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Report: CPG Company Harry’s Prepares to Launch IPO

Report: CPG Company Harry’s Prepares to Launch IPO

Consumer packaged goods company Harry’s Inc. reportedly confidentially filed for an initial public offering.

The firm, which started with men’s grooming products in 2013 and now has five CPG brands, is working with investment banks and preparing to go public in New York, Reuters reported Friday (March 8), citing unnamed sources.

Harry’s Inc. did not immediately reply to PYMNTS’ request for comment.

The firm closed a private fundraising round in 2021 that valued it at $1.7 billion, has investors that include Bain Capital and Macquarie Capital, and is approaching annual revenue of $1 billion, according to the report.

The company launched its men’s grooming product and namesake brand, Harry’s, in 2013, selling directly to consumers online and via subscription, according to its corporate website.

It later expanded to brick-and-mortar stores, including mass retailers, drugstores and grocery stores, and added four more brands: Flamingo for women’s grooming products; Cat Person for cat care products; and Lume and Mando for deodorants.

In 2020, Edgewell Personal Care attempted to acquire Harry’s Inc. for $1.37 billion but was blocked by the Federal Trade Commission, which argued that the deal would reduce competition in the shaving market, according to the Reuters report.

Another D2C men’s grooming products firm, Dollar Shave Club, was sold by Unilever to Nexus Capital in 2023, the report said.

When announcing that acquisition, Michael Cohen, partner at Nexus Capital, pointed to Dollar Shave Club’s brand loyalty, D2C model and omnichannel presence.

“We see growth potential and will invest in cutting-edge marketing, product quality and new innovations,” Cohen said at the time in a press release. “Dollar Shave Club will also serve as a platform for additional brands with a similar DNA.”

It was reported in February that the IPO market could see a recovery this year, with the U.S. economy continuing to grow, the nominal two-year Treasury yield declining modestly and valuations remaining elevated.

The number of companies going public plunged over the last two years, dropping from 1,035 in 2021 to 181 in 2022 and 154 in 2023, Seeking Alpha reported Feb. 11, citing IPO statistics from Stock Analysis.

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