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This Case was written by Thadamalla J, Sharma N, Girija P and Dadhwal V, IBS Research Center. It is intended to be used as the basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. The case was compiled from published sources. 2009, IBS Research Center. No part of this publication may be copied, stored, transmitted, reproduced or distributed in any form or medium whatsoever without the permission of the copyright owner.

Hindustan Unilever Limiteds Rexona: Repositioning Rexona Deodorant

Unilevers INR 55 billion ($1.36 billion) brand Rexona, internationally spans across 90 markets worldwide commanding 14.5% share of the global deodorant market.1 In India, as one of pioneer brands of Hindustan Unilever Limited (HUL), Rexona was worth INR 1.78 billion in 2006.2 With an annual growth rate of 28%3, Rexona constitutes a core brand in HULs brand portfolio. HULs Rexona, as a soap brand constantly improved to keep up with the expectations of the Indian consumers. As a deodorant brand though Rexona created a new category in the personal care segment in India, it failed to win over the consumers. Traditionally body odour was hardly taken seriously in India, the consumers were highly accustomed to perfumed soaps and talcum powders to fight body odours. The deodorants at large were seen as smell-good, perfume-like products. The hot weather conditions in India presented ideal market opportunities to the deodorants, yet none of the major manufacturers attempted to explore the market. Until the Rexona deodorant was launched in 1995, the market for deodorants in India was virtually non-existent. HUL faced an uphill task of changing consumer perception towards its Rexona deodorant. HUL had been striving hard to position its deodorant brand across mass markets in India, where consumer possessed a different set of perception for this product. In 2007, HUL decided to reposition Rexona deodorant from fragrant deodorant to an antiperspirant for body odour by introducing the roll-on formats. But analysts are skeptical if Rexona can change the consumers perception towards deodorants and gain a wider market. Household and Personal Care Industry in India A Competitive Landscape Indias fast moving consumer goods (FMCG) sector has been the fourth largest sector in the economy.4 The Indian FMCG industry grew by 22% in 2006, with food (43%) and personal care (22%) segments being the largest contributors to the total sales.5 The total FMCG market is estimated to be over $17.36 billion and is expected to reach $33.4 billion in 2015.6 The household and personal care (HPC) industry in India comprised fabric wash, personal wash, hair care, oral care, skin cosmetics, color cosmetics, mens toiletries and fragrances. The HPC industry is divided into two segments premium segment and popular segment. The popular segment catered to masses both in urban and rural markets. While the mass-market products including essential bath and shower products and oral hygiene accounted for the bulk of value sales, premium products were restricted to the upper middle classes and niche high-income consumers. Urbanisation, a

1 Kapoor Priya, On a Roll, Pitch, April 2007, pages 36-37 2 Ibid. 3 Ibid. 4 Consumer Markets, http://www.ibef.org/artdisplay.aspx?cat_id=114&art_id=17305, December 4th 2007 5 Ibid. 6 Ibid.

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combination of changing lifestyles, higher disposable income, greater product awareness, and affordable pricing had been instrumental in driving the growth across HPC industry in India (Annexure I). In India, among the FMCG companies, Hindustan Unilever Limited (HUL) was the first company to introduce branded FMCG in India. Besides HUL, the other major FMCG players in the personal care industry in India were Procter&Gamble (P&G)7, Colgate-Palmolive8, Reckitt Benckiser9, Godrej Consumer Products10 and Nirma11. Over a period of time, HUL emerged as Indias largest fast moving consumer goods company.12 A number of prominent brands came into the HULs fold as a result of its parent company, Unilevers strategy to acquire international brands (Annexure II). The business portfolio of HUL comprised five segments soaps, detergents and household care, personal products, foods, chemical agrifertilisers and animal feeds, and others. While soaps, detergents and household care accounted for 47% of HULs total sales, personal care products emerged as the second largest segment for HUL in 2006.The segment accounted for 29% of the total sales (Annexure III). 13 The sales in the soaps and detergents segment which included fabric wash, dish wash and personal wash grew by 12.9%. In the personal products segment comprising hair care, skin care, color cosmetics, toothpaste and deodorants, sales grew by 15.7%.14 HUL successfully emerged as a market leader across almost all the major product categories in the Indian personal care industry (Exhibit I). But, HUL has been struggling to capture the rapidly growing deodorant market in India.

