You may know Dollar Shave Club best from its viral 2012 advert (or its line of “butt wipes for men“), but the company’s irreverent humor certainly hasn’t impeded its growth. Yesterday, Unilever announced it was buying DSC, with Fortune reporting the sale price for the California-based company as $1 billion in cash. The acquisition is one of the biggest in the e-commerce market in recent years, and DSC will join Unilever’s portfolio of personal care brands including Dove and Axe.
DSC, which ships razors to customers for a monthly subscription fee, isn’t yet profitable, but plans to be by the end of 2016. It’s on target for revenues of $240 million this year, and has around 3 million customers in three countries. The startup previously raised some $160 million in venture capital funding for a valuation of $600 million, and will use the money brought in from the acquisition to expand to new territories.
Dollar Shave Club founder and CEO Michael Dubin will stay on as the head of the firm, and report to a trio of Unilever executives. “DSC couldn’t be happier to have the world’s most innovative and progressive consumer-product company in our corner,” said Dubin a press statement. “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.”
- SourceUnilever (BusinessWire)