Coty Inc. to Acquire philosophy, inc.By Coty Inc., PRNE
Monday, November 22, 2010
Beauty Giant Adds Premier Skincare and Cosmetics Products to Its Coty Prestige Division
NEW YORK, November 23, 2010 - Coty Inc., a leading global beauty company and philosophy, inc., a
premier skincare and cosmetics company, today announced that Coty has agreed
to acquire philosophy from The Carlyle Group, a global alternative asset
The acquisition of philosophy will allow Coty to further diversify and
expand its Coty Prestige division, which will manage the philosophy
portfolio. philosophy is a beauty brand focused on skin care, with an
important presence in bath and body. Founded in 1996, philosophy has created
a strong emotional connection with its consumer, thanks to the unique
combination of brand approachability and product performance. The philosophy
product line, which is sold in QVC, Sephora, Ulta, Nordstrom and other
premier retailers, is expected to generate sales of more than $200 million
in 2010 and consistently earns top beauty industry awards.
"philosophy is one of the beauty industry's most prestigious brands and a
fantastic addition to the Coty family," said Bernd Beetz, CEO, Coty Inc.
"This acquisition will allow Coty to strengthen its presence in the skincare
category, which is one of our key strategic objectives."
"philosophy is a perfect fit with Coty. We have a common focus on
innovation, passion for brand development and entrepreneurial culture, and
highly complementary brands," said Michele Scannavini, President, Coty
Prestige. "We believe the brand still has significant growth potential in
the US and tremendous opportunities in the international markets."
"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," said Ken Stevens, CEO,
philosophy, inc. He added, "I am grateful for the wise counsel and confident
support that Sandra Horbach and the Carlyle team always provided to me in the
running of this business."
"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," said Sandra Horbach, Managing Director of The Carlyle Group. "We
recognize 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
Blackstone Advisory Partners served as financial advisor to Coty in
connection with the transaction. Goldman Sachs & Co. acted as financial
advisor to philosophy. Gibson, Dunn & Crutcher LLP served as legal advisor to
Coty in the transaction. Latham & Watkins LLP served as legal advisor to
About Coty Inc.
Coty was created in Paris in 1904 by Francois Coty who is credited with
founding the modern fragrance industry.
Today, Coty Inc. is a recognized leader in global beauty with annual net
sales of nearly $4 billion. Driven by an entrepreneurial spirit, passion,
innovation and creativity, Coty Inc. has developed an unrivaled portfolio of
notable brands and delivers its innovative products to consumers in 90
The Coty Prestige brand portfolio is distributed in prestige and
ultra-prestige stores and includes Balenciaga, Bottega Veneta, Calvin Klein,
Cerruti, Chloe, Chopard, Davidoff, Jennifer Lopez, Jil Sander, JOOP!, Karl
Lagerfeld, Kenneth Cole, L.A.M.B. fragrance by Gwen Stefani, La Voce by Renee
Fleming, Lancaster, Marc Jacobs, Nikos, Sarah Jessica Parker, Vera Wang,
Vivienne Westwood and Wolfgang Joop.
The Coty Beauty brand portfolio is more widely distributed and includes
adidas, ASTOR, Baby Phat, Beyonce Knowles, Celine Dion, Chupa Chups, David
and Victoria Beckham, Esprit, Exclamation, Faith Hill, GUESS, Halle Berry,
Jovan, Kate Moss, Kylie Minogue, La Cross, Lady Gaga, Miss Sporty, Nautica,
N.Y.C. New York Color, Pierre Cardin(1), Playboy, Rimmel, Sally Hansen,
Stetson, Tim McGraw, and Tonino Lamborghini.
Coty and Puig Fashion and Beauty S.A. have a strategic partnership for
the distribution of the perfume lines of Nina Ricci, Carolina Herrera, Prada,
Paco Rabanne, and Antonio Banderas in the United States and Canada.
For additional information about Coty Inc., please visit
(1) Not available in North America
about philosophy, inc.
philosophy is a brand that approaches personal care from a skin care
point of view, while celebrating the beauty of the human spirit. our
products, which include hope in a jar, purity made simple, amazing grace,
microdelivery peel and miracle worker, are formulated with
scientifically-proven ingredients and technologies. philosophy was founded in
1996 and is headquartered in phoenix, arizona, usa.
Lindsay Wooten (Fleishman-Hillard) for Coty Inc., +1-202-828-8829, lindsay.wooten at fleishman.com; or Adrienne Bavar (Shop PR) for philosophy, inc., +1-212-829-1111 x191, adrienne at shop-pr.com
Tags: Coty Inc., Europe, India, New York, November 23