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 Shaving also sellsw shampoos, skin care products, fragrances and a line of upscalw women’s shaving products. The chain was foundex in Manhattanin 1996. P&fG will run Art of Shaving from its headquartersw in Miami and operate it as a whollyuowned subsidiary, said P&G spokeswoman Kelly Vanasse. It plans to keep all of the chain'd 36 locations, where most of its 180 employeees work. The acquisition complementxs P&G’s foothold in the men’s grooming market, accomplished when it acquiredf Gillettein 2005. The grooming segmeng generated $1.7 billion of P&G’e $18.
4 billion in sales in its fiscalothird quarter. But the categoru was down in the period, by 16 percengt (total P&G sales declined 8 perceng in the quarter). The Art of Shaving exposes P&G to a more upscale Where most P&G male grooming products can be foundx on the countersof Walmart, CVS or Kroger, New York-baseed Art of Shaving sells its products in more than 35 of its own as well as at retailers from Nordstroj to Bloomingale’s. Its five-blade razors sell for $150 or and its brushes, for $55. P&G and the Art of in fact, teamed up in 2007 to launchn a series of razors featuring GilletterFusion blades, which are available on the Art of Shaving’x Web site.
The focus, Vanasse will be on fueling growth. "We're going to learn a lot abourt operatingretail locations," she "It broadens our footprint in prestige." P&G's prestige category has been largel focused on fragrance, alonf with some skin care This acquisition will expose P&G to the upper echelonse of male consumerism. P&Gy (NYSE: PG) is the world’sw largest maker of consumer goods, with a portfolik of hundreds of brandsincludinhg Olay, Tide and Swiffer.