Buzzy razor startup Harry's is being acquired for $1.37 billion

Buzzy shaving brand Harry's is being acquired by the owner of Schick razors for $1.37 billion.Under the agreement announced Thursday, investors in Harry's Inc. will take a stake of about 11% of Edgewell Personal Care Co., which manages Schick and other brands. Edgewell gets the Harry's brand and access to the company's prized direct-to-consumer marketing base.Harry's has captured about 2% of the $2.8 billion men's shaving industry since its founding in 2013, according to market research firm Euromonitor.Visit Business Insider's homepage for more stories.Harry's, the upstart shaving company, is being acquired by the owner of Schick razors for $1.37 billion.Harry's has bedeviled brands like Schick and Gillette for years using innovative subscription plans and sleek packaging.Read more: The cofounder of Warby Parker and Harry's reveals how he decides which industry to disrupt nextUnder the agreement announced Thursday, investors in Harry's Inc. will take a stake of about 11% of Edgewell Personal Care Co., which manages Schick and other brands. Edgewell gets the Harry's brand and access to the company's prized direct-to-consumer marketing base.Harry's, based in New York, has captured about 2% of the $2.8 billion men's shaving industry since its founding in 2013, according to Euromonitor market research firm.Harry's founders, Andy Katz-Mayfield and Jeff Raider, will become co-presidents of Edgewell's U.S. operations when the deal closes, probably in early 2020.