P&G Hygiene & Health Care - long term buy?

Given their track record I don’t expect any more addition. They could’ve launched Pampers but they launched it through an unlisted arm. P&G India has a clumsy way of allocating products to its 3 listed arms. What is Old Spice, a male grooming brand doing in a Health & Hygiene focused company!

And, why Merck portfolio wasn’t merged with PGHH when there was so much theme overlap. Look at HUL: GSK consumer has been merged with HUL itself!

Also, Oral B is a dental care brand which could again fit into PGHH portfolio, but they’ve kept it under Gillette, which should’ve only Old Spice!

Honestly, I like many things about P&G: branding, distribution, capital allocation, governance etc, and they have created wealth, but their India listing structure is too messy.

I can understand the rationale. P&G is simply unlocking value to the shareholders of the parent company. So, if I ever decide to invest overseas then P&G would be one of my initial investments.