French beauty company, Coty Inc, in an unexpected move has snapped up skincare and cosmetics company, Philosophy Inc., from The Carlyle Group. This acquisition will allow the well-known fragrance maker to further diversify and expand its portfolio, and help gain a stronger hold on the skincare market. “Philosophy is a perfect fit with Coty. We have common focus on innovation, passion for brand development and entrepreneurial culture. We believe that the brand has significant growth potential in the US and tremendous opportunities in the international markets,” says Michele Scannavini, President, Coty Prestige.
Founded in 1996, Philosophy, a beauty brand popular with women, is best known for its lotions, bubble bath and facial products. Its product line is sold in QVC, Sephora, Ulta, Nordstrom and in other premier retail locations.
Posted on: 1.12.2010