Shavekit: Shaking up men's grooming with a unique subscription model
1 min read
03 March 2016
Shavekit co-founders Tom Walker and Tom Harrow were already veteran entrepreneurs when they founded the innovative subscription-based platform for men's toiletries which has been named one of the Everline Future 50 2016.
Key to the duo’s model is the flexibility they provide, with subscribers able to choose the delivery frequency which is most convenient for them and pause at any time, with accounts easily manageable online. They are firmly targeting the mainstream market with products that are cheaper than convenient ones would cost on the high street without being bargain basement.
Companies operating along similar lines in the US have been able to nab 12 per cent of a market traditionally dominated by big players, so their strategy certainly appears to have legs.
A second funding round on Seedrs surpassed the founders’ £150,000 crowdfunding target in September 2015 and even attracted investment from Andy Murray, who sits on the platform’s advisory board.
With the money to grow under their belts, the Shavekit founders are now focusing on expanding across the men’s grooming market into categories including shaving cream, hair products and moisturiser, and aiming to launch two additional products each year.
Though margins on razors are healthy, add-on products offer better opportunities to increase in profits, and the pair hope this strategy will allow them to fully stock bathrooms within four years. Given that the men’s grooming market in the UK is worth more than £1bn, they’ve certainly picked a good space to shake-up.