Coty to acquire Philosophy
NEW YORK A global beauty company will expand with its acquisition of a premier skin care and cosmetics company.
Coty said it would acquire Philosophy from global alternative asset manager the Carlyle Group. The acquisition of the Philosophy product line — which is sold in Sephora, Ulta and other premier retailers, and is expected to generate sales of more than $200 million in 2010 — will diversify and enhance Coty's prestige division.
Financial terms of the transaction were not disclosed.
"Philosophy is one of the beauty industry's most prestigious brands and a fantastic addition to the Coty family," said Bernd Beetz, Coty CEO. "This acquisition will allow Coty to strengthen its presence in the skin care category, which is one of our key strategic objectives."