Unilever, the multinational consumer products company, has acquired Dollar Shave Club, the venture capital-backed startup in Los Angeles that delivers razors and other personal grooming products straight to consumers by mail.
Dollar Shave Club, with a reported 3.2 million customers, had been valued at $630 million. Although financial terms of the deal were not disclosed, several reports said it was in the $1 billion range.
“We plan to leverage the global strength of Unilever to support Dollar Shave Club in achieving its full potential in terms of offering and reach,” said Kees Kruythoff, president of Unilever North America.
Meanwhile, Unilever reported a 3 percent decrease in revenue during the second quarter but recorded a 4.7 percent organic sales growth, the same pace that it posted in the first quarter. The company – co-headquartered in Rotterdam and London, with its North American R&D offices based in Trumbull – said earnings per share rose by just 1 percent over the past six months, driven by weakening demand in developing markets as well as in the U.S. and Europe.