P&G to acquire The Art of Shaving

CINCINNATI Procter & Gamble is bolstering its presence in the men's grooming segment by acquiring the upscale brand The Art of Shaving, according to published reports.

The financial terms of the deal have not been disclosed but some industry sources have been quoted as pegging the purchase price at around $60 million.

According to published reports, The Art of Shaving will continue to run from its Miami headquarters, with founder Eric Malka staying on board and founder Myriam Zaoui working as a consultant.

The Art of Shaving, founded in 1996, sells razors and other shaving products at its own shops and through high-end department stores.

In 2007, P&G and The Art of Shaving teamed up to launch the Fusion Chrome Collection, a premium assortment of shaving instruments. The collection was sold at high-end retailers like Barney's, Neiman Marcus and Saks Fifth Avenue and retailed for $150 for the Power Razor and $125 for the Manual Razor.