P&G resumes acquisition trail, buying men’s grooming company
The business was founded in 1996 as a niche brand of male skin care and shaving products and now serves the North American and international markets with an annual turnover of $30m.
“Procter & Gamble is already the leading the player in the men’s fine fragrance category,” said Kelly Vanesse, communications director for P&G’s men’s grooming division.
“The acquisition of The Art of Shaving is a perfect fit and will complement the rest of our grooming business, while also giving us greater leverage to increase our footprint in the prestige area of this category.”
P&G did not reveal the terms and conditions of the transaction, nor how much they had paid to acquire the business.
Accessories costing up to $1,200
The Art of Shaving has a broad portfolio, covering razors and accessories that cost up to $1,200, as well as skin care and body care products that range in price from $6 – $50.
The portfolio also includes two fragrance lines, shaving and gift sets, as well as a complete range of products designed for women’s shaving needs.
The business is currently US-focused, with 36 retail outlets throughout the nation, but it also has distribution through a number or specialist and department stores, both in the US and worldwide.
“We are currently assessing the landscape, but one of our biggest aims for the business will be to expand the brand’s presence on an international basis,” said Vanesse.
Working relationship already established
Two years ago P&G and The Art of Shaving collaborated on a project to develop the Fusion Chrome Collection of razors and accessories, so the move to purchase the brand is deemed to be a ‘natural next step’.
The acquisition marks the first in 2009 for the world’s largest consumer goods company and the first since the company bought up Nioxin Research Laboratories, a business specializing in products for thinning hair.
The move also reflects P&G pledge to invest in businesses that show significant growth potential in international markets and could be the first in a series of acquisitions that will see the company spending its way out of the current economic slump.
