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FTC sues to block Harry's sale to Schick owner Edgewell
Source: Associated Press
FTC sues to block Harry’s sale to Schick owner Edgewell
By ALEXANDRA OLSON
February 3, 2020
NEW YORK (AP) — Federal antitrust regulators say a proposed merger that would combine old-school shaving company Schick with upstart Harry’s would end up costing consumers some skin.
The Federal Trade Commission on Monday sued to block Edgewell Personal Care Co.’s $1.37 billion acquisition of Harry’s, which was supposed to be finalized this year. The FTC argues that bringing two major shaving brands together would hurt competition.
Edgewell’s Schick is the No. 2 razor maker in the U.S., behind Gillette. Both brands were forced to slash prices and overhaul their marketing strategies in recent years response to the rise of Harry’s and rival Dollar Shave Club, which both started as direct-to-consumer digital brands.
“The loss of Harry’s as an independent competitor would remove a critical disruptive rival that has driven down prices and spurred innovation in an industry that was previously dominated by two main suppliers, one of whom is the acquirer,” the FTC said .
-snip-
By ALEXANDRA OLSON
February 3, 2020
NEW YORK (AP) — Federal antitrust regulators say a proposed merger that would combine old-school shaving company Schick with upstart Harry’s would end up costing consumers some skin.
The Federal Trade Commission on Monday sued to block Edgewell Personal Care Co.’s $1.37 billion acquisition of Harry’s, which was supposed to be finalized this year. The FTC argues that bringing two major shaving brands together would hurt competition.
Edgewell’s Schick is the No. 2 razor maker in the U.S., behind Gillette. Both brands were forced to slash prices and overhaul their marketing strategies in recent years response to the rise of Harry’s and rival Dollar Shave Club, which both started as direct-to-consumer digital brands.
“The loss of Harry’s as an independent competitor would remove a critical disruptive rival that has driven down prices and spurred innovation in an industry that was previously dominated by two main suppliers, one of whom is the acquirer,” the FTC said .
-snip-
Read more: https://apnews.com/01d5b7b4d5475e233abedd25a09e1983
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