Edgewell Without Harry’s: Strategic Path Remains The Same, Just A Longer Road Now
One week after the FTC challenged the deal as anticompetitive, Edgewell announced on 10 February that it has terminated its merger agreement with direct-to-consumer upstart Harry’s. The firm remains focused on improving its underlying business and says its first-quarter results, posted the same day, show that its strategy is working.
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P&G and women’s razor competitor Billie call off their proposed combination after the FTC made initial moves in December to prevent the deal, deeming it not in consumers’ interest. More cosmetics industry news in brief.
Less than a year after the US FTC put the skids on Edgewell’s intended acquisition of Harry’s, it is intervening to stop P&G from buying women’s razor startup Billie. “If P&G can snuff out Billie’s rapid competitive growth, consumers will likely face higher prices,” FTC leadership says.
Schick owner Edgewell will not acquire upstart Harry’s if the US Federal Trade Commission has its way. According to the FTC’s complaint, the combination proposed in May 2019 “would eliminate one of the most important competitive forces in the shaving industry” that has disrupted Edgewell and P&G’s longstanding dominance of the market, to the benefit of consumers.