Harry's

We invested in Harry's because the team did something exceptionally rare: they built a consumer brand on the premise that the incumbent was overcharging, and then kept building long after the point where most challengers run out of ideas. Harry's didn't stop at blades. It built a platform for durable, honest consumer goods.

The discipline of the multi-brand build, Harry's, Flamingo, and the rest of the platform, is exactly what separates companies that become the category from companies that get absorbed by it. Most single-brand consumer winners try to extend into adjacencies and fail. Harry's has extended into adjacencies and earned them, each time.

Retail distribution is the harder test, and Harry's cleared it. Getting a direct-to-consumer brand into Walmart, Target, and national drug without degrading the unit economics is a feat that almost no DTC-born brand has managed. Harry's did it because the team built the retail operating capability in-house, rather than outsourcing it, and because the product was designed to win on the shelf.

We're late-stage, long-term holders. We expect the platform's retail momentum to continue, and we expect continued disciplined brand extensions.

Harry's is a modern consumer goods company built on the premise that an honest product at a fair price will compound. Starting with men's shaving, Harry's has expanded into a multi-brand platform with operating discipline rarely seen in digital-native consumer.

The company has moved into retail distribution at scale, launched adjacent brands including Flamingo in women's body care, and built the infrastructure to support each one with the same operating standards. We hold Harry's and related brands as a single category position.

The multi-brand platform architecture is what we find most structurally interesting. One retail team serving multiple brands, one supply chain serving multiple SKU families, one operating philosophy carried across categories. That structure gives the platform a cost-of-growth advantage over single-brand entrants, and it lets the company evaluate new category entries against a higher bar.

We expect additional brands, additional categories, and continued operational patience.