7 Procter & Gamble Company is a Fortune 500, American global corporation based in Cincinnati, Ohio, that manufactures a wide range of consumer goods. In 2007, P&G was the 25th largest US Company by revenue, 18th largest by profit, and 10th in Fortune's Most Admired Companies list. 8 Colgate-Palmolive Company is a US diversified multinational corporation focused on the production, distribution and provision of household, health care and personal products, such as soaps, detergents, and oral hygiene products. 9 Reckitt Benckiser Plc., is one of the worlds leading manufacturers of cleaning products. It has operations in more than 60 countries and sells its products in more than 180 countries. 10 The Godrej Group was established in 1897 and has since grown into a $1.875 billion conglomerate with a workforce of 18,000. 11 Nirma is a group of companies based in the city of Ahmedabad in western India manufacturing products ranging from cosmetics, soaps, detergents and salt. Karsanbhai Patel, a well-known businessman, industrialist and philanthropist of Gujarat, started Nirma as a one-man operation. 12 About Us, http://www.hll.com/knowus/present_stature.asp 13 Reports and Annual Accounts 2006, http://www.hll.com/mediacentre/annualreport2006.pdf, 2006 14 Ibid.

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Exhibit I HULs Market Leadership

Source: Srinivasan S., Hindustan Unilever Limited, http://www.hll.com/investor/presentation/2008/IR_presentation_MS_08.pdf, February 14th 2008 The dynamics of Indian deodorant market had been fast changing. While domestic deodorant brands were struggling, the entry of foreign players significantly changed the market scenario. While most of the chemist stores started stocking foreign brands like Brut, Fa (both national and international versions), Cigar, Charlie and others priced in the range of INR 100-INR 200, the up-market retailers started displaying brands like Boucheron, Avon, Burberrys, Adidas, Nivea, Joan, One Mans Show, Haloween at prices ranging between INR 150 to INR 990. HUL owned two global deodorant brands Axe and Rexona. Axe, which was launched in 1999, emerged as the largest selling deodorant brand in India, with market share of over 30%.15 However, HULs Rexona brand had been facing major challenges in penetrating into the Indian deodorant market. Rexona, worlds largest deodorant brand in sales and market shares had been a market leader across more than half the world16 (Annexure IV). Though Rexona had been one of the pioneer brands in Indian soaps and deodorant market, it struggled to establish itself in the wake of complex market dynamics (Annexure V). Rexona: Evolution as a Deodorant Brand Rexona soap was launched in India in 1947. It was positioned as natural skin care soap. Initially with its premium quality and good market communication, the brand was well received by the Indian consumers. In 1989, the brand came out with a coconut-based ingredient which was different from other fragrant soaps. But the soap could not leverage on its brand image and lost its market in the wake of increasing competition. Though, globally Rexona was known as an anti-perspirant brand, in India, it was primarily known as a soap brand. In 1995, leveraging upon Rexonas brand image, HUL decided to launch Rexona deodorant in the Indian market. 15 Challapalli Sravanthi, Set to smell success, http://www.thehindubusinessline.com/catalyst/2007/06/21/stories/2007062150220300.htm, June 21st 2007 16 What makes Rexona tick?, http://www.unilever.com/ourbrands/personalcare/Rexona.asp?linkid=dropdown

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Till 1995, deodorant market was virtually non-existent in India. Although some international brands like Fa which was marketed by Chennai-based Henkel Spic and Baccarose cosmetics brands, Copper and Chromium were available, the market in India was still in the nascent stage. The Indian deodorant market was highly under developed and under penetrated. Though the hot weather conditions presented a lucrative market to the deodorant marketers, the consumer perception for deodorants posed a major challenge. In India, the deodorants were largely perceived as smell-good, perfume-like products. The consumers were used to fragrance-based soaps. To position its product in this category was a critical challenge for HUL. According to Viral Oza, Marketing Manager (Personal Products), HUL, There was no awareness of this category of products earlier. The only stuff that existed in the organised fragrances category was the traditional attars and the local perfumes.17

The existing marketers mainly targeted the urban segments that understood the deodorants advantages over the traditional soap-talc combinations. These marketers targeted their products at those market segments which were well aware about the use and properties of deodorants. The majority of the mass markets still perceived deodorants as perfumes which posed a major challenge for HUL. B. Nandakumar, President (Marketing & Sales), CavinKare18, explained, There was a lot of confusion over the use of deodorants vis-a-vis perfume. Talcum powder has played the same role with its multiple benefit deliveries. There is a perceived value for money issue vis-a-vis talcs. There aren't enough large players with money and imagination to educate and attract consumers. Marketing to enhance appeal of the category did also not back it and awareness, hence, was tardy at best.19

