Greenback Shave Membership CEO Larry Bodner is underneath no delusions in regards to the model’s latest efficiency.
Greater than a decade after cofounder and former CEO Michael Dubin’s viral advert launched its profitable direct-to-consumer (DTC) enterprise, Greenback Shave Membership is way from its mid-2010s peak. Unilever, after paying a document $1 billion for the corporate, offloaded a majority stake to private-equity agency Nexus Capital Administration in 2023 for an undisclosed sum. And though Unilever by no means broke out Greenback Shave Membership’s outcomes, former Unilever CEO Hein Schumacher stated on the time of the sale, “Not all of our acquisitions have delivered, and we’ve made some unsuccessful attempts to move away from our core.”
Addressing a room filled with workers assembled for a ribbon-cutting ceremony on the firm’s new headquarters in Durham, North Carolina, earlier this month, Bodner was optimistic however candid as he spoke of “bringing the brand back.” In an interview with Fortune, Bodner went even additional.
Mario Jones (Luxe Portraits)
Put up-acquisition, Unilever moved the model away from its core values whereas additionally scaling again its funding in product high quality, stated Bodner.
“They neutered the voice of the brand. They tried to make it too corporate, and they lost that irreverent, ‘on the edge’ humor. And when you do that, you lose the consumer,” he stated.
Since prior management underneath Unilever was nervous about cannibalizing its bread-and-butter shopper gross sales, it was additionally slower than its opponents, like Harry’s, in releasing merchandise in shops, Bodner stated.
The corporate is now attempting to rectify each errors, Bodner added, regardless of declines within the DTC enterprise mannequin that has plagued others like Casper, Allbirds, and StitchFix.
A spokesperson for Unilever didn’t instantly reply to Fortune’s request for remark.
Transferring ahead
Dubin, who reportedly snagged a $90 million payout through the Unilever acquisition, left in 2021, however his 2012 viral video “Our Blades Are F***ing Great” nonetheless defines the corporate’s tradition. In truth, there’s a framed photograph of a poster featured within the video in its Durham workplace.
Mario Jones (Luxe Portraits)
Whereas the unique video was peak millennial humor, Bodner shies away from the concept that Greenback Shave Membership is a “millennial” model and stated inner knowledge exhibits the corporate is monitoring nicely with Gen Z.
The 62-year-old skilled CEO has led the corporate’s efforts to return to its roots and goal younger shoppers with a brand new advert marketing campaign for a redesigned razor, which launched earlier this month, in addition to a foray into college-themed razor handles. The corporate’s new Faculty Razor Handles assortment, for which it collaborated with Walmart, is a part of its efforts to increase its retail footprint. However Bodner is obvious that the model is “not ignoring DTC,” as a result of delivering razors remains to be an important want for its convenience-seeking prospects.
With its new headquarters in Durham, the corporate can be now situated close to universities just like the College of North Carolina and North Carolina State College, in addition to Duke College the place Bodner earned his MBA.
Though he admits the direct-to-consumer enterprise is aggressive, he thinks the corporate has an edge over two of its closest opponents.
“One unnamed competitor, the largest one, is all about technology and telling you what you need and [the] latest gizmo. Another one is about the elite on each coast, and that’s not really us,” he stated.
The corporate’s advertising and marketing and its distinctive voice, Bodner stated, nonetheless lead the corporate’s efforts to tell apart itself from its opponents and are central to its comeback.
“The question is, how do we bring fun back to a routine? And that’s exactly why you need to evoke some emotion with the brand,” he stated.
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