CHICAGO, June 3 (Reuters) - Just in time for Father's Day, Procter & Gamble Co PG.N is taking a step up to attract more men with its purchase of prestige brand The Art of Shaving.
The Art of Shaving was founded in 1996 by Eric Malka and Myriam Zaoui. It sells razors, shaving creams and other products in 36 of its own U.S. shops, high-end department stores such as Neiman Marcus and some international retailers.
Terms of the deal were not disclosed.
The acquisition was likely a small one for P&G, which paid $57 billion for shaving products leader Gillette Co back in 2005. Women’s Wear Daily reported that P&G likely paid around $60 million for The Art of Shaving, citing industry sources. P&G declined to give a figure for the deal announced on Wednesday.
The acquisition expands P&G’s dominance in the men’s shaving market. P&G’s Gillette products such as Fusion and Mach3 are already leading sellers at mainstream retailers, while The Art of Shaving caters to an upscale clientele,
The acquisition is not the first partnership for Procter & Gamble and The Art of Shaving. In 2007, they teamed up to launch a $150 Fusion Chrome Collection Power Razor to go along with a manual version priced at $100. Gillette Fusion razors sold in stores such as Wal-Mart Stores Inc WMT.N and CVS Caremark Corp's CVS.N CVS are priced around $10. (Reporting by Jessica Wohl, editing by Gerald E. McCormick)
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