Edgewell Acquires Digital Native Billie
Edgewell Personal Care Company has acquired direct-to-consumer personal care brand Billie in a $310 million cash deal, nearly a year after the Federal Trade Commission sued to block Procter & Gamble's attempt to pick up the brand.
The digitally native Billie, which generated $90 million in revenue in 2020, manufactures women’s shaving and body care products. Edgewell expects it to complement its existing Schick, Hydro Silk and Skintimate brands.
Rod Little, Edgewell president and CEO, called the deal a “natural evolution” of the two companies’ relationship, noting that Edgewell has been a strategic supplier to Billie since its founding in 2017.
[See also: Edgewell Appoints Chief Supply Chain Officer]
“This acquisition immediately enhances the consumer-centric, digital capabilities of our organization and elevates our presence in the important mid-tier value segment of women's shaving in the U.S.,” he added, “while bolstering Billie's ability to capitalize on significant growth opportunities by leveraging our retail distribution platform and marketing channels.”
In addition to bringing Billie to U.S. brick-and-mortar stores early next year, Edgewell, which sells in more than 50 markets, intends to expand the brand beyond its core razors and blades category.
Billie co-founders Georgina Gooley and Jason Bravman will continue to lead the brand.
"When we started Billie, we set out to create a different kind of razor made for womenkind,” said Gooley. “We look forward to combining our disruptive and digital-first approach with Edgewell's leading platforms, capabilities and channels to drive future growth and meet the evolving needs of our loyal customers. This is an exciting moment for us as we advance towards our goal of becoming the leading women's lifestyle brand."
[See also: Making the Pivot to DTC]
The FTC put the kibosh on Procter & Gamble’s efforts to acquire Billie last year, suing to block the deal and alleging it would eliminate growing competition and likely lead to higher prices.
Edgewell, meanwhile, had its own efforts blocked by the FTC last year in its attempt to merge with Harry’s Inc. It ended up abandoning the deal, going on to acquire men’s grooming brand CREMO later that year.
