1 week Ago By Michael J. de la Merced
Six years ago, the upstart razor company Harry’s looked set for the next growth stage: being sold to Edgewell, the parent company of the Schick and Wilkinson Sword brands, for $1.37 billion. That deal was eventually blocked on antitrust grounds, leaving the company’s fate unclear.
Now Harry’s is laying out new plans for the future. The company plans to announce on Wednesday that it is rebranding as Mammoth Brands, a personal grooming conglomerate, as it sets its sights on deal-making — and, potentially, an initial public offering. What began as a single line, men’s razor, is now a collection of shaving and moisturizing products, deodorants and more.
The company’s founders, Andy Katz-Mayfield and Jeff Raider, claim to have created one of the fastest-growing businesses in their category. It reported $835 million in revenue and nearly $100 million in pretax earnings last year, and sales growth of more than 20 percent over the past five years. To Mr.
Katz-Mayfield, the idea was to reimagine how to build a modern-day consumer packaged goods giant. “Humbly, we think it would look a lot like what we’re doing at Mammoth Brands now,” he said. To be sure, Mammoth (named after Harry’s woolly mammoth mascot) remains a minnow compared to its more established rivals.
Procter & Gamble, the owner of Gillette, reported $84 billion in sales last year. Edgewell, its former suitor, recorded $2.2 billion in revenue.
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