May 9 (Reuters)– Edgewell Personal Care Co, the owner of Schick and Wilkinson razor brands, plans to make an offer to buy U.S.-based shaving startup Harry’s for $1.37 billion in a cash-and-stock deal, the New York Times reported on Thursday.
Harry’s, founded by Andy Katz-Mayfield and Jeff Raider, is one of the many shaving startups vying for market share in the growing male grooming products arena. The market is currently dominated by Procter & Gamble Co’s Gillette and Unilever Plc.
The startup sells razors, shaving creams, lotions, soaps and other grooming products embossed with their quirky hairy elephant logo.
Founders Katz-Mayfield and Raider will run Edgewell’s operations in the United States if the deal goes through, according to the newspaper report.
Edgewell Chief Executive Officer Rod Little, who was appointed in March, will continue to head the combined business, NYT reported.
The Edgewell acquisition would be the second billion dollar acquisition of a shaving startup, dwarfing Unilever’s buy of the U.S.-based Dollar Shave Club in 2016.