Harry's Labs Acquires D2C Deodorant Brand Lumē

Harry’s Labs Acquires Lumē to Expand Consumer Product Portfolio

Harry’s Labs, the internal venture studio of the shaving brand Harry’s Inc., has announced an agreement to acquire Lumē, a direct-to-consumer brand specializing in comprehensive body odor control.

Harry’s Labs’ Investment Strategy

Established in 2018, Harry’s Labs has been instrumental in fostering and launching several consumer product ventures. These include the cat product company Cat Person, the body care range Flamingo, and the hair care line Headquarters.

This acquisition occurs following Harry’s successful Series E funding round, which valued the company at $1.7 billion and brought its total funding to over $650 million since its inception in 2013.

Past Acquisition Attempt and Current Growth

Interestingly, Harry’s was once itself a target for acquisition. In 2019, Edgewell Personal Care announced its intention to purchase Harry’s. However, the Federal Trade Commission intervened in February 2020, filing a lawsuit to prevent the deal, citing potential limitations to competition and innovation within the razor market.

Strategic Rationale for the Acquisition

Tehmina Haider, Harry’s chief growth officer, explained to TechCrunch that while financial details remain undisclosed, the company prioritizes businesses demonstrating strong product-market fit and significant consumer appeal.

“Our goal with M&A is to evolve into a diversified CPG company, cultivating a portfolio of brands,” Haider stated. “We aim to innovate and deliver superior products to consumers, seeking brands that align with this mission, where we can offer valuable support, and that address unmet consumer needs.”

Prior to the Lumē acquisition, Harry’s Labs evaluated over 100 potential companies. Haider confirmed that Lumē fulfilled all key criteria, making it a particularly compelling opportunity.

Lumē’s Unique Approach to Body Odor

Founded in 2017 by Dr. Shannon Klingman, a board-certified OB-GYN, Lumē was created to address the issue of all-over body odor with a line of aluminum-free deodorants.

Dr. Klingman emphasized that Lumē distinguishes itself from competitors by being “the only brand clinically proven to inhibit bacterial consumption of fluids – including sweat, semen, urine, and blood – that contribute to odor.”

Future Plans and Team Integration

Lumē, which has operated on a bootstrapped basis since its launch, participates in the $3.2 billion all-purpose deodorant market. Over the coming year, Harry’s Labs will collaborate with Dr. Klingman, who will remain with Lumē, to expand the business and accelerate its direct-to-consumer growth.

Importantly, the entire Lumē team will be retained following the acquisition.

“From our initial meeting, a strong alignment was evident,” Dr. Klingman shared. “As a self-funded brand, scaling inventory can present challenges, but Harry’s possesses the experience and resources to facilitate that growth. I appreciate their recognition of Lumē’s value and the vision I’ve been building.”

Haider anticipates the acquisition will be finalized by the end of the current year.