said.</p> <p>Representatives at Nestlé declined <em>Fortune</em>’s request for further comment. </p> <p>His comments come just days after Nestlé’s new CEO, Laurent Freixe, announced a turnaround plan that includes <a href="https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/">$2.8 billion</a> in cost cuts and the spinoff of its underperforming units. </p> <p>“Nestlé has reduced investment over the last years in the area of generating demand, which is not the best idea to drive growth and market shares. This is changing,” Freixe told investors last week. </p> <p>Nestlé lowered its <a href="https://fortune.com/europe/2024/10/17/nestle-cuts-sales-top-leadership-overhaul/" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/europe/2024/10/17/nestle-cuts-sales-top-leadership-overhaul/">sales outlook</a> in July and then again in October as consumer demand remained weak owing to harsh macroeconomic conditions. The maker of Nescafé and KitKat jacked up prices <a href="https://www.cnbc.com/2023/04/25/nestle-says-its-raised-prices-by-10percent-this-quarter.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.cnbc.com/2023/04/25/nestle-says-its-raised-prices-by-10percent-this-quarter.html" rel="noopener">several times</a> during the pandemic. Geopolitical factors, such as the war in the Middle East, have also hit Nestlé’s traction. </p> <p>Under Freixe’s leadership, Nestlé now plans to refocus on its “<a href="https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/">billionaire</a>” brands to propel it back to its old glory. </p> <p>During the pandemic, consumer companies like PepsiCo and Nestlé came under fire for unprecedented <a href="https://fortune.com/europe/2023/12/08/greedflation-study/" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/europe/2023/12/08/greedflation-study/">price increases</a>—even if it was to cope with higher costs and supply-chain complications—pushing shoppers to spend more on essential goods. </p> <p>After nearly three years of rapid successive price hikes, consumer goods behemoths have been trying to pull shoppers in once again. </p><div data-cy="nativoTout"></div> <p>To be sure, Nestlé’s rivals have faced the same pains. Unilever, for instance, hasn’t been able to win back consumers, as more of them are budget-conscious now and opt for the best deal rather than the brand they’ve historically been loyal to. The British company has regained some of its lost sales volumes, however, while Nestlé has trailed behind. </p> <p>Nestlé’s sales shrunk by 2.4% in the first nine months of 2024, following a similar trend during the previous quarters. Meanwhile, Unilever, which makes Dove soap and Knorr soup, reported growth in sales for every quarter so far this year. </p> <p>“There is value-seeking behavior among consumers. There is pressure, especially at the low-income range,” Nestlé’s former CEO Mark Schneider, who was ousted in August, said on a call <a href="https://www.reuters.com/business/retail-consumer/nestle-misses-first-half-organic-sales-estimates-lowers-full-year-guidance-2024-07-25/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.reuters.com/business/retail-consumer/nestle-misses-first-half-organic-sales-estimates-lowers-full-year-guidance-2024-07-25/" rel="noopener">in July</a>.</p></div></div></div><div class="sc-d331eee9-11 grvWtf"><div class="sc-d331eee9-10 cYdiLE simple"></div></div><div class="sc-9d11c37b-5 czxqeH"></div></div><div class="sc-6cf2855c-0 kExlxv latest-popular-module"><div class="sc-6cf2855c-3 arJkf heading"><h2 class="sc-3358ecfd-0 sc-6cf2855c-4 iHarim dpCFYu latest-popular-title">Latest in Retail</h2></div><ul data-cy="post-list" class="sc-6cf2855c-1 kHgwqz latest-popular-content"><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span 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date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="The "Uber by Women" option will be available from Thursday and Bolt announced the launch of a similar option in France called "Women by Women", set to roll out by the end of 2024." loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="(max-width: 768px) 100vw, 450px" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1136802987-e1732874927650.jpg?w=1440&q=75"/><div class="eyebrow"><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/europe/tech/" target="_self" class="sc-93594058-0 bDVrCz section-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's section Tech">Tech</a></span><span class="sc-2f1a523b-1 bELjCH hyphen" aria-hidden="true"> <!-- -->-<!