Unilever (UL) has agreed to get Dollar Shave Club, according to a information release.
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Terms regarding the sale are not disclosed. However, any source confirmed to CNNMoney that the purchase price can be near $1 billion. the value had been very first reported simply by Fortune.
Michael Dubin, Dollar Shave Club's https://myspace.com/soapclub founder, will continue to serve as its CEO. Dubin stated the company had "long admired Unilever's purpose-driven business leadership as well as its group expertise is actually unmatched."
"We are excited to become part of the family," Dubin said.
Dollar Shave Club can be a subscription support in which members obtain razor blades through your mail. The Actual company also sells toiletry products such as shave butter, submit shave cream and encounter moisturizer.
Related: Unilever settles India mercury poisoning claims
Kees Kruythoff, president associated with Unilever North America, described the organization since the direct-to-consumer space's class leader.
"Dollar Shave Club is an innovative along with disruptive male grooming brand name together with extremely deep connections to always be able to its diverse along with highly engaged consumers," Kruythoff said.
Your companies expect to shut the sale inside the third quarter.
CNNMoney (New York) Initial published July 19, 2016: 11:30 PM ET
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