Besides positioning its product, HUL had the major task of changing consumers frame of reference for the category itself. So far, the marketing for existing deodorant brands kept focusing on the fragrance factor and consumers at large considered deodorant sprays as a cheaper form of perfumes. As the spray form was largely popular for their smell good, perfume-like attributes, HUL extended Rexona deodorant in stick and roll-on versions to emphasise the difference between deodorants and perfumes. The new formats strategically positioned Rexona on the functional basis as the roll-on versions and contact sticks had body odour fighting properties and the effects lasted much longer than the spray deodorants. With this, HUL intended to create a new customer base of first time users in the mass markets. HUL introduced the Rexona deodorant at an attractive price that was significantly below the competition. While the 20 gm push-up stick was priced at an affordable INR 21, the roll-on was priced at INR 35 for 40ml. Though sticks and roll-ons were more expensive than aerosols, these made attractive propositions for trial usage. As the awareness level on the need to use a deodorant was lower than 10%, the company started spreading awareness about the usage of deodorants.20 Shrijeet Mishra, Business Head, deodorants and talcs, HUL, commented, Consumers believed that body odour was the other persons problem.21 While HUL had to change consumer perception for deodorants, HUL faced another challenge to draw markets attention towards body odour as traditionally, body odour was not considered as serious issue in India.

17 Sravanthi Challapalli, By the sweat of their brow, http://www.hinduonnet.com/businessline/catalyst/2001/05/24/stories/1924f05a.htm, May 24th 2001 18 CavinKare is the Chennai-based beauty products company which owns the Spinz brand. 19By the sweat of their brow, op.cit. 20 The Scent of The Business, http://www.magindia.com/manarch/news/man401.html, May 30th 2001 21 Ibid.

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To bring in awareness about body odour, HUL focussed upon the brand communication which talked about the rational benefits of the product. The tagline for communication was har pal sath nibhaye (with you every moment). The advertising campaigns were designed to position the Rexona deodorant as a protection product against body odour. The first television advertisement showed a lady sneaking up behind a small boy and clasping her hands over his eyes. The small boy was shown guessing her to be Shilpa Aunty, only because of her body odour. The second commercial depicted a concious boss who overhears his junior wanting to buy a deo for him as a gift. Another advertisement showed a young girl who gets embarrassed on overhearing her colleagues talking about her body odour problem. The campaigns successfully drew a lot of attention towards body odour problems. The Rexona deodorant started playing an important role in building this category and created a new demand for the market.

The roll-on and contact sticks formats for Rexona deodorant did pose another test for HUL. While these versions of deodorants were largely seen as highly personal products, these were also perceived to be sticky. As more than one person in the family could use the spray formats, the spray forms got more popular as family products. In 1997, HUL relaunched Rexona in aerosol cans and priced the product at INR 65 for 75ml and INR 95 for 150ml. In 1998, Rexona came up with two new variants; Fresh Green and Cool Blue which were priced at INR 71 for 75 ml.22

In 1999, HUL brands together held 67.5% market share in the Indian deodorant market. While Rexona emerged as the market leader with 44.8% market share, Ponds with 17.2% and Denim with 5.5% were also growing. In 2000, HUL further penetrated into the deodorant market.23

To induce deodorant trials for first time users, HUL introduced low-unit price packs of Rexona deodorant at INR 5.50 for 5 gm which was the lowest price for a deodorant stick product in the world.24 Hemant Bakshi, HULs marketing manager said, The introduction of low-unit price packs is not a new phenomenon for HUL. By doing so in the deodorant category, we have made the product affordable to the large populace. However, as against in shampoos where a sachet is a convenient means of using a product and most sachet users remain sachet users; in deodorants we expect the consumer to upgrade to using a larger pack size after testing the INR 5.50 pack.25 The company also initiated a massive sampling exercise for the product to induce trials. In 2001, the deodorant market in India was worth INR 750 million ($15.54 million). HUL was the market leader with 70% market share. Rexona brand accounted for 39% market. While HULs Axe held 20% of the market, Denim and Impulse both held the remaining 11%. The main competitors for HUL; Fa accounted for 6% of the market and Gillette held 4%-5%.26 The deodorant market had been growing but penetration levels for deodorants were still low at 0.5% with hardly five million users in India using deodorants.27 Consumers could not distinguish between body sprays, antiperspirant and perfumes. In an attempt to address to Rexona brands core values, HUL launched International Rexona 24 HR Intensive, which was positioned as round-the-clock protection product. The new deodorant was available in two variants; Rexona Activa and Rexona Gradual. It was available in aerosol cans as well as contact sticks in different sizes (Annexure VI). The 75ml and 150 ml packs were

