Hindustan Unilever’s much-publicised turnabout from profit-first discipline to volume-driven growth is being sold as a strategic masterstroke. In truth, it’s more of a white flag than a battle cry - a retreat from a fortress of margin protection that’s finally running out of moat.For over a decade, HUL was the poster child for cost cuts and price hikes, squeezing out margins that made its shareholders happy. But, in the past year, the company found itself compelled, rather than marching, into the messy world of volume growth.
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