“We’ve built a lot of infrastructure at Harry’s that we think we can leverage into new categories,” Jeff Raider, one of Harry’s founders, told the Times. “It’s something that we’ve been excited about for a long time, and we’re now at a point in our business where we can act on it.”
Harry’s and competitors such as the Dollar Shave Club have built their business on a subscription model. They market their products to younger consumers through eCommerce to gain market share from more established players such as Gillette and Schick. Beyond eCommerce, however, the brand began selling its razors in brick-and-mortar Target locations in 2016.
Despite its success with razors, Harry’s is already looking beyond men’s grooming. The company invested in hair loss product startup Hims and is seeking to gain ownership stakes in other brands, according to reports. Harry’s founders also have an interest in branching out into consumer goods such as personal care, baby products and household items.
All in, the maker and distributor of shaving blades and products had snapped up $164.5 million in venture capital (VC) funding as of 2015, a figure which comes on top of its $211 million in debt financing. That funding went to growing the brand through hiring, research and development (R&D), marketing and advertising, Raider said at the time.