Unilever snaps up the start-up who wants to change how you shave

The deal is reported to be worth $1bn...

The Dollar Shave Club started four years ago with a mission to make shaving more comfortable and cheaper - today the company has been bought by Unilever - the details are undisclosed but The Wall St Journal reports that $1bn was paid in cash to close the deal .

The online service posts razors and other grooming products to customers for a monthly fee.

It is reported to have never returned a profit, but has signed up 3.2 million paying members.

The company had revenue of $152m last year, this is due to grow to more than $200m in 2016 according to Unilever.

It will be added to the group which includes international brands such as Dove, Axe/Lynx and Knorr.

Dollar Shave Club's success has not gone unnoticed, market-leader Gillette started its own 'Gillette Shave Club' last year - this launch resulted in a patent-infringement lawsuit.

The financial newspaper reports that executives from Procter & Gamble Co (P&G), who own Gillettte, have admitted in private that they underestimated the market disruption that Dollar Shave Club would cause.

P&G controlled 59% of North America's razor market last year - down from 71% in 2010. Dollar Shave Club commands 5% of the overall market.

It's main draws have been convenience and competitive pricing, in the US the basic package starts at $1 per month - with the most expensive retailing for $9 per month.