Unilever takes a cut of on-demand sector with $1bn purchase of Dollar Shave Club
Consumer goods giant Unilever is positioning itself in the burgeoning field of on-demand toiletries after snapping up Dollar Shave Club for a cool $1bn.
The e-commerce platform distributes high-quality razors direct to subscribers' homes for a monthly membership fee of between $1 and $9.
According to Venturebeat the acquisition is likely to see Dollar Shave Club chief Michael Dublin remain in post while bringing its 3.2 million members under the Unilever umbrella.
The innovative male grooming business generated revenues of $152m in 2015 by offering razors for just a few dollars per month after launching in 2012 on the back of a viral Youtube video.
Since then the company has gone from strength to strength and now offers a range of products including body wash, skin cream, lip balm, shave butter and butt wipes.
Full terms of the deal have not yet been disclosed but it is expected to conclude in the third quarter.