Kimberly-Clark Unwavering in Its Commitment to Brand Investment to Withstand Macro Pressures

Like peers, narrow-moat Kimberly-Clark has been inundated by a slew of challenges, including a tepid economic environment and elevated cost pressures. In this context, management has been forthright that its market share has lagged, and consumers are increasingly trading down to lower-priced options in select categories to preserve cash. We think this could prompt a step-up in promotions across its categories—now that industrywide supply/demand imbalances have largely been put to rest.