Pretty sure "different but related" but both referring to SK-II...

Pretty sure "different but related" but both referring to SK-II products can only mean 1 thing IMO

One is for "existing" SK-II products working towards incorporating OBJ tech (I'm assuming this is Phase II, as in the product has now evolved into another phase)
The other is for "not yet existing but under development" SK-II products working towards incorporating OBJ tech before their first ever launch for this product (I'm assuming this is Wave II, as in the next wave of SK-II products to be designed and implemented)

"different but related"

Naturally the above items should be divided clearly otherwise in future SK-II will have a new product ready to launch and then they need to side track and waste more time getting OBJ tech incorporated into it. By having a dedicated team focusing on new products, OBJ and SK-II can work in conjunction during the product development to incorporate the OBJ tech into it instead of doubling up on work later on.

Glyn was as explicit as he could be regarding that this Phase II and Wave II arrangement only applies to SK-II at this stage, otherwise we could have assumed it was for multiple brands across P&G