The agreement -- combining star power in golf, tennis and soccer -- was announced after the Dubai Desert Classic in which Woods finished two strokes behind winner Henrik Stenson.
Gillette executives declined to say how much the athletes will be paid. Woods already endorses an array of products, and last year renewed his deal with Nike that will pay him about $30 million a year.
Chip Bergh, Gillette's president of global grooming, said his company selected the three not just because of their success in sports and marketing, but because each embodies 'true sporting values' and was a good example off the field.
Woods, Federer and Henry posed for photographers with shaving cream, something Woods doesn't have to use all that often.
'I started (shaving) a little late. My stubble didn't quite grow in,' said Woods, his face red from a sandstorm earlier in the day. 'My dad showed me how to do it and I tried to do it just like him. I got foam all over the place.'
Woods and Federer, the two dominant players in their sports, have become friends the past year. Woods was in Federer's box last year to watch his U.S. Open victory. A few months later, Federer walked the course with Woods at a golf tournament in China. Federer, a 10-time Grand Slam champion, strolled the course again Sunday in Dubai.
'Getting to know Roger has been pretty cool,' Woods said. 'We see sport on so many different levels the same way.'
Federer said he'd started playing a bit of golf on courses in the United States and in Switzerland.
'I don't play that much golf, but I do hope to get Tiger to teach me,' Federer said.
Henry, the Frenchman who stars for Arsenal in the English Premier League, said he admired Woods and Federer but had trouble watching golf.
'I would stay up really late to see Tiger play,' Henry said. 'Sometimes, I have to be honest, I did fall asleep.'
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