Men’s grooming operation Harry’s has raised a $155 million Series E round at a $1.7 billion valuation, following the collapse of a deal it had set up with Edgewell, parent of the Schick brand, that valued the company at $1.37 billion.

Harry’s plans to use the funding to continue to expand its product and brand portfolio and build a suite of consumer packaged goods companies. Already, Harry’s has launched Flamingo, a women’s grooming and personal care brand, and Headquarters, a hair care brand focused on scalp health.

For 2020, Harry’s sales were up 25 percent, to $370 million, according to a spokesperson for the brand.

In a statement, Harry’s said the focus going forward would be on acquisitions that can leverage the company’s design, marketing and direct-to-consumer capabilities.

The fundraise was led by Bain Capital and Macquarie Capital.

It comes after the Federal Trade Commission nixed Edgewell’s planned acquisition of Harry’s, in early 2020. The FTC also blocked P&G’s planned purchase of Billie, a women’s shaving and personal care start-up, in early 2021.

You May Also Like

Harry’s has continued to scale up its core men’s grooming brand, expanding into personal care with products like body washes and deodorants over the years. The line also expanded across Europe in March.

The company said it plans to continue to invest in expanding Flamingo, which focuses on women’s hair removal, as well.

 

For more from WWD.com, see: 

All the Beauty M&A Deals of 2021

Are Women Moving Up Beauty’s Corporate Ladder?

Walgreens CEO Roz Brewer Talks Digital Strategy, Coronavirus Vaccines

Source: Read Full Article