Proctor & Gamble just secured a connection to Millennial and Gen Z consumers with plans to acquire the hip women’s shave and body brand Billie Inc., according to the Cincinnati-based consumer goods giant.
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As a female-focused grooming subscription service founded by Georgina Gooley and Jason Bravman in 2015, Billie is a direct-to-consumer company that is similar to Unilever’s Dollar Shave Club, providing shaving supplies and body care products. Billie’s current product portfolio includes stylish ergonomic razors with magnetic mounting abilities, a hydrating shaving cream, body wash and lotion.
“We're thrilled by the prospect of joining P&G to bring high-quality products at affordable prices to women around the world,” Gooley said in a press release sent out Wednesday.
“Their ability to create global household brands that have stood the test of time is a testament to their brand-building expertise; together, we'll be able to create an even stronger brand for womankind.”
Billie will continue to be led by Gooley and Bravman.
The acquisition complements Proctor & Gamble’s overall grooming portfolio, which includes Gillette, Venus, Braun and The Art of Shaving.
Bille’s strong digitally native presence and direct-to-consumer marketing tactics are in line with the shaving industry’s subscription model shakeup, especially among younger consumers, which should help Proctor & Gamble’s competitiveness in the market.
“The impact and consumer connection Georgina and Jason have been able to make with Billie in a short period of time has been remarkable,” said Gary Coombe, CEO of P&G Global Grooming.
He added, “The combination of Billie’s high-quality, naturals-focused razors and body care products, and P&G’s highly-skilled and experienced people, resources, technical capabilities and go-to-market expertise will allow us to further reach Millennial and Gen Z women through a fresh, bold attitude.”
The business move is said to accelerate Billie’s growth and development of additional grooming products designed for women, according to the release. The startup has donated 1 percent of all revenue to world causes that impact women. Currently, Billie is donating to Every Mother Counts, an organization with a mission to make pregnancy and childbirth safe for women everywhere.
Proctor & Gamble settled a lawsuit with Unilever’s Dollar Shave Club in March 2019, which alleged the subscription service infringed on patented technology used to manufacture select Gillette and Venus razors. Billie, on the other hand, secured $25 million in Series A funding from Goldman Sachs Private Capital Investing around this time last year.
Billie also received investments from Silverton Partners, Lakehouse Ventures, Female Founders Fund, Align Ventures and women's tennis legend Serena Williams’ investment vehicle Serena Ventures, according to Crunchbase News, though it is not clear if the firms will still be involved now that Proctor & Gamble is set to acquire the brand.
FOX Business reached out to both Proctor & Gamble and Billie for comment on the matter but was told details concerning individual investors could not be disclosed.