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Billionaire activist blasts P&G for letting online shave clubs obliterate Gillette

Jin Lee | Bloomberg | Getty Images. Former Gillette employees, according to Nelson Peltz, say P&G should have come up with a strategy to beat Dollar Shave Club and Harry's.

Billionaire investor Nelson Peltz, who's fighting for a Procter & Gamble board seat, blamed the consumer products giant for allowing online shave club rivals to gobble up razor market share from its Gillette business.

In a CNBC interview on Monday, Peltz said he spoke with former Gillette employees who said they wouldn't have let online rivals Dollar Shave Club and Harry's gain as much of a foothold as P&G did.

"I spoke to a lot of the ex-Gillette guys and you know what they said," Peltz said on " Squawk on the Street ." "If Dollar Shave Club, and whoever the other guy is, were around when they were running Gillette, they would have put a group of them together — five or ten guys...