Unilever is to spend a large sum of $1 billion to acquire Dollar Shave Club.This was made known in a
statement by the company.
Terms of the deal were not
disclosed. However, a source confirmed to CNNMoney that the price is close to
$1 billion.
Michael Dubin, Dollar Shave
Club's founder, will continue to serve as its CEO. Dubin said the company had
"long admired Unilever's purpose-driven business leadership and its
category expertise is unmatched."
"We are excited to be
part of the family," Dubin said.
Dollar Shave Club is a
subscription service in which members receive razor blades through the mail.
The company also sells toiletry products such as shave butter, post shave cream
and face moisturizer.
Kees Kruythoff, president of
Unilever North America, described the company as the direct-to-consumer space's
category leader.
"Dollar Shave Club is
an innovative and disruptive male grooming brand with incredibly deep
connections to its diverse and highly engaged consumers," Kruythoff said.
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