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The owner of Schick razors needs to close the gap with Gillette, its biggest rival. So it's turning to new blood to make that happen.Edgewell Personal Care is buying the upstart razor maker Harry's, the two companies announced Thursday. The deal values Harry's at nearly .4 billion.Harry's started in 2013 and quickly expanded by selling low-priced razors online. Edgewell, meanwhile, owns some of the most established brands in the field — including Schick, which started in 1921. Edgewell also owns Wilkinson Sword, a major European brand that has been making razors since 1898.But Edgewell trails its main rival, Gillette, by a large margin. Gillette is a unit of Procter & Gamble, and accounted for about 10% of that company's .8 billion in revenue — about billion — last year. By comparison, Edgewell reported .2 billion in revenue during its most recent fiscal year.Sales for the first six months of this year fell 7% compared to a year earlier, Edgewell reported Thursday. But CEO Rod Little told investors that the company expects revenue to rise to .7 billion in its first full fiscal year after it acquires Harry's. The deal is expected to close early next year.Little said Edgewell was drawn to Harry's success with building a brand and marketing directly to consumers."We've been talking about it for a while," he said on an earnings call. "And when you look at what Harry's has done, we've looked at that from afar for a long time," he told investors."The deal also could help Harry's cut costs. Despite its success, Little said the business is only approaching the breakeven point this year.Investors didn't immediately embrace the purchase. Shares of Edgewell fell nearly 13% in midday trading Thursday.Harry's founders Andy Katz-Mayfield and Jeff Raider will stay on to run the combined companies' US business. Raider was also one of the founders of the eyeglass maker Warby Parker. The two of them had been friends since college.Harry's is not the first razor startup to be acquired by a more established company.In 2016, Unilever bought 2083
The runner who was seen on live TV groping a female reporter during a race on Saturday in Georgia apologized on Tuesday, one day after reporter Alex Bozarjian filed a police report. Thomas Callaway, the man who took responsibility for the incident, issued an apology on Bozarjian's station WSAV in Savannah, Georgia. “I’m thankful for this opportunity to share my apology to her and to her family, her friends and her co-workers,” Callaway told 457

There are dark times ahead, but I can still put love & light out into the world.Some folks have mentioned putting up Christmas lights to cheer up people in quarantine, in isolation, or just to remind the world there’s still light & hope. Here’s my contribution??#LightsForLife pic.twitter.com/S8Mx8bQ28I— Sarah Bang (@DrBang_Wx) March 18, 2020 364
The Trump administration appealed a ruling in California blocking its new asylum restrictions to a federal appeals court Monday.Last week, a federal judge in California late 186
The College of Southern Nevada will remain open today and hold classes at all locations. The safety of our students, faculty and staff is a priority. Please proceed to campus with caution.— CSN (@CSNCoyote) February 21, 2019 261
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