Coty Inc have announced on Tuesday November 23, 2010 that they had acquired beauty company Philosophy from the Carlyle Group, an investors' group, a move which is meant to help them diversify the activities of their Coty Prestige branch.
Founded in 1904 by François Coty considered to be the founder of the modern perfume industry, Coty Inc has had more recently to come to terms with a weakening of the fragrance market. Philosophy, which is known for its qualitative skin products stamped with inspirational messages and simple, casual and fresh fragrances as well as whimsical bath products have caught the eye of the giant company first and foremost for its prize-winning contributions to the field of skincare...
Bernd Beetz, CEO of Coty Inc said that the acquisition of Philosophy would reinforce their presence in the skincare sector which is one of their great strategic goals.
The company is also reported to be currently interested in purchasing leading nail polish brand OPI as part of their diversifying efforts.
Philosophy was founded in 1996 by Cristina Carlino who has been acting as its artistic director and will reportedly remain in function until at least the end of her contract. The newly acquired brand will be managed by Coty Prestige which is also in charge of labels such as Calvin Klein, Chloe, Jennifer Lopez, Karl Lagerfeld, Marc Jacobs, Sarah Jessica Parker, Vera Wang, Vivienne Westwood, Wolfgang Joop, and more.
The financial terms of the deal have not been disclosed due to pending regulatory approval but should be concluded in December 2010.
Via press release