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Coty to acquire philosophy from The Carlyle Group

Beauty company Coty has agreed to acquire skincare and cosmetics company philosophy from The Carlyle Group, an alternative asset manager.

The acquisition of philosophy will allow Coty to further strengthen and expand its Coty Prestige division, which will manage the philosophy portfolio.

philosophy is a beauty brand focused on skincare, with a presence in fragrance, bath and body and colour cosmetics.
“philosophy is one of the beauty industry’s most prestigious brands and a fantastic addition to the Coty family,” says Bernd Beetz, chief executive of Coty. “This acquisition will allow Coty to strengthen its presence in the skincare category, which is one of our key strategic objectives.”
“philosophy’s success is driven by providing women with products that deliver results and inspiration. We thrive on innovation and are extremely excited to join Coty, a company that shares our passion for delighting consumers with superior products. We look forward to significant growth as part of the Coty global portfolio of brands,” says Ken Stevens, chief executive of philosophy.
“philosophy has achieved great success under our ownership thanks to the hard work of Ken Stevens, his management team and philosophy’s many devoted associates,” adds Sandra Horbach, managing director of The Carlyle Group. “We recognise and thank philosophy founder Cristina Carlino for creating this unique brand and for her years of dedication to the company. Coty is an outstanding partner for philosophy, and we wish them continued success.”
Financial terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals and is expected to close in December 2010.

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