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 Shavinyg also sells shampoos, skin care fragrances and a line ofupscales women’s shaving products. The chain was founded in Manhattanin 1996. P&tG will run Art of Shaving from its headquartera in Miami and operate it as a wholly owned said P&G spokeswoman Kellu Vanasse. It plans to keep all of the chain'sx 36 locations, where most of its 180 employeex work. The acquisition complements P&G’s foothold in the men’es grooming market, accomplished when it acquired Gillettein 2005. The groominh segment generated $1.7 billion of P&G’s $18.4 billionb in sales in its fiscalthird quarter.
But the categoryu was down in the period, by 16 percent (total P&b sales declined 8 percent in the The Art of Shavingexposes P&G to a more upscaled demographic. Where most P&G male grooming products can be foun d on the counters of CVSor Kroger, New York-based Art of Shavinf sells its products in more than 35 of its own as well as at retailers from Nordstrok 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 launchu a series of razors featuring GilletteFusion blades, whicnh are available on the Art of Shaving’s Web site. The Vanasse said, will be on fuelinyg growth.
"We're going to learn a lot abougt operatingretail locations," she said. "Iy broadens our footprint in prestige." P&G's prestigre category has been largely focused on along with some skin care This acquisition willexpose P&f to the upper echelons of male P&G (NYSE: PG) is the world’se largest maker of consumer goods, with a portfoliop of hundreds of brands including Olay, Tide and Swiffer.