22 Ibid. 23 Singh Namrata, HLL pushes Rexona deo in 5gm pack to induce trials, http://www.expressindia.com/news/fe/daily/20000119/fst19089.html, January 19th 2000 24 Ibid. 25 Ibid. 26 The scent of the business, op.cit. 27 HLL pushes Rexona deo in 5gm pack to induce trails, op.cit.

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competitively priced at INR 75 and INR 110 respectively. The deodorant sticks sold for INR 25 (for 20 gm) and INR 8 (for 5 gm). Fa was priced at INR 90 for a can of 125 ml and Gillettes range of deodorant sprays in four variants Wild Rain, Cool Wave, Pacific Light and Arctic Ice were available at INR 195 for 150 ml. HULs own brands; Axe and Denim which were aimed at men were priced at INR 120 for 150 ml, and INR 110 for 150 ml respectively.28 For its intensive range, a 40-second television commercial was created which talked about the 24 hour protection and the baseline reinforced the brands value platform with a tagline Tan ki durgandh... bandh (a full stop to body odour). Even the posters and the press advertising focused on the 24 hour efficacy of the brand at length. Deodorant market in India which initially comprised the urban elite was fast changing. The trends like growing incomes, changing attitudes, increased exposure to international lifestyles and increased consumers awareness initiated growth in the deodorant market in India. With brands deciding to come out with affordable variants of deodorants, the deodorant got popular also across mid-segment. But still the deodorant related products remained popular largely in urban areas. The rural market remained highly under penetrated. Parmit Chadha, CEO of Chennai-based Paradigm Management Knowhow Pvt Ltd, a market research company explained, It is more of a cultural thing. Body odour was perceived not to be a problem at all as traditionally, Indians bathed more than once a day and their clothing was loose. Further, talcs filled that gap. Imported deos and anti-perspirants were quite horrendously priced, and in the case of some brands, there was 100 per cent excise duty on alcohol-based products. Even today, the prices of deos from foreign companies such as Avon and Amway are quite high.29 The dominance of foreign brands in Indian deodorant market was unsettling Rexonas position in the market. In 2004, HULs market share declined to 62% from 70% in 2001. HULs Axe overtook Rexona with a 26% market share. Rexonas market share decreased to 24.4%.30 In response to the increasing competition, Rexona deodorant introduced a new variant in order to evade competitors from entering the category it created. Rexona introduced a new variant, New Rexona Free Spirit an antiperspirant deodorant that was designed specially for women. The product was launched with a hot air balloon event and international model Juliana Rogatti Lima was featured in Free Spirit campaigns. Rexona Free Spirit had a fresh floral feminine fragrance that had specially been used to reinforce and reflect the free spirited image. The fragrance was combined with Rexonas antiperspirant formula to give a superior protection from underarm sweat and body odour. Rexona Free Spirit which was available in 75ml and 150ml aerosols packs were priced at INR 75 and INR 125 respectively.31

Though roll-ons were more effective against body odour, sprays remained the preferred mode of usage. Ranju Mohan, vice president (Sales), Henkel India said, The organised market in deodorants is estimated at INR 125 crores. Sprays account for 95% of the business. This is because people think of deodorant as a fragrance.32 Despite HULs focus on spray forms, in 2006, its market share was on a decline and further decreased to 58%33. Rexona deodorant was positioned as a unisex brand with the baseline Wont let you down. The Rexona brand had been 28 Ibid. 29 By the sweat of their brow, op.cit. 30 Rexona launches Free Spirit antiperspirant deo for women, http://www.exchange4media.com/trend/trend_FullStory.asp?news_id=13761, October 15th 2004 31 Rexona launches Free Spirit antiperspirant deo for women, op.cit. 32 Sravanthi Challapalli, Deos Need Underarm Tactics to Grow, http://www.thehindubusinessline.com/2006/06/01/stories/2006060103031200.htm, June 1st 2006 33 Ibid.

