So it's turning to new blood to make that happen.
The owner of Schick razors is getting upstart shaving firm Harry's for $1.37 billion, continuing a trend of consolidation in the shaving industry, in which established brands have fought with the rise of digital-savvy novices. The deal values Harry's at almost $1.4 billion. Schick, the No. 2 razor brand, has a market share of about 10%.
Edgewell also manufactures several Playtex brands, like Stayfree and Carefree feminine care products and Hawaiian Tropic and Banana Boat suncare products.
But Edgewell trails its main rival, Gillette, by a large margin.
Unilever, Procter & Gamble and others have put more focus on men's grooming, trying to coax them into spending more on deodorants, skin creams and hair products. By comparison, Edgewell reported $2.2 billion in revenue during its most recent fiscal year.
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The New York Times had earlier reported about the deal on Thursday.
The combination of Edgewell and Harry's brings together complementary capabilities to create a next-generation consumer products platform with an expansive runway for accelerated topline growth and enhanced value creation. In a statement from the pair, they said that with Edgewell, we see a significant opportunity to continue delivering on that vision, leveraging Edgewell's advanced technology and global footprint alongside our customer-first approach, brand building expertise and omni-channel capabilities.
"Schick has incredible blade technology that we've been envious of for a long time and today we could leverage this technology", Raider told AP.
Edgewell's shares were trading down about 13 percent at $34.81, on pace to erase all its year-to-date gains.
As part of the acquisition, Andy Katz-Mayfield and Jeff Raider, Harry's Co-Founders and Co-CEOs, have agreed to join the Executive Team of Edgewell at closing, to serve as Co-Presidents of USA operations. Raider is also one of the four founders of Warby Parker, the D2C eyeglass business that burst onto the scene in 2010. The two of them had been friends since college. Investors in the company include SV Angel, Highland Capital Partners, Tiger Global Management, BoxGroup, Harrison Metal, Temasek Holdings, Thrive Capital, Brainchild Holdings, Wellington Management, Red Swan Ventures, Grace Beauty Capital, Lakestar, Bullish, Brand Foundry Ventures, blisce/, Andrew Mitchell, Gin Lane, Mo Koyfman, Alliance Consumer Growth, and Light Street Capital. In similar fashion, Unilever purchased Dollar Shave Club for $1 billion in 2016.