Based on the same concepts of value-based pricing, explain how Gillette’s pricing strategy stopped working?

For more than 100 years, Gillette has dominated the razor industry. It has stood as a brand in relentless pursuit of the closest, most irritation free shave by launching more razor innovations than any other company. With a reputation for having the best blade in the business, not only has Gillette held the lion’s share of the market, but it has done so by charging premium prices. But these days, Gillette is facing an onslaught of low-priced direct-to-consumer startups. In the past 10 years, its market share has dropped from 70 percent to 50 percent. Gillette is fighting back with price cuts and new products.