Harry’s, the direct-to-consumer brand that creates men’s and women’s shaving products, is joining the Edgewell Personal Care Company. Edgewell announced today that it will buy the company for $1.37 billion—a new record, after Unilever acquired Dollar Shave Club, a competitor to Harry’s, for $1 billion in 2016.
“Building on Edgewell’s and Harry’s complementary strengths, our combined company will have leading brands and omnichannel capabilities that are essential to meet the needs of the modern consumer and win in today’s market environment,” said Rod Little, Edgewell’s president and CEO, in a statement.
Harry’s co-founders and co-CEO’s Andy Katz-Mayfield and Jeff Raider will join Edgewell and become co-presidents of all U.S. operations—not just Harry’s, giving the founders more room to experiment in new categories.
In a statement, Edgewell said Harry’s now gains “access” to the company’s product team, as well as its infrastructure to go into new markets. The company also plans on using Harry’s to “drive online growth” and “appeal to a broader and more diverse set of consumers.”
Harry’s started out six years ago, as a competitor to Dollar Shave Club. Back in October, Harry’s debuted Flamingo, a women’s shaving brand. Both products are sold at Target stores. Last February, the company raised $112 million and revealed a minority stake in Hims, the men’s wellness brand. As part of the $112 million raised, Harry’s stated that it wanted to expand into more categories outside of shaving.
According to Rakuten Intelligence Data (now called Slice Intelligence), Harry’s claimed 11.8% of the market share at the beginning of 2018, with Dollar Shave Club owning 47.7%. In regards to sales, Harry’s commands 12.9% with Dollar Shave Club owning 50%, and Gillette 21% (at least by the end of the second quarter in 2018). In recent months, Dollar Shave Club expanded its product line, moving into cologne and deodorant.