Fighting for the next billion shoppers

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A TRIP to Paris is not usually a miserable way to celebrate your birthday, but so it was this year for Bob McDonald. On June 20th, as he turned 59, the chief executive of Procter & Gamble (P&G) for the past three years gave a faltering and apologetic speech at a conference there hosted by Deutsche Bank, in which he predicted lower-than-expected profits in the coming quarter for the world’s largest maker of household and personal-care products, and confessed to deep-seated problems at his firm both in innovation and the broader execution of its strategy…

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