Gov. Andrew Cuomo announced Monday that the online men’s grooming products retailer Harry’s is making a “major New York City expansion” and creating 188 jobs — thanks, in part, to state tax credits.
To encourage Harry’s expansion and relocation of its headquarters to 75 Varick St., Empire State Development is offering the company $1.5 million in tax credits. ESD is the state’s economic development arm.
Over the next five years, the state expects the move to create 188 jobs related to technology, software engineering and research and development.
Harry’s has become “a household name” since it launched in 2013, the state said. Last year, it began selling its razors in Target stores and saw its sales double to $113 million.
Despite Harry’s success, the $1.5 million investment seemed reasonable to David Friedfel, director of state studies at the watchdog group Citizens Budget Commission.
“Overall it’s a relatively small number of jobs, but every little bit helps,” Friedfel said.
Harry’s also is benefiting from the Excelsior Jobs Program, which seeks to incentivize job creation through refundable tax credits. Critics have accused the program of failing to hold companies to their promises, as well as falling short of job creation goals.