The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK — Edgewell Personal Care Co, the owner of Schick and Wilkinson razor brands, plans to make an offer to buy US-based shaving start-up Harry's for $1.37 billion in a cash-and-stock deal, the New York Times reported on Thursday.
Harry's, founded by Andy Katz-Mayfield and Jeff Raider, is one of the many shaving start-ups vying for market share in the growing male grooming products arena. The market is currently dominated by Procter & Gamble Co's Gillette and Unilever Plc.
The start-up sells razors, shaving creams, lotions, soaps and other grooming products embossed with their quirky hairy elephant logo.
Founders Katz-Mayfield and Raider will run Edgewell's operations in the United States if the deal goes through, according to the newspaper report.
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Edgewell Chief Executive Rod Little, who was appointed in March, will continue to head the combined business, NYT reported.
The Edgewell acquisition would be the second billion-dollar acquisition of a shaving start-up, dwarfing Unilever's buy of the US-based Dollar Shave Club in 2016.
Edgewell and Harry's did not immediately respond to a Reuters request for comment.
By Syed Saif Hussain Naqvi; editor: Shounak Dasgupta.
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