Marking its first acquisition, Dollar Shave Club is adding body care brand Truly Beauty to its portfolio. Financial terms for the transaction were not disclosed in a Tuesday press release, and the two brand identities will remain distinct from one another.
The acquisition furthers Dollar Shave Club's move into women's grooming and adds a new, mass-premium price position to its portfolio. Truly Beauty sells a wide assortment of body care products, ranging from body scrubs and oils to shaving goods including razors.
The integration of supply chain and inventory platforms will begin immediately, and the brands will also combine backend marketing, strategy and creative capabilities.
"We are immensely proud of Truly's growth since launching in 2015, having built a loyal Gen Z community by bringing prestige-quality formulas, packaging, and positioning to the mass-premium market," Truly Beauty founder Maxx Appelman and CEO Freddy Wolfe said in a joint statement. "Partnering with Dollar Shave Club as the cornerstone of their new multi-brand platform feels like the perfect next step, and we're thrilled to scale this next chapter together."
The move by Dollar Shave Club comes about three years after Unilever sold off a significant portion of the company to private equity firm Nexus Capital Management. Unilever kept 35% minority shareholding control. The global CPG company had acquired the subscription-focused shaving brand in 2016.
"By layering Truly's fast-turn product engine onto our AI-driven inventory planning and backend logistics, we are building a high-velocity innovation model that legacy CPG conglomerates simply cannot replicate," Dollar Shave Club CEO Larry Bodner said in a statement about the Truly Beauty acquisition.
