Gone are the days of a five-o’clock shadow.
Instead – the full beard is back, and that’s what has razor companies on edge.
Proctor & Gamble, which owns Gillette, took a writedown of the brand to the tune of $8 billion.
As growing a full-blown beard has become more popular, there’s less of a demand for blades to take it all off.
Chief Financial Officer Jon Moeller on a call with analysts Tuesday noted the trend, admitting “lower shaving-frequency has reduced the size of the developed blades and razors market.”
Data backs him up.
According to Euromonitor, the U.S. market for men’s shaving has dipped over 11% in the last five years.
Bearded men speaking to The New York Post back up their choice, explaining, “Beards are very trendy right now. I love that it saves me time and hassle in the mornings. Disposable razors are expensive.”
Factor in Dollar Shave Club, and it’s not hard to see why some men are over the extra expense.
A pack of Gillette Fusion Razor cartridges run about $12 at retailers. Compare that to a $7 fee for similar razors - sent to your doorstep - it's not much of a stretch to imagine the cost benefits.