King of Shaves welcomes new shareholder Kai Industries

King of Shaves has announced that the Asian company Kai Industries has purchased a minority shareholding in the business.

The Japan-based manufacturing and technology company has purchased the stake in the personal care firm for an undisclosed fee, stating that it looks forward to working with King of Shaves in the coming years.

As part of the transaction, Koji Endo, Kai Industries' president and chief executive officer, has joined the King of Shaves board of directors.

Will King, founder and chief executive officer of King of Shaves, welcomed both the deal and the new board member, expressing confidence that it will enjoy a "strong and successful" partnership with Kai.

He said: "Their investment in King of Shaves is testament to their belief in our brand and its international growth opportunities."

Earlier this month, the company launched its new Azor M Sensitive razor, which is being distributed in the UK exclusively by Tesco.