NEW YORK (AP) — 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.
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