Schick owner Edgewell drops $1.37B buyout deal for Harry's

Schick owner Edgewell is ending its $1.37 billion acquisition deal for upstart shaving company Harry’s shortly after the Federal Trade Commission sued to block the sale.

Edgewell Personal Care Co. said Monday that Harry's Inc. has said it will pursue litigation, but Edgewell believes such litigation has no merit.

Edgewell said it's moving forward as a standalone company.

Federal trade regulators had argued that a combination of Edgewell and Harry's would hurt competition.

Edgewell’s Schick is the No. 2 razor maker in the U.S., behind Gillette. Both brands were forced to slash prices and overhaul their marketing strategies in recent years in response to the rise of Harry’s and rival Dollar Shave Club, which both started as direct-to-consumer digital brands.

New York-based Harry’s had hoped to capitalize on Edgewell’s large distribution channels and Schick’s blade technology. Edgewell was looking to leverage Harry’s direct-to-consumer marketing base and digital savvy.