The combination of Edgewell and Harry’s brings together complementary capabilities to create a next-generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation, said Edgewell.
Edgewell’s global scale and infrastructure will help introduce Harry’s brands into new markets.
Andy Katz-Mayfield and Jeff Raider, Harry’s co-founders and co-CEOs, have agreed to join the executive team of Edgewell at closing and will serve as co-presidents of US operations.
Edgewell’s global scale and infrastructure will help introduce Harry’s brands into new markets, according to the stakeholders.
“The combination of Edgewell and Harry’s is a pivotal step forward in further transforming our organization and strengthening our competitive position and ability to drive sustained growth and value creation,” said Rod Little, Edgewell’s president and CEO. “Building on Edgewell’s and Harry’s complementary strengths, our combined company will have leading brands and omni-channel capabilities that are essential to meet the needs of the modern consumer and win in today’s market environment. We welcome Harry’s entrepreneurial employees and look forward to working closely with Andy and Jeff, whose ingenuity and demonstrated success will enable us to take our US business to the next level. We are excited about our future and the opportunities we have to deliver superior long-term shareholder returns as a next-generation CPG platform.”
Katz-Mayfield and Raider launched Harry’s six years ago to “create a grooming brand that better met our needs as consumers, and over time, a CPG platform that creates brands people love across more categories.”
In a statement from the pair, they said that by selling to Edgewell, there is significant opportunity to continue delivering on that vision, by leveraging Edgewell’s advanced technology and global footprint alongside Harry’s customer-first approach, brand building expertise and omni-channel capabilities.
“We’re incredibly proud of the brands we’ve created and the team we’ve built, and have tremendous respect for Edgewell and its established brand portfolio,” concluded Katz-Mayfield and Raider in a statement. “We look forward to what we can accomplish together.”
According to Andrew Stablein, research analyst at Euromonitor the move highlights an addition to Edgewell’s recently struggling shaving lineup of Schick and Wilkinson, which have historically ranked No. 2 in the US razor market. “The deal also shows a further shift toward consolidation in the US razor market, considering Unilever’s acquisition of Dollar Shave Club in 2016 and P&G’s acquisition of Bevel in late 2018,” said Stablein.