Over the past year, inflation and rising interest rates drove investors toward safer, defensive stocks. That's why blue-chip stalwarts like Procter & Gamble (NYSE: PG), Colgate-Palmolive (NYSE: CL), and Coca-Cola (NYSE: KO) all outperformed the S&P 500 over the past 12 months. However, those American multinational companies are still highly exposed to the strong dollar, which reduces their overseas revenue and profits.

Therefore, investors should also consider investing in overseas consumer staples giants as defensive plays in this ongoing bear market. Unilever (NYSE: UL), a British consumer staples giant that sells more than 400 well-known brands across over 190 countries, fits that description. Let's review Unilever's core business, growth rates, and valuations to see if it's a worthy alternative to its American counterparts.

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Source Fool.com