Unilever buys Dollar Shave Club for reported US$1 billionTHE HAGUE, Netherlands -- Anglo-Dutch food and consumer products giant Unilever said Wednesday it had bought the Dollar Shave Club, a U.S. startup that has shaken up the market with its subscription model. In the U.S., Dollar Shave Club was in fourth place last year with US$128 million in sales, compared to over US$1.6 billion for Gillette. Unilever said that Michael Dubin, the founder and chief executive of the Dollar Shave Club, would stay in his post. Dollar Shave Club will give Unilever a boost in the men's razor market. Founded in 2012, Dollar Shave Club has quickly "grown into a full male grooming business that has transformed the shaving category with its lifestyle brand empowering 3.2 million members," said Unilever in a statement.

Source: The China Post July 20, 2016 18:00 UTC