在接受CNBC-TV18记者Mangalam Maloo的独家专访时，宝洁印度公司董事总经理兼首席执行官Kumar Venkatasubramanian勾勒了公司在医疗保健、美容、美容护理和洗衣护理领域的增长机遇。他认为，高端消费者与大众市场消费者之间的鸿沟常被夸大，将即时零售视为增长良机，并表示印度正越来越早地接触到全球创新成果。
In an exclusive conversation with CNBC-TV18's Mangalam Maloo, Kumar Venkatasubramanian, managing director and CEO of P&G India, outlines the company's growth opportunities across healthcare, beauty, grooming and laundry. He argues that the divide between premium and mass-market consumers is often overstated, sees quick commerce as a growth opportunity and says India is increasingly getting access to global innovations sooner.
低收入消费者为何仍购买高端产品 Venkatasubramanian认为，购买无效产品的后果对低收入家庭可能更为严重。当一次购买对家庭有重要影响时，消费者就不太愿意冒险购买可能达不到预期效果的产品。
Why low-income consumers still buy premiumVenkatasubramanian argues that the consequences of buying an ineffective product can be greater for lower-income households. When a purchase has important implications for a family, consumers are less willing to risk buying something that does not work as expected.
他以Ariel洗衣液用于清洗外穿衣物、帮宝适纸尿裤用于保护儿童为例，说明如果产品能兑现承诺的功效，其价格就是合理的。在他看来，当消费者在所购产品中看到明确价值时，高端与大众市场产品的界限就不那么重要了。
He cites Ariel for washing clothes worn outside the home and Pampers for protecting children as examples of products that can justify their price if they deliver the promised benefits. In his view, the distinction between premium and mass-market products is less relevant when consumers see clear value in what they buy.
他对宝洁各品类的长期需求持乐观态度。更多女性接受教育并进入职场，支撑了女性卫生用品的需求；洗衣机普及率上升，为Ariel和汰渍创造了机遇。美容护理也有增长空间，许多印度男性仍在使用双面刀片，而非护肤刀片。
He is optimistic about long-term demand across P&G's categories. More women pursuing education and joining the workforce support demand for feminine hygiene products, while rising washing machine penetration creates opportunities for Ariel and Tide. Grooming also has room to grow, with many Indian men still using double-edge blades rather than guard razors.
不同品类的高端化路径各异口腔护理展示了消费者向高价值产品转移时的机遇范围。据Venkatasubramanian介绍，印度牙刷价格从20卢比到15,000卢比不等。随着收入增加，消费者越来越看重防敏感、美白等功能。
Premiumisation differs across categoriesOral care illustrates the range of opportunities as consumers move towards higher-value products. Toothbrushes in India range from ₹20 to ₹15,000, according to Venkatasubramanian. As incomes rise, consumers increasingly look for features such as sensitivity protection and whitening.
他指出，在澳大利亚，电动牙刷的销量以显著优势超过手动牙刷，这预示着印度在高端化方面还有巨大潜力。预防性医疗保健是另一个有拓展空间的领域。
He points to Australia, where electric toothbrushes outsell manual brushes by a substantial margin, as an indication of the potential for further premiumisation in India. Preventive healthcare is another area with room to expand.
Venkatasubramanian 表示，软糖形式的产品有助于降低消费者对传统药物的联想，从而让保健品更具吸引力。医疗保健提供近期增长机遇医疗保健是 Venkatasubramanian 看到具有显著近期潜力的领域之一。宝洁已在该品类推出多款产品，包括 Vicks 止咳糖浆，他将其描述为一款非药物产品，在线销售表现良好，此外还有 Steam Tabs 蒸汽片和 Vicks 药用喉糖。
Venkatasubramanian says products in gummy formats can help make supplements more appealing by reducing the association with conventional medicine. Healthcare offers near-term growth opportunitiesHealthcare is one of the areas where Venkatasubramanian sees significant near-term potential. P&G has introduced several products in the category, including Vicks Cough Syrup, which he describes as a non-medicated product that has performed well online, along with Steam Tabs and Vicks Medicated Lozenges.
维生素 D 补充剂及更广泛的补充剂市场也代表了扩张机遇。Venkatasubramanian 称，按价值销售额计算，宝洁已跻身领先医疗保健公司行列，并预计进一步创新将巩固其地位。美容、洗衣和纸尿裤仍有增长空间宝洁认为，通过产品创新和消费者行为变化，可在其成熟品类中实现扩张。
Vitamin D supplements and the broader supplements market also represent opportunities for expansion. Venkatasubramanian says P&G already ranks among the leading healthcare companies by value sales and expects further innovation to strengthen its position. Grooming, laundry and diapers offer room to growP&G sees opportunities to expand across its established categories through product innovation and changes in consumer behaviour.
