Gillette Parent Company Says Beard Boom Behind Shaving Brand's $8 Billion Writedown

LOS ANGELES (CBSLA) - Blame it on the beards.

Procter & Gamble announced this week the company took an $8 billion writedown on men's grooming brand Gillette because millennials are less likely to shave their beards as much as previous generations.

A P&G corporate earnings statement said the one-time, pre-tax $8.3 billion charge due to what it described as a "market contraction of blades and razors...due to lower shaving frequency".

The 118-year-old company still beat Wall Street forecasts despite the loss, but the trend appears to be a long-term one: the U.S. market for men's shaving products has shrunk by over 11% in the past five years, according to recent data.

While the recent popularity of beards among men is well-documented, some on social media are also attributing the writedown to backlash over Gillette's controversial ad released earlier this year.

The ad drew both praise and criticism and even prompted the "#BoycottGillette" campaign, though its unclear how much that effort impacted the razor maker's sales.