THE WHAT? The incubation arm of Harry’s Lab has announced its first M&A activity with the buy-out of all-over deodorant brand Lumē.
THE DETAILS Created by obstetrician gynaecologist Dr. Shannon Klingman, Lumē aims to manage body odor wherever it is on the body, such as under arms, under boob or foot odor.
While terms of the deal were not disclosed, Klingman said, “I am thrilled to partner with the team at Harry’s at this point in our company’s journey. They are proven experts in scaling omni-channel personal care brands and they deeply understand and support our mission to disrupt the odor control market.”
THE WHY? Harry’s Lab has been shifting its focus from product development to M&A over the past 12 months, according to an interview with Morning Brew.
The company stated that it had spoken to more than 100 companies before settling on Lumē.
Looking to work with startups that cater to unmet consumer needs, Harry’s will now focus on CPG brands across the personal care, beauty, pet and home categories.
Harry’s Co-Founder and Co-CEO Andy Katz-Mayfield, said, “At Harry’s, we’ve successfully scaled personal care businesses and are excited to partner with Lumē to help grow this business and continue to disrupt the body odor category by giving even more consumers access to Lume’s innovative odor control products.”
And with the all-purpose-deodorant market in North America being worth $5.6 billion, according to Mordor Intelligence, it’s a lucrative industry to expand into.