MADISON, Wis. — Responding to weekend press reports, consumer products company Spectrum Brands issued a statement indicating that it has not offered to acquire King of Shaves, a U.K.-based company with whom Spectrum has a multiyear distribution agreement through its Remington North America division.
Spectrum Brands signed in November 2010 a multiyear agreement with the King of Shaves, under which Spectrum’s Remington division, a provider of Remington-branded electric shavers, grooming and styling products, distributes King of Shaves products in the United States, Canada and Mexico.
In reaffirming its distribution-only agreement with King of Shaves, Spectrum stated that it looks forward to entering the U.S. market for men’s wet shaving with a full line of products.
Spectrum Brands’ Remington division this fall is launching its Remington King of Shaves Azor 5 line of five-blade razors, disposable cartridges and shaving gels in the United States. 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%, the company stated.