Desperate to remain relevant, companies that once dominated store shelves are now transitioning from trend-setters to trend-followers amid diminishing market shares and changing consumer tastes, Axios reports.
The challenges facing legacy brands like Oscar Mayer, Campbell’s, Clairol and CoverGirl reflect game-changing shifts, forcing them to keep up with their upstart competitors by introducing more modern product lines, like ones with plant-based ingredients.
A couple of examples: Coty, which owns the Clairol and CoverGirl makeup brands, is reportedly exploring a stake in Kylie Cosmetics. Meanwhile, slumping sales of General Mills’ cereal, yogurt and snack products have pushed the company to purchase Blue Buffalo, buying into the high-end organic pet food craze.
But are the efforts of these iconic Amercian companies all in vain?
“The tough thing about these products is they are really hard to improve on,” Carol Phillips, founder of the Brand Amplitude consulting firm, told Axios. “About the only thing you can do is change the package.”