There isn't much online or in Waits about this razor.
What we do know is that it was made in France and is obviously a travel razor. It has two base plates, one of which looks like an Old Type and is not adjustable.
The second base plate is adjustable but looks more like its a Hair Thinning comb. The image on the blades seem to support this.
Adjustability is done by moving the comb across as can be seen in the last two images below, but as there are no markings repeatibility could be a problem.
It came with two blades. There is an address on the blade packaging - 37, Rue Etienne-Marcel Paris.

How does it shave?
Dunno!! I've not used it, however I would suspect that it shaves like an Old Type.