20th Jul 2016 13:11
LONDON (Alliance News) - Anglo-Dutch personal care, food and household products company Unilever PLC on Wednesday said it has bought male grooming business Dollar Shave Club LLC.
Dollar Shave Club was founded in 2012 and is headquartered in California. In 2015, it made revenue of USD152 million and is on track to exceed revenue of USD200 million in 2016, according to Unilever.
Dollar Shave Club makes brands including Wanderer men's personal wash products, Big Cloud men's skin care products, Boogies hair styling products, and One Wipe Charlies daily wipes.
Unilever did not disclose the terms of the transaction, but Bloomberg, citing people familiar with the deal, said it is worth about USD1 billion.
"Dollar Shave Club is an innovative and disruptive male grooming brand with incredibly deep connections to its diverse and highly engaged consumers," said Kees Kruythoff, president of Unilever North America.
"In addition to its unique consumer and data insights, Dollar Shave Club is the category leader in its direct-to-consumer space. We plan to leverage the global strength of Unilever to support Dollar Shave Club in achieving its full potential in terms of offering and reach," Kruythoff added.
Unilever said it expects the transaction to close during the third quarter of 2016, and that Dollar Shave Club Founder & Chief Executive Michael Dubin will continue to serve as its CEO post acquisition.
Shares in Unilever were trading flat at 3,570.00 pence on Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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