King will be succeeded by Andy Hill, described as one of his “most trusted lieutenants”, who has worked with him since 1995 and will join the Board.
“Building the King of Shaves brand has been my life for the past 21 years. I’ll be 50 next year and I have many ambitions and aspirations, and I will tell you about these at another time…” he says in a blog post.
“So with my Board’s agreement, and with immediate effect, I am standing down as CEO, remaining Founder, Board Director and the largest shareholder.”
Beginnings
King began his journey in the ‘cut-throat world of shaving’ introducing its shaving oil in Harrods back in 1993.
Since then the company has become one of the top selling brands in the UK and has branched out globally with its name being seen on the shelves in America to Australia, Turkey to Japan.
The most recent innovation from the brand is the Hyperglide razor, released this year, which features a unique patented super hydrophilic self-lubricating cartridge that creates its own slippery hydrogel on the face when it is activated by immersing it in water.
Successor
King’s successor Andy Hill led the Hyperglide development team and was Managing Director of KMI, having also studied Mechanical Engineering.
King says of Hill: “I can think of no one better to take King of Shaves business and brand forward – continuing with the mission of “shaving people smarter”… [Andy] is exceptionally well placed to build on the brands’ 21 year old foundations and reputation.”
According to The Sunday Telegraph, a British weekly newspaper, King has appointed investment bank William Blair to run a sales process that could value the business at more than £50m.
The appointment is understood to follow an approach in June from a technology-based buyer, keen to emulate the success of Dollar Shave Club and Harry’s in the US.