Men’s grooming company Harry’s Inc. has new friends, more money to spend — and some big goals.
The five-year-old company brought on Alliance Consumer Growth as a minority equity investor. Temasek and Tao Capital also put funds into the shaving concept, which has its eyes on bigger things.
Terms of the investment were not disclosed. But Harry’s said it would use the infusion to build its current business and also noted the investment would “enable Harry’s to fulfill its vision to build a next generation CPG company, investing in, building and owning a portfolio of modern [consumer product] brands across multiple categories.”
Andy Katz-Mayfield, cofounder of Harry’s, praised their new partner, Alliance, and said, “Their expertise and network in consumer products is very complementary and value-added to our company as we continue to scale.”
Alliance has invested in Shake Shack (which later went public), Babyganics (which was acquired by S.C. Johnson), Krave Jerky and Barkthins (which were acquired by Hershey’s), Suja Juice (bought by Coca-Cola), and Tata Harper Beauty, Pacifica Beauty, Nudestix, Blaze Pizza, Snooze AM Eatery, Tender Greens and The Honest Kitchen.
Harry’s bills itself as “the first vertically integrated, omnichannel shaving company in the world as a result of owning and operating its own razor factory in Germany, and offering products direct-to-consumer at Harrys.com in the U.S., Canada and the U.K.”
Harry’s products are also distributed by Target.
The brand, along with competitor Dollar Shave Club, which was acquired by Unilever for $1 billion, has helped shake up the shaving scene.
The arrival of new competitors, for instance, seems to have helped nudge Procter & Gamble to become more competitive on pricing. Last year, P&G said it would cut prices at its Gillette brand by as much as 20 percent.
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