Unilever acquires Dollar Shave Club

The CPG giant will get the men's grooming company and its 3.2 million members.

Unilever has signed an agreement to buy Venice, Calif.-based Dollar Shave Club. Terms of the transaction weren’t disclosed by Unilever. Some media reports, including from Bloomberg and Fortune, value the deal at $1 billion.

Since launching in 2012, Dollar Shave club has grown to include various grooming and lifestyle products, serving 3.2 million members. Michael Dubin will continue in his role as CEO.

“Dollar Shave Club is an innovative and disruptive male grooming brand with incredibly deep connections to its diverse and highly engaged consumers,” Kees Kruythoff, president of Unilever North America, said in a press release. “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.”

The deal is subject to regulatory approval and is expected to close during the third quarter.
In Canada, Unilever’s brand portfolio also includes Axe and Dove Men+Care. Until now, it did not have a shaving brand in its portfolio, with the acquisition allowing it to go up against Procter & Gamble’s Gillette brand.