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P&G buys another luxury men's grooming company
P&G plans to build "the world's permier male grooming company" and took steps in this direction earlier this month through the acquisition of Art of Shaving, a Miami-based male grooming business.
Kelly Vanesse, communications director for P&G’s men’s grooming division said the company intends “to increase our footprint in the prestige area of this category”.
Growth in luxury male grooming segment
Market research firm Mintel has stated that men-specific product sales are growing at the expense of unisex toiletries. With the introduction of luxurious, high end men’s anti-wrinkle creams and products marketed only for men, P&G is tapping into a real growth market.
Changes in lifestyle and employment will propel growth in men’s toiletries, predict Mintel. It states that more than 4 in 5 male respondents buy their own toiletries and are mostly buying products that have been designed specifically for men.
Zihr focuses specifically on men’s skin care and shaving products, which are formulated with natural oils, extracts and botanicals.
“Zihr is an excellent fit into P&G’s already incredibly strong Male Grooming portfolio. Although it is a relatively small, North- American centric business, its super premium positioning is a perfect complement to our portfolio”, said Chip Bergh, Group President of P & G.
Other brands in the P&G male grooming portfolio include Gilette, which Mintel ranks as the most powerful male grooming product on the market. The company also owns luxury global bands such as Hugo Boss and Lacoste.
Brian Robinson, President of Zirh said, “P& G Male Grooming is a perfect home for Zirh. Zirh is a quintessentially male brand designed specifically to meet men’s unique skin care needs. With brands such as Gilette and Old Spice, the P&G Male Grooming portfolio will be a natural fit for the trend. This was a great move for both companies”.