Word: malka
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Dates: during 2010-2019
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...year. If people will fork over insane amounts of money to properly trim their facial hair - in a New York City store, a razor with a nickel-plated brass handle costs $175 - perhaps national spending will finally loosen. "We're definitely linked to the economy," says Eric Malka, co-founder and CEO of the Art of Shaving. "As consumer confidence comes back and the stock market comes back, our consumers have been more willing to purchase our products." (See the best business deals...
...surface, it seems outlandish that people would buy 5 oz. of shaving cream for $22. This stuff is a commodity that just sits on your bathroom shelf, right? But don't underestimate the importance of a smooth shave. "A lot of our customers suffer from shaving discomfort," says Malka. "So spending $100 on shaving products becomes very inexpensive once you realize the benefits our products have on your skin." (See questions and answers about retirement...
...Shaving is one of the more intriguing chips in company's portfolio. While neither the store nor P&G will specify how many new outlets will open over the next few years, expect a surge. "P&G acquired this business, and obviously wants to grow it," says Malka. "P&G has a mission to win with men, and the Art of Shaving is an important platform to serve men in the premium marketplace...
...Malka and his wife Myriam Zaoui founded the company in their kitchen while Zaoui was studying to be an aromatherapist. "She blended some oils for me to put under my shaving cream so that the razor glided over the skin and didn't grab hair," Malka says. "It worked magic for my skin and was the catalyst for starting the shaving business." They sold their BMW for $12,000 - "We were broke," Malka says - and opened up a small Manhattan store in 1996. The company sells its own Art of Shaving-brand products in its stores and other high...
...Shaving has corralled enough loyal customers to carve out a niche in the grooming sector. Heck, the company even sold some of those $3,400 sets this holiday season. "We're confident that the momentum we've experienced the last couple of months will continue into 2010," says Malka. "And now with our partners at P&G, we can take the business to another level." But in a still shaky economy, can the blade business avoid deep cuts along...