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  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "The slide uses a timeline-based categorization of brands to highlight the stagnation in new brand creation.",
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      "text": "Despite ~$2bn in annual R&D, and $3-4bn in annual capex - far more than any competitor",
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      "text": "* = Acquired",
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      "text": "Source: Company website. Naturella is not a “Top Brand” as defined on P&G’s website.",
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      "text": "It Has Been Decades Since P&G Created a New Leading Brand",
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