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unable to beat stiff competition by foreign deodorant sprays despite its relatively low price point at INR 30. Rexona deodorant spray was priced at INR 70 against other deodorant sprays in the market which were priced between INR 100 and INR 150. As Rexona soap was made available only in India, Rexona deodorant was being perceived as an Indian brand. Rexona deodorants association with the Rexona soap and its low-pricing strategy posed major problems for HUL in positioning its product against foreign brands.

While HULs Axe became the largest selling deodorant brand in India, Rexona still struggled to position itself in the mass market. Rexonas international brand image of an anti-perspirant was still missing in India. The traditional perception for deodorants posed a major hurdle for Rexona. HUL, in an attempt to change consumers frame of reference for its deodorant brand, decided to reposition Rexona brand as a body odour protector by focusing on the roll-on format. Rexonas roll-on deodorant was available in two variants for both men and women; Free Spirit for women and Ice Cool for men. Repositioning Rexona: A Strategic Response In 2007, HUL came up with a plan named the 30-20-10 plan for Rexona brand. According to Lakme Levers vice president, Anil Chopra (Chopra), We intend to make Rexona a 30 million euro brand, which is about INR 150 crore. Currently there are only 3.5 million deodorants users in the country; it is our objective to generate 20 million users, which will help us achieve our financial target. The last lap is reaching the 10 mark, by which we mean that we need this to happen by 2010.34 HUL decided to reposition the brand to capture the consumers mindspace. HUL strongly believed that the very essence of brand was ambiguous in the market. While HUL had a major challenge of re-positioning Rexona as a basic hygiene product, the consumer awareness for the roll-on formats and its usage posed another obstacle for HUL. With only 8%35 of the urban consumers using deodorants as a basic hygiene product, the market was still highly under-penetrated. FMCG major has also changed the positioning of the product from a "fragrance category" to health and hygiene. A larger awareness needs to be built around the roll on deo product as against the aerosol sprays. Rexona has decided to look at the health and hygiene category instead of limiting itself to merely a smell good product,36 said Lakme Lever, vice president, Anil Chopra (Chopra). HUL launched a major marketing drive to communicate the brand essence. As confusion about the use of a spray form continued prevailing across mass segments, Rexona decided to focus on roll-on formats. The company had a major task of not only repositioning the brands core values but also changing the customers frame of reference for roll-on formats on functional basis for its Rexona deodorants. The biggest change that has happened at Rexona is at the product level. For the initial 10 years, the product was in a spray form. There is a lot of confusion about the use of a spray form in the country, where people automatically assume it is a smell-good, perfume-like product. The confusion was whether the product was offered to make him smell good, or whether the product was offered to protect him agianst body odour. It is this significant change in the positioning and

34 On a Roll, op.cit. 35 Ibid. 36 Rexona deo ropes in Preity Zinta as brand ambassador, http://www.indiantelevision.com/mam/headlines/y2k7/feb/febmam79.htm, February 27th 2007

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that is why we have got into a rollon format. The idea is to make the shift from a nice smelling product to a protection product. That has really been the big shift for us,37 explained Chopra. To enhance its brand image, the company signed Bollywood actress Preity Zinta as the brand ambassador for the new Be ready campaigns for Rexona roll-on deodorant. While Preity Zinta lent a positive image to the product, the company is also planning for a 360-degree marketing campaign. HUL is coming up with an elaborative marketing plan including public relations, radio, SMS, on ground sampling, the print media, in shop sales and television to propagate its message. According to HULs deodorant marketing manager Shubhranshu Singh, Apart from the television commercial featuring Preity, the campaign will involve on ground activity like direct sampling and a contest which allows a lucky winner to enjoy a movie date with Preity.38 To reach its target segment, HUL intends to market its deodorant in the malls rather than selling them in small local shops. Across all the household and personal care categories, deodorant market was the least penetrated market. (Exhibit II).

Exhibit II

Penetration Rate* (%) of Various Household and Personal Care Products in 2007 Category All India % Urban % Rural % Deodorants 2.1 5.5 0.6 Toothpaste 48.6 74.9 37.6 Skin Cream 22.0 31.5 17.8 Shampoo 38.0 52.1 31.9 Utensil Cleaner 28.0 59.9 14.6 Instant Coffee 6.6 15.5 2.8 Washing Powder 86.1 90.7 84.1 Detergent Bar 88.6 91.4 87.4 Toilet Soap 91.5 97.4 88.9 *Penetration numbers based on study conducted by Indian Readership Survey, on a sample size of ~250,000 based on usage in 6 months Source: Srinivasan S., Hindustan Unilever Limited, http://www.hll.com/investor/presentation/2008/IR_presentation_MS_08.pdf, February 14th 2008 In 2007, there were around 3.5 million deodorants users in India. While urban consumer generated majority of deodorant sales, only 8% of the urban consumers used deodorant as a basic hygiene product.39 According to Sudarshan Singh, Brand Manager, Nivea India, Increasing penetration would involve a combination of increasing the products relevance by educating the consumer and by giving them low unit price packs to enable them to enter the category. Currently, deos and even anti-perspirants are used as perfumes and sprayed on the clothes rather than the body.40 Though Rexona seemed to be on the right path, changing consumers frame of reference towards the category posed the biggest challenge.

