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Cashing In On Movember: Can Men's Grooming Stocks Be Good For More Than Your Mustache?

James Dennin, Kapitall: Movember, a month-long, mustache-growing marathon for men's health, might also be good for your portfolio.

Studies have shown that women find clean-shaven men more attractive.

But that hasn't deterred Adam Garone, who along with four friends in Australia started "Movember." A crowd-funded charitable event, not unlike The New York Marathon, it encourages participants to solicit donations from friends and family while growing mustaches over the course of the month.

A kind of marathon in its own right, Movember raised over $120 million last year for various causes related to men's health.

Movember also attracts the interest of a number of corporate sponsors, who seemed eager to take advantage of the charity's light-hearted, but also altruistic and altogether serious mission. One of the most visible has been the Just for Men brand, the hair-coloring product for men which is owned by the privately held Combe Inc.

Just for Men was first attracted to Movember by an initially inexplicable 30% spike in Canadian profits over the course of November 2011.

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There seems to be some pretty good money in razors, shavers, and creams these days, and not just during Movember. The American market was once dominated by two giants – Gillette and Schick – which are owned by Procter Gamble (PG) and Energizer Holdings (ENR) respectively. Although as late as 2007 it was a bit of a one-sided contest, with Gillette holding some 70% of the market share domestically

However, there are signs that change might be in the air. For one, men are starting to get more interested in beard and facial-hair maintenance. Nearly 60% of men of mustache-bearing age sport some kind of facial hair, up nearly 15% since 1993. And they're started to sport more diversity in the grooming brands they choose.