Personal care giant Unilever has agreed to purchase men’s grooming brand Dollar Shave Club, a razor delivery subscription service that sells razors to three million subscribers.
While no financial figures have been disclosed, Fortune has reported that the sale is to a sum of $1 billion. It is thought that Unilever approached Dollar Shave Club regarding the deal while the company CEO and Founder Michael Dublin is thought to continue to run the company.
The company is currently in three countries with the new acquisition said to push the brand into new growth areas. Dollar Shave Club has secured numerous venture capital fundings, raising over $160 million.
Dublin was said to have made a statement reading, “DSC couldn’t be happier to have the world’s most innovative and progressive consumer-product company in our corner.
“We have long admired Unilever’s purpose-driven business leadership and its category expertise is unmatched. We are excited to be part of the family.”