Spectrum Brands Holdings, Inc., in responding to weekend press reports, said it has not offered to acquire UK personal care products maker King of Shaves Company Ltd.
In November 2010 Spectrum Brands signed a multi-year agreement with King of Shaves, under which Spectrum’s Remington division will distribute King of Shaves products in the United States, Canada, and Mexico.
Spectrum reiterated that it has a distribution-only agreement with King of Shaves and said it looks forward to entering the large and growing U.S. market for men’s wet shaving. The Remington division this fall is launching its Remington King of Shaves Azor 5 line of 5-blade razors, disposable cartridges and shaving gels in the U.S. Remington also will distribute the King of Shaves branded men’s grooming products.
The U.S. men’s wet shave market, including handles, cartridges and disposable razors, is estimated at nearly $2 billion in annual retail sales, and growing at a compound annual rate of approximately 4 percent.
to Daily News