Unilever buys Dollar Shave Club for $1 billion

(dufjp/SXC)

Unilever is buying Dollar Shave Club in a deal worth about $1 billion.

The multinational consumer goods company is acquiring the direct-to-consumer razor business to get a leg up on the competition, according to a news release.

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“We plan to leverage the global strength of Unilever to support Dollar Shave Club in achieving its full potential in terms of offering and reach,” said Kees Kruythoff, president of Unilever North America.

Since Michael Dubin founded the company four years ago, Dollar Shave Club has attracted 3.2 million members to its mail-order service, which ships disposable razors for a flat monthly fee.