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July 20, 2016 / 4:27 AM

Dollar Shave Club sells for $1 billion

LOS ANGELES, July 20 (UPI) -- Dollar Shave Club, the subscription online razor and toiletry service, has sold to Unilever for a reported $1 billion.

Unilever, maker of Axe Body Spray and Dove Soap reportedly paid cash for the private, Los-angeles-based company. The terms of the deal were not disclosed in a press release, but Fortune reported the sale price.

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Company founder Michael Dubin will remain as the CEO, saying his company has "long admired Unilever's purpose-driven business leadership and its category expertise is unmatched."

Dollar Shave Club will be allowed to continue building its brand identity, built largely through its humorous commercials. All 190 company employees will stay as well, Dubin said.

However, the company continues to be locked in a legal battle with Gillette, with allegations the small company stole one of its razor blade patents. Dubin did not comment on how the case might have affected the sale.

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