Fundamentally agree, I hear you. The only caveat is that I think they DID have pricing power for some products. Ok they're not Gillette razors but not exactly a total commodity either.
Based on their ingredients it ticks a lot of boxes and for a few of their products I was happy to pay more than a little extra for Sukin (as with other manufacturers of mouthwash, razors, shaving cream (stick), aftershave and toothpaste) to get my preferred brand.
But last 6 months the same products are everywhere on discount and/or 2:1 deals so I've gone from being a loyal customer spending (say) $100 pa to spending $50 and not needing to buy their products for another 12 months. It seems to have started with the Chemist Warehouse deal and just got worse. They're literally on the exit counter with a half price sale at my IGA and same next door at Chemist Warehouse.
But yeah, end result is they now have zero pricing power with no obvious way to change the situation.
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