-- --> </span><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/tag/women/" target="_self" class="sc-93594058-0 bDVrCz topic-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's topic Women">Women</a></span></div><h2 class="sc-e3c4bc02-2 jVKXyH title-link-wrapper"><a href="https://fortune.com/europe/2024/11/29/uber-bolt-roll-out-women-only-services-paris/" target="_self" class="sc-93594058-0 fowfrQ title-link styled-custom-link " data-cy="postTitle" aria-label="Go to full article Uber and Bolt roll out women-only services in Paris to ensure ‘greater safety’">Uber and Bolt roll out women-only services in Paris to ensure ‘greater safety’</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/afp/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to AFP author's page">AFP</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="LVMH CEO Bernard Arnault was defiant on the stand that he knew nothing about the spying activities." loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="(max-width: 768px) 100vw, 450px" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2186601418-e1732803370507.jpg?w=1440&q=75"/><div class="eyebrow"><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/europe/retail/" target="_self" class="sc-93594058-0 bDVrCz section-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's section Retail">Retail</a></span><span class="sc-2f1a523b-1 bELjCH hyphen" aria-hidden="true"> <!-- -->-<!-- --> </span><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/tag/lvmh/" target="_self" class="sc-93594058-0 bDVrCz topic-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's topic LVMH">LVMH</a></span></div><h2 class="sc-e3c4bc02-2 jVKXyH title-link-wrapper"><a href="https://fortune.com/europe/2024/11/28/billionaire-bernard-arnault-court-completely-unaware-ex-spy-chief-abused-powers-protect-lvmh/" target="_self" class="sc-93594058-0 fowfrQ title-link styled-custom-link " data-cy="postTitle" aria-label="Go to full article Billionaire Bernard Arnault tells court he was ‘completely unaware’ ex-spy chief had allegedly abused powers to protect LVMH">Billionaire Bernard Arnault tells court he was ‘completely unaware’ ex-spy chief had allegedly abused powers to protect LVMH</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/afp/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to AFP author's page">AFP</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="people go in and out of ikea store" loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur 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class="sc-2f1a523b-1 bELjCH hyphen" aria-hidden="true"> <!-- -->-<!-- --> </span><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/tag/ikea/" target="_self" class="sc-93594058-0 bDVrCz topic-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's topic IKEA">IKEA</a></span></div><h2 class="sc-e3c4bc02-2 jVKXyH title-link-wrapper"><a href="https://fortune.com/europe/2024/11/28/ikea-profits-ingka-trump-tariff/" target="_self" class="sc-93594058-0 fowfrQ title-link styled-custom-link " data-cy="postTitle" aria-label="Go to full article Ikea profits down nearly 50% as fears of Trump tariff threats spook the Swedish retailer">Ikea profits down nearly 50% as fears of Trump tariff threats spook the Swedish retailer</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/prarthana-prakash/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to Prarthana Prakash author's page">Prarthana Prakash</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt=""We have to make sure that the future of cars will continue to be made in Europe", Ursula von der Leyen said." loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 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styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's section Retail">Retail</a></span><span class="sc-2f1a523b-1 bELjCH hyphen" aria-hidden="true"> <!-- -->-<!-- --> </span><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/tag/auto/" target="_self" class="sc-93594058-0 bDVrCz topic-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's topic Autos">Autos</a></span></div><h2 class="sc-e3c4bc02-2 jVKXyH title-link-wrapper"><a href="https://fortune.com/europe/2024/11/28/eu-chief-help-europes-troubled-car-industry-jobs/" target="_self" class="sc-93594058-0 fowfrQ title-link styled-custom-link " data-cy="postTitle" aria-label="Go to full article EU chief launches a ‘personal’ initiative to help Europe’s troubled car industry on which millions of jobs rely">EU chief launches a ‘personal’ initiative to help Europe’s troubled car industry on which millions of jobs rely</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/afp/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " data-cy="by-line-author" rel="author" aria-label="Go to AFP author's page">AFP</a></span></div><time data-cy="postDate" class="sc-e3c4bc02-3 jhrdrf date"></time></div></div></div></li><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="It has been a lucrative formula, with Marchant boasting recently that the retailer had hit the billion-pound ($1.3 billion) profit figure for the first time." loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" 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aria-label="Go to full article Despite criticism around workers’ rights, Primark boss defends the budget fashion chain’s model that led to its first-ever billion-pound profit">Despite criticism