Procter & Gamble (PG) - Get Procter & Gamble Company Report is finally responding to upstart razor companies selling cheap blades such as Unilever's (UL) - Get Unilever PLC Sponsored ADR ReportDollar Shave Club and Harry's stealing market share.
The consumer products giant will slash prices on average by a double-digit percentage across its Gillette and Braun shaving brands, a P&G spokesman confirmed to TheStreet. Some cuts on disposable razors and replacement blades will be as much as 20%. The new prices will go into effect on March 30.
The shaving category is a more than $7 billion a year annual business for P&G.
Cutting prices on notoriously expensive razors this year shouldn't come as a complete shock.
Sales of men's disposable razors, a category dominated by Gillette, dropped 5.9% last year to $1.2 billion last year, according to Nielsen data. Men's electric shaver sales, where Braun is a major player, have fallen for over four straight years. Last year alone, says Nielsen, sales of electric shavers for guys dived 8.7% to $147 million.