Mammoth Brands, the parent company of Harry's, Lume, and Coterie, is reportedly considering an initial public offering as soon as the second half of 2025.
The Big Picture
Mammoth Brands is positioning itself as a modern challenger to legacy consumer packaged goods (CPG) giants. In 2024, the company reported revenue of $835 million and adjusted EBITDA of nearly $100 million, achieving a compound annual growth rate of over 20% for the five years through 2024. The company operates through both direct-to-consumer and retail channels, focusing on disruptor brands in personal and baby care.
A Portfolio of Disruptors
Mammoth was formed from Harry's, the razor brand founded in 2013 by Andy Katz-Mayfield and Jeff Raider that later expanded into skincare and men's personal care. The company has since built a diversified portfolio:
- Harry's (2013): The original online razor brand, now expanded into men's personal care and skincare.
- Flamingo (2018): A women's shaving and body care brand.
- Lume Deodorant (Acquired 2021): Credited with establishing the whole-body deodorant segment. Sales more than doubled within two years of the acquisition.
- Mando (Late 2022): A men's deodorant brand.
- Coterie (Acquired 2025): A premium diaper brand. Coterie reported over $200 million in net revenue in the 12 months prior to the acquisition, a nearly 60% year-over-year increase. The deal was valued at over $1 billion.
The company previously operated an incubator lab that introduced the Cat Person and Headquarters brands.
Competing with the Titans
"We aim to build a leading modern CPG company, analogous to a modern Procter & Gamble or Unilever." — Co-founder and co-CEO Andy Katz-Mayfield
Mammoth's strategy directly challenges incumbent CPG companies, which face increasing competition from smaller, digitally-native brands that have gained market share through social media and different value propositions.
Coterie's most direct competitors are Procter & Gamble's Pampers and Kimberly-Clark's Huggies. In response, Procter & Gamble launched a premium diaper line, Pampers Amore, explicitly positioned against Coterie. However, Coterie's CEO Jess Jacobs asserts that "Coterie holds an 18-month lead over legacy diaper brands in the premium segment."
Consumer-First Philosophy
Katz-Mayfield draws a sharp distinction between Mammoth's approach and that of legacy competitors: "Legacy CPG companies often view retailers as customers, whereas Mammoth focuses on the end consumer."
This consumer-centric strategy appears to resonate with modern parents. According to Jacobs, 74% of parents are willing to pay more for better-for-you products.
Market Dynamics
The diaper market is showing signs of vulnerability among legacy players. Procter & Gamble's U.S. diaper volume decreased 2% in its fiscal second quarter ending December 2024. Meanwhile, Huggies surpassed Pampers in U.S. diaper sales for the first time since 2021.
Industry analysts note that small manufacturers are gaining share, and cultural relevance has become as important as brand equity in the modern CPG landscape.
Looking Ahead
Co-founder and co-CEO Jeff Raider stated that the company continues to evaluate its capital structure to support long-term outcomes. An IPO in the second half of 2025 would mark a significant milestone for the company, potentially valuing it at billions of dollars based on the Coterie acquisition price and its strong revenue growth trajectory.