Press commentary on Harry’s acquisition by Edgewell Personal Care. Read the full article here.

On what the acquisition means for Harry’s and the direct-to-consumer space more broadly:

Harry’s has made DTC history after being acquired by Schick parent Edgewell for $1.4 billion, more than the $1 billion its predecessor Dollar Shave Club sold to Unilever back in 2016. Unlike other DTC acquisitions, Edgewell is looking to the brands’ founders, Alex Katz-Mayfield and Jeff Raider, to do more than simply run their brands under the Edgewell umbrella. Instead, the two will be overseeing U.S. operations of a portfolio of brands to connect them better to customers as well as rethink wholesale relationships.

It’s a momentous exit, but not one that says much about the future of direct-to-consumer brands and whether or not any of them can survive independently, especially considering the money they’ve raised. Harry’s, while its valuation post-purchase was unknown, raised $461 million. Loose Threads puts the company’s potential valuation between $1-1.5 billion, which would possibly make the $1.4 billion acquisition a down round for the brand.