UPDATE 1-Edgewell to buy shaving startup Harry's for $1.37 bln

(Changes source)

May 9 (Reuters) - Edgewell Personal Care Co, the owner of Schick and Wilkinson razor brands said on Thursday it would buy U.S.-based shaving startup Harry's for $1.37 billion in a cash-and-stock deal.

Harry's, founded by Andy Katz-Mayfield and Jeff Raider, is one of the many shaving startups vying for market share in the growing male grooming products arena. The market is currently dominated by Procter & Gamble Co's Gillette and Unilever Plc.

The startup sells razors, shaving creams, lotions, soaps and other grooming products embossed with their quirky hairy elephant logo.

The Edgewell acquisition would be the second billion dollar acquisition of a shaving startup, dwarfing Unilever's buy of the U.S.-based Dollar Shave Club in 2016. (https://reut.rs/2VWxIve)

Harry's founders Katz-Mayfield and Raider will join the executive team of Edgewell as co-presidents of the company's U.S operations.

Edgewell Chief Executive Officer Rod Little, who was appointed in March, will continue to head the combined business.

The New York Times had earlier reported about the deal on Thursday. (Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Shounak Dasgupta)