Anglo-Dutch food and consumer products giant Unilever today said it had bought the Dollar Shave Club, a US start-up that has shaken up the market with its subscription model.
Unilever did not disclose the price paid for the California-based company, but both Bloomberg News and Fortune magazine reported it was around $1 billion (910 million euros), or about five times its projected revenue this year.
Founded in 2012, Dollar Shave Club has quickly “grown into a full male grooming business that has transformed the shaving category with its lifestyle brand empowering 3.2 million members”, said Unilever in a statement.
The company offered US men an alternative to increasingly expensive blades sold in stores with its subscriptions over the internet that delivered a month’s worth of twin-blade razors for as little as $1 plus shipping.
Multi-blade models can be had for under $10 including shipping and the company now offers a range of men’s personal care products.