NEW YORK — The owner of Schick razors is acquiring upstart shaving company Harry’s for $1.37 billion, continuing a trend of consolidation in the shaving industry, where established brands have struggled with the rise of digital-savvy newcomers. About 79 percent of the deal is cash, and the remainder stock.
Harry’s has bedeviled Schick and Gillette for years using innovative subscription plans, sleek packaging and competitive pricing.
Under the agreement announced Thursday, investors in Harry’s Inc. will take a stake of about 11 percent 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 founders, Andy Katz-Mayfield and Jeff Raider, will become co-presidents of Edgewell’s U.S. operations when the deal closes, expected in early 2020.