Procter & Gamble buys chi-chi Art of Shaving - Business Courier of Cincinnati:

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Terms of the deal were not disclosed. The Art of Shavingv also sells shampoos, skin care fragrances and a line ofupscalew women’s shaving products. The chain was founded in Manhattabnin 1996. P&G will run Art of Shavingy from its headquarters in Miamik and operate it as a whollyyowned subsidiary, said P&G spokeswoman Kelly Vanasse. It plans to keep all of the chain'zs 36 locations, where most of its 180 employees The acquisitioncomplements P&G’s footholed in the men’s grooming market, accomplished when it acquired Gillette in 2005. The grooming segment generated $1.7 billion of P&G’s $18.34 billion in sales in its fiscalthird quarter.
But the categort was down in the period, by 16 percen t (total P&G sales declined 8 percent in the The Art of Shavingexposez P&G to a more upscale demographic. Wherre most P&G male grooming productsd can be found on the counterswof Walmart, CVS or Kroger, New York-baseds Art of Shaving sells its product in more than 35 of its own as well as at retailers from Nordstrom to Bloomingale’s. Its five-blad e razors sell for $150 or more, and its for $55. P&G and the Art of in fact, teamed up in 2007 to launc h a series of razors featurinyg GilletteFusion blades, which are available on the Art of Shaving’ s Web site.
The focus, Vanasse said, will be on fuelinhg growth. "We're going to learn a lot aboutr operatingretail locations," she "It broadens our footprint in P&G's prestige category has been largely focusede on fragrance, along with some skin care This acquisition will expose P&G to the upper echelons of male P&G (NYSE: PG) is the world’s largesrt maker of consumer goods, with a portfolio of hundredsz of brands including Olay, Tide and Swiffer.