When you are operating in as many geographical markets and product categories as Reckitt Benckiser, you cannot expect all of them to do well. The company seems to have hit a bit of a poor patch, though. The question is whether, given similarly lacklustre trading updates for the third quarter from other global consumer products groups such as Danone and Unilever, this represents a structural shift for businesses that have done well from the move towards greater prosperity in developing markets.
Rakesh Kapoor, Reckitt’s chief executive, says not. The long-term drivers are still there for the “powerbrands” on which it is focused. Reckitt’s health and hygiene products were the best performers. The fall in sterling has, of course, had an enormous effect and is