Temasek Backs $112 Million US Beauty Brand
Are Temasek getting in on the beauty business?
Temasek have joined investors including Alliance Consumer Growth, Tiger Global and Wellington Management in the latest round of funding for US men's grooming line, Harry's.
Based in the U.S, Harry's differentiate themselves from traditional men's grooming companies using a subscription based model, aimed at targeting a younger audience. The brand was founded in March 2013 by Andy Katz-Mayfield and Jeff Raider and in just under five years, has already become a major competitor to the likes of Gillette and other established grooming giants.
The company have yet to announce what they plan to do with this latest financial injection, but have previously used funding to help their product from the ground up. In 2014, they bought the Feintechnik razor factory in Germany for a reported $100 Million in a bid to control every aspect of their products manufacturing process. Talking of the move, Harry's said on their website: “By buying our German factory we are able to ensure quality by owning the entire process, from grinding high-grade steel to directly shipping our products to your door. That means we can continually innovate to make your shave even better,”
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