around workers’ rights, Primark boss defends the budget fashion chain’s model that led to its first-ever billion-pound profit</a></h2><div data-cy="postAuthors" class="sc-2f1a523b-0 biIOBr card-info-wrapper"><div class="sc-cc7d6b4a-0 lNYKf author-list"><span class="sc-cc7d6b4a-2 gYLbUA by-text">BY</span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/ornella-lamberti/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " aria-label="Go to Ornella Lamberti author's page">Ornella Lamberti</a></span><span class="sc-cc7d6b4a-4 iXmUiL list-item-seperator"> and </span><span class="sc-cc7d6b4a-3 jdpmmF list-item-wrapper"><a href="https://fortune.com/author/afp/" target="_self" class="sc-93594058-0 caCSpL styled-custom-link " aria-label="Go to AFP 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It's time to reclaim that space.","eyebrowSectionLabel":"Commentary","eyebrowSectionLink":"/section/commentary","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-101745121-e1732577284426.jpg"},"title":"Steve Jobs thought devices would become ‘a bicycle for the mind’—but their effect on our brains is similar to that of smoking and junk food","titleLink":"https://fortune.com/article/steve-jobs-tech-effect-brains-smoking-junk-food-bicycle-for-mind-royce-banning-apple/?itm_source=parsely-api"},{"authors":[{"name":"Paolo Confino","uri":"/author/paolo-confino","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/paolo-confino/"}],"contentType":null,"date":"2024-11-26T09:02:00","dateFormatted":"November 26, 2024","dateGMT":"2024-11-26T09:02:00","dateGMTFormatted":"November 26, 2024","dateUpdated":"2024-11-26T10:35:45","dateUpdatedFormatted":"November 26, 2024","dateUpdatedGMT":"2024-11-26T15:35:45","dateUpdatedGMTFormatted":"November 26, 2024","excerpt":"Gronk made the investment when he was just 25 years old and “didn’t know how stocks work.” It has more than tripled in value.","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1674398282-e1732578046583.jpg"},"title":"NFL legend Rob Gronkowski’s best-ever investment: $69,000 worth of Apple stock he bought on advice from his contractor","titleLink":"https://fortune.com/2024/11/26/rob-gronkowski-net-worth-apple-stock/?itm_source=parsely-api"}],"subdomain":"europe","footer":{"footerDisclaimer":"\u003cp\u003e© 2024 Fortune Media IP Limited. 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Inclusion","url":"https://fortune.com/workplace/diversity-inclusion"},{"__typename":"MenuItem","label":"Terms and Conditions","url":"/terms-of-use/"},{"__typename":"MenuItem","label":"Site Map","url":"/sitemap/"}],"name":"Footer About 1"}],"socialList":[{"type":"facebook","url":"https://www.facebook.com/FortuneMagazine/"},{"type":"twitter","url":"https://twitter.com/FortuneMagazine/"},{"type":"linkedin","url":"https://www.linkedin.com/company/fortune-magazine/"},{"type":"instagram","url":"https://www.instagram.com/fortunemag/"},{"type":"pinterest","url":"https://www.pinterest.com/fortunemagazine/"}]},"article":{"adTags":[],"audienceDek":"\"The consumer must be able to buy our products. We need to act there,\" said Nestlé’s chairman Paul Bulcke.","authorNames":["Prarthana Prakash"],"authors":[{"email":"prarthana.prakash@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/06/Prakash.jpg?w=150","name":"Prarthana Prakash","sameAs":"","type":"Person","uri":"/author/prarthana-prakash/","url":"https://fortune.com/author/prarthana-prakash/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/prarthanaprakash/","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Retail","content":"\u003cp\u003eUnrelenting inflation in the aftermath of the pandemic forced consumer companies like Nestlé to hike prices. But the Swiss company may have gone too far.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eNestlé has already started to course-correct, having cut marketing and advertising expenses to control costs during the high inflation period. But the consumer giant’s chairman believes more needs to be done. \u003c/p\u003e\n\n\n\n\u003cp\u003ePaul Bulcke told Swiss media that the company must do something to lure shoppers back to its brand. Consumers have turned away from Nestlé’s higher costs, hurting its market share. \u003c/p\u003e\n\n\n\n\u003cp\u003e“That had an influence on sales,” Bulcke said in an interview with Swiss television channel TeleZüri on Tuesday, reported \u003ca href=\"https://www.reuters.com/business/retail-consumer/nestle-chairman-sees-need-action-product-prices-2024-11-26/\"\u003eby Reuters\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe company may have saddled more of the price burden on consumers than they could bear amid the soaring cost of living. \u003c/p\u003e\n\n\n\n\u003cp\u003e“Perhaps we went a bit too far with prices. That needs to be rolled back. The consumer must be able to buy our products. We need to act there,” he said.