> FMCG giant Procter & Gamble
has cut the number of agencies it works with by 40% globally, saving $300 million in agency and production costs, but much of that sum will be reinvested into other media, as the company intends to shift more ad dollars to digital, social, video and mobile. The initiative comes as P&G continues its divestiture strategy of merging or selling off more than half its brands as it tries to adapt to an increasingly competitive global FMCG market. The company intends to retain a core portfolio of 65 brands, including Tide detergent and Gillette shaving products, which is said to be revitalised when an improved cartridge is launched in January next year. P&G reported net sales of $17.8bn over the quarter, its sixth successive quarterly fall, although sales were hit mainly because of the strong dollar.