37On a Roll, op.cit. 38 Rexona deo ropes in Preity Zinta as brand ambassador, op.cit. 39 On a Roll, op.cit. 40 Set to smell success, op.cit.

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Annexure I

GDP Growth in India Since 2000

Source: Investor Presentation: Hindustan Unilever Limited, http://www.hll.com/investor/presentation/2008/IR_presentation_Isec_08.pdf, March 3rd 2008

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Annexure II

HULs Brand Portfolio Home and Personal Care

Foods

Home & Personal Care Brands Personal Wash Lux, Breeze, Dove, Lifebuoy, Liril, Pears, Hamam and

Rexona Laundry Surf Excel, Rin, Wheel Skin Care Fair & Lovely, Ponds Hair Care Sunsilk Naturals & Clinic Oral Care Pepsodent & Close-up Deodorants Axe & Rexona Colour Cosmetics Lakme Ayurvedic Personal and Health Care

Ayush

Foods Tea Brook Bond & Lipton Coffee Brook Bond Bru Foods Kissan, Annapurna, Knnor Ice Cream Kwality Walls

Compiled by the authors

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Annexure III

Performance Trends of HUL 1997-2006

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Gross Sales (INR in Crores)

8343 10215 10918 11392 11781 10952 11096 10888 11976 13035

By Segment % of Sales

Soaps, detergent and Household care

45 39 41 40 40 45 44 45 45 47

Personal products 11 16 17 17 21 22 24 26 28 29 Foods 34 35 34 37 33 30 29 27 25 22 Chemical Agri, Fertilisers and Animal Feeds

6 6 6 4 3 2 2 1 1 1

Others 4 4 2 2 3 1 1 1 1 1 EBIT as % of sales 8.8 9.5 10.7 12.3 14.0 17.6 18.4 13.4 12.3 13.1 Fixed assets turnover (times)

10.5 9.7 10.0 9.5 8.9 8.3 8.1 7.2 8.1 8.6

Working Capital Turnover (times)

68.2 45.2 58.3 - - - - - -- -

Economic value added (EVA) (INR Crores)

365 548 694 858 1080 1236 1429 887 1014 1125

E.P.S. of INR 1 2.81 3.67 4.86 5.95 7.46 8.04 8.05 5.44 6.40 8.41 D.P.S. of INR 1 1.70 2.20 2.90 3.50 5.00 5.16 5.50 5.00 5.00 6.00 P.A.T./Sales (%) 7.0 8.2 9.8 11.5 13.1 15.8 16.3 11.0 11.3 11.8 R.O.C.E. (%) 51.2 49.0 51.0 53.8 52.8 51.8 53.0 40.8 62.3 61.1 R.O.N.W (%) 46.0 48.9 50.9 52.7 53.9 48.4 82.8 57.2 61.1 68.1 Source: Reports and Annual Accounts 2006, http://www.hll.com/mediacentre/annualreport2006.pdf, 2006

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Annexure IV

Rexonas Global Sales Growth Between 1996 and 2006

Source: Rozanski Gerardo, Rexona: Deodorants model for global success, http://www.unilever.com/Images/ir_1.6_rexona_rozanski%20web_tcm13-86712.pdf, March 13th 2007

Annexure V

Rexona in Global Markets as of 2007

Source: Rozanski Gerardo, Rexona: Deodorants model for global success, http://www.unilever.com/Images/ir_1.6_rexona_rozanski%20web_tcm13-86712.pdf, March 13th 2007

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Annexure VI

Variants of Rexona Deodorant

Source: HUL to hard sell Rexona deodorant variant, http://www.hinduonnet.com/businessline/catalyst/2001/04/26/stories/1926m05d.htm, April 26th 2001

Exhibit IHULs Market LeadershipRexona: Evolution as a Deodorant Brand

Annexure IIIAnnexure V