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Harry
Jeff Raider (left) and Andy Katz-Mayfield say that they created Harry because they were tired of paying too much for oversized razors.
The shaving company Harry's, created just six years ago, was purchased by the owner of Wilkinson Sword for $ 1.37 billion.
Harry's helped to shake the male grooming market by selling products directly to consumers by subscription.
The founders, Andy Katz-Mayfield and Jeff Raider, will join Edgewell Personal Care as co-chairs.
Such start-ups have transformed the decades-old razor business, prompting Unilever to buy Harry's rival, the Dollar Shave Club, in 2016 for $ 1 billion.
Harry's sells men's razors, as well as face paints, lotions and women's products as part of his Flamingo range, on the internet, customers registering each month at a number of blades .
The founders say that they formed Harry's because the existing razors were too expensive and too designed. They quickly built the company, including collaborating with high-end clothing retailer J. Crew and using brand ambassadors such as English football captain Harry Kane.
Harry's, based in New York, has also invested in other companies, including Hims, which sells hair loss prevention products.
According to a report from ResearchAndMarkets.com, the global men's grooming industry is expected to reach $ 78.6 billion by 2023, up from $ 57.7 billion in 2017.
Giants of consumer goods such as Unilever and Procter & Gamble have put more emphasis on grooming men, trying to encourage them to spend more on deodorants, skin creams and hair products.
As part of this purchase, Edgewell will pay 79% of the value of the transaction in cash and the rest in shares, which will give Harry's shareholders an 11% interest in the amalgamated company at the end of the transaction.
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