Report: Unilever To Pay $1B For LA-Based Dollar Shave Club

LOS ANGELES (CBSLA.com/AP) — Consumer products giant Unilever says it has agreed to buy the fast-growing California-based men's grooming business Dollar Shave Club for a reported $1 billion.

The start-up company sells razor blades and other grooming products direct to consumers via its website.

Unilever, which already owns personal care products including Axe, Dove and Pond's, said in a statement Wednesday that Dollar Shave Club has "transformed the shaving category with its lifestyle brand" and has built a membership of 3.2 million since its establishment in 2012. The company had sales of $152 million in 2015.

Michael Dubin, founder and CEO of Dollar Shave Club, says "DSC couldn't be happier to have the world's most innovative and progressive consumer-product company in our corner."

Dubin will continue to serve as CEO after the takeover.

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