\u003c/p\u003e\n\n\n\n\u003cp\u003eRepresentatives at Nestlé declined \u003cem\u003eFortune\u003c/em\u003e’s request for further comment. \u003c/p\u003e\n\n\n\n\u003cp\u003eHis comments come just days after Nestlé’s new CEO, Laurent Freixe, announced a turnaround plan that includes \u003ca href=\"https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/\"\u003e$2.8 billion\u003c/a\u003e in cost cuts and the spinoff of its underperforming units. \u003c/p\u003e\n\n\n\n\u003cp\u003e“Nestlé has reduced investment over the last years in the area of generating demand, which is not the best idea to drive growth and market shares. This is changing,” Freixe told investors last week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNestlé lowered its \u003ca href=\"https://fortune.com/europe/2024/10/17/nestle-cuts-sales-top-leadership-overhaul/\"\u003esales outlook\u003c/a\u003e in July and then again in October as consumer demand remained weak owing to harsh macroeconomic conditions. The maker of Nescafé and KitKat jacked up prices \u003ca href=\"https://www.cnbc.com/2023/04/25/nestle-says-its-raised-prices-by-10percent-this-quarter.html\"\u003eseveral times\u003c/a\u003e during the pandemic. Geopolitical factors, such as the war in the Middle East, have also hit Nestlé’s traction. \u003c/p\u003e\n\n\n\n\u003cp\u003eUnder Freixe’s leadership, Nestlé now plans to refocus on its “\u003ca href=\"https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/\"\u003ebillionaire\u003c/a\u003e” brands to propel it back to its old glory. \u003c/p\u003e\n\n\n\n\u003cp\u003eDuring the pandemic, consumer companies like PepsiCo and Nestlé came under fire for unprecedented \u003ca href=\"https://fortune.com/europe/2023/12/08/greedflation-study/\"\u003eprice increases\u003c/a\u003e—even if it was to cope with higher costs and supply-chain complications—pushing shoppers to spend more on essential goods. \u003c/p\u003e\n\n\n\n\u003cp\u003eAfter nearly three years of rapid successive price hikes, consumer goods behemoths have been trying to pull shoppers in once again.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTo be sure, Nestlé’s rivals have faced the same pains. Unilever, for instance, hasn’t been able to win back consumers, as more of them are budget-conscious now and opt for the best deal rather than the brand they’ve historically been loyal to. The British company has regained some of its lost sales volumes, however, while Nestlé has trailed behind. \u003c/p\u003e\n\n\n\n\u003cp\u003eNestlé\u0026#8217;s sales shrunk by 2.4% in the first nine months of 2024, following a similar trend during the previous quarters. Meanwhile, Unilever, which makes Dove soap and Knorr soup, reported growth in sales for every quarter so far this year. \u003c/p\u003e\n\n\n\n\u003cp\u003e“There is value-seeking behavior among consumers. There is pressure, especially at the low-income range,” Nestlé’s former CEO Mark Schneider, who was ousted in August, said on a call \u003ca href=\"https://www.reuters.com/business/retail-consumer/nestle-misses-first-half-organic-sales-estimates-lowers-full-year-guidance-2024-07-25/\"\u003ein July\u003c/a\u003e.\u003c/p\u003e\u003c/div\u003e","databaseId":4082583,"dateGmt":"2024-11-27T11:54:09","dek":"","description":"\"The consumer must be able to buy our products. 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We need to act there,\" said Nestlé’s chairman Paul Bulcke.","socialTitle":"Nestlé's price rises went ‘too far’ with burdening consumers and ultimately turning them away, chairman admits","stickyCta":null,"tagNames":["consumer goods","Cost of living","Editor's Picks","Europe","Fortune 500 Europe","inflation","Nestle","retail"],"tags":[{"name":"consumer goods","tagId":298009,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Cost of living","tagId":232242,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Editor's Picks","tagId":447851104,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Europe","tagId":447824814,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Fortune 500 Europe","tagId":447865585,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"inflation","tagId":161717,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Nestle","tagId":105299,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"retail","tagId":13879,"__typename":"BrandedArticleClassificationTagFieldsFields"}],"templateType":"default","thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1088242482-e1732708060284.jpg","title":"Nestlé’s price rises went ‘too far,’ burdening consumers and ultimately turning them away, chairman admits","topicNames":[],"topics":[],"url":"https://fortune.com/europe/2024/11/27/nestles-price-rises-went-too-far-burdening-consumers-and-ultimately-turning-them-away-chairman-admits/","videoId":null,"widgetCss":null},"articleData":{"adTags":[],"audienceDek":"\"The consumer must be able to buy our products. We need to act there,\" said Nestlé’s chairman Paul Bulcke.","authorNames":["Prarthana Prakash"],"authors":[{"email":"prarthana.prakash@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/06/Prakash.jpg?w=150","name":"Prarthana Prakash","sameAs":"","type":"Person","uri":"/author/prarthana-prakash/","url":"https://fortune.com/author/prarthana-prakash/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/prarthanaprakash/","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Retail","content":"\u003cp\u003eUnrelenting inflation in the aftermath of the pandemic forced consumer companies like Nestlé to hike prices. But the Swiss company may have gone too far.