After disrupting shaving industry, Harry’s is absorbed by it
The Associated Press
May 09, 2019 04:55 AM
FILE- In this Oct. 11, 2018 file photo razors from Harry’s shaving and body care brand Flamingo are displayed in New York. Edgewell Personal Care is acquiring upstart razor maker Harry’s in a cash-and-stock deal for $1.37 billion. Edgewell and other larger personal care companies have been steadily losing market share to smaller, direct-to-consumer companies like Harry’s, known for its brightly-colored disposable razors.
Bebeto Matthews, File
Harry’s, the upstart shaving company, is being acquired by the owner of Schick razors for $1.37 billion.
Harry’s has bedeviled brands like Schick and Gillette for years using innovative subscription plans and sleek packaging.
Under the agreement announced Thursday, investors in Harry’s Inc. will take a stake of about 11% of Edgewell Personal Care Co., which manages Schick and other brands. Edgewell gets the Harry’s brand and access to the company’s prized direct-to-consumer marketing base.
Harry’s, based in New York, has captured about 2% of the $2.8 billion men’s shaving industry since its founding in 2013, according to Euromonitor market research firm.
Harry’s founders, Andy Katz-Mayfield and Jeff Raider, will become co-presidents of Edgewell’s U.S. operations when the deal closes, probably in early 2020.