Venkatasubramanian 表示，公司最新的纸尿裤创新产品在该地区排名第一。在洗衣品类，液体洗衣液渗透率已超过两位数，而洗衣凝珠等较新形态仍相对欠发达。
Venkatasubramanian says the company's latest diaper innovation has been ranked the best in the region. In laundry, liquid detergents have crossed double-digit penetration, while pods and other newer formats remain relatively underdeveloped.
美容护理提供另一增长途径。随着购买偏好随时间演变，将消费者从双刃片引导至护肤刀片（guard razors）可创造持续机遇。美妆仍是渗透率较低的市场据 Venkatasubramanian 介绍，宝洁在印度的美妆业务仍处于早期阶段，但正在获得势头。他提到 Olay、海飞丝和 Old Spice 等品牌，并称 Old Spice 是宝洁全球增长最快的品牌之一。
Grooming offers another avenue for growth. Moving consumers from double-edge blades to guard razors could create a sustained opportunity as purchasing preferences evolve over time. Beauty remains an underpenetrated marketP&G's beauty business in India is still at an early stage but is gaining momentum, according to Venkatasubramanian. He points to brands including Olay, Head & Shoulders and Old Spice, describing Old Spice as one of P&G's fastest-growing brands globally.
洗后护发是他看到的另一个渗透率较低的细分市场，为满足消费者洗发之外的需求提供了产品切入空间。该品类对公司的重要性也体现在高层领导的关注上。
Hair care after washing is another segment he sees as underpenetrated, offering scope for products that address consumers' needs beyond shampooing. The category's importance to the company is also reflected in senior leadership attention.
Venkatasubramanian 表示，宝洁全球美妆部门首席执行官正在印度进行为期一整周的访问。印度正更早获得全球新品上市历史上，印度消费者往往要在产品于美国上市 24 至 36 个月后，才能在印度买到。Venkatasubramanian 表示，这一模式正在改变，目前已有多款产品在印度首发。
Venkatasubramanian says P&G's global beauty sector CEO is spending a full week in India. India is getting global product launches soonerHistorically, Indian consumers often had to wait 24 to 36 months after a product launched in the US before it became available in India. Venkatasubramanian says that pattern is changing, with several products now launching in India first.
他将这一转变描述为公司对待印度市场方式的重大变化，反映出公司不再把印度视为在全球首发很久之后才获得创新产品的市场。即时零售创造超越在线销售的机遇据 Venkatasubramanian 介绍，宝洁的在线市场份额显著高于线下份额。他将电商视为公司的结构性优势，而非对现有业务的威胁。
He describes the shift as a significant change in the company's approach to the Indian market, reflecting a move away from treating India as a market that receives innovations long after their initial global launch. Quick commerce creates opportunities beyond online salesP&G's market share online is significantly higher than its share offline, according to Venkatasubramanian. He sees e-commerce as a structural advantage for the company rather than a threat to its existing business.
他认为，即时零售与社区杂货店（kirana store）有相似之处。这种模式需要精心挑选的产品组合，而非其他渠道提供的全品类。
Quick commerce, he argues, has similarities to a neighbourhood kirana store. The format requires a carefully selected assortment rather than the full product range available through other channels.P&G is also applying capabilities developed for modern trade to general trade.
宝洁还在将为现代零售开发的能力应用到传统零售。Venkatasubramanian 表示，有组织零售中使用的分析手段现正应用于传统零售，而即时零售的购物体验已影响公司传统渠道销售代表使用的销售应用程序。
Venkatasubramanian says analytics used in organised retail are now being applied to traditional retail, while the quick-commerce shopping experience has influenced the sales app used by the company's general-trade representatives.
这种做法使宝洁能够利用在新兴渠道开发的能力，改善其更广泛分销网络的执行力。卢比贬值、油价上涨构成近期挑战尽管存在增长机遇，Venkatasubramanian 承认，卢比贬值和油价上涨在近期给利润率带来压力。通胀压力未来几个月也可能拖累需求。
The approach allows P&G to use capabilities developed in newer channels to improve execution across its broader distribution network. Rupee, oil prices pose near-term challengesDespite the growth opportunities, Venkatasubramanian acknowledges near-term pressure on margins from rupee depreciation and higher oil prices. Inflationary pressures could also weigh on demand in the coming months.
即使宝洁致力于拓展医疗健康与美妆业务、加快新品推出、抓住成熟消费品类的机遇，这些因素依然构成挑战。
These factors present challenges even as P&G looks to expand its healthcare and beauty businesses, introduce new products faster and capture opportunities across established consumer categories.