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eNestlé has already started to course-correct, having cut marketing and advertising expenses to control costs during the high inflation period. But the consumer giant’s chairman believes more needs to be done. \u003c/p\u003e\n\n\n\n\u003cp\u003ePaul Bulcke told Swiss media that the company must do something to lure shoppers back to its brand. Consumers have turned away from Nestlé’s higher costs, hurting its market share. \u003c/p\u003e\n\n\n\n\u003cp\u003e“That had an influence on sales,” Bulcke said in an interview with Swiss television channel TeleZüri on Tuesday, reported \u003ca href=\"https://www.reuters.com/business/retail-consumer/nestle-chairman-sees-need-action-product-prices-2024-11-26/\"\u003eby Reuters\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe company may have saddled more of the price burden on consumers than they could bear amid the soaring cost of living. \u003c/p\u003e\n\n\n\n\u003cp\u003e“Perhaps we went a bit too far with prices. That needs to be rolled back. The consumer must be able to buy our products. We need to act there,” he said.\u003c/p\u003e\n\n\n\n\u003cp\u003eRepresentatives at Nestlé declined \u003cem\u003eFortune\u003c/em\u003e’s request for further comment. \u003c/p\u003e\n\n\n\n\u003cp\u003eHis comments come just days after Nestlé’s new CEO, Laurent Freixe, announced a turnaround plan that includes \u003ca href=\"https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/\"\u003e$2.8 billion\u003c/a\u003e in cost cuts and the spinoff of its underperforming units. \u003c/p\u003e\n\n\n\n\u003cp\u003e“Nestlé has reduced investment over the last years in the area of generating demand, which is not the best idea to drive growth and market shares. This is changing,” Freixe told investors last week.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eNestlé lowered its \u003ca href=\"https://fortune.com/europe/2024/10/17/nestle-cuts-sales-top-leadership-overhaul/\"\u003esales outlook\u003c/a\u003e in July and then again in October as consumer demand remained weak owing to harsh macroeconomic conditions. The maker of Nescafé and KitKat jacked up prices \u003ca href=\"https://www.cnbc.com/2023/04/25/nestle-says-its-raised-prices-by-10percent-this-quarter.html\"\u003eseveral times\u003c/a\u003e during the pandemic. Geopolitical factors, such as the war in the Middle East, have also hit Nestlé’s traction. \u003c/p\u003e\n\n\n\n\u003cp\u003eUnder Freixe’s leadership, Nestlé now plans to refocus on its “\u003ca href=\"https://fortune.com/europe/2024/11/19/nestle-brands-nespresso-kit-kat-cost-cutting/\"\u003ebillionaire\u003c/a\u003e” brands to propel it back to its old glory. \u003c/p\u003e\n\n\n\n\u003cp\u003eDuring the pandemic, consumer companies like PepsiCo and Nestlé came under fire for unprecedented \u003ca href=\"https://fortune.com/europe/2023/12/08/greedflation-study/\"\u003eprice increases\u003c/a\u003e—even if it was to cope with higher costs and supply-chain complications—pushing shoppers to spend more on essential goods. \u003c/p\u003e\n\n\n\n\u003cp\u003eAfter nearly three years of rapid successive price hikes, consumer goods behemoths have been trying to pull shoppers in once again.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eTo be sure, Nestlé’s rivals have faced the same pains. Unilever, for instance, hasn’t been able to win back consumers, as more of them are budget-conscious now and opt for the best deal rather than the brand they’ve historically been loyal to. The British company has regained some of its lost sales volumes, however, while Nestlé has trailed behind. \u003c/p\u003e\n\n\n\n\u003cp\u003eNestlé\u0026#8217;s sales shrunk by 2.4% in the first nine months of 2024, following a similar trend during the previous quarters. Meanwhile, Unilever, which makes Dove soap and Knorr soup, reported growth in sales for every quarter so far this year. \u003c/p\u003e\n\n\n\n\u003cp\u003e“There is value-seeking behavior among consumers. There is pressure, especially at the low-income range,” Nestlé’s former CEO Mark Schneider, who was ousted in August, said on a call \u003ca href=\"https://www.reuters.com/business/retail-consumer/nestle-misses-first-half-organic-sales-estimates-lowers-full-year-guidance-2024-07-25/\"\u003ein July\u003c/a\u003e.\u003c/p\u003e\u003c/div\u003e","databaseId":4082583,"dateGmt":"2024-11-27T11:54:09","dek":"","description":"\"The consumer must be able to buy our products. 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