Home / Knowledge / News / Fashion / philosophy is a perfect fit with Coty
philosophy is a perfect fit with Coty
23
Nov '10
Coty Inc, a leading global beauty company and philosophy inc, a premier skincare and cosmetics company, announced that Coty has agreed to acquire philosophy from The Carlyle Group, a global alternative asset manager.

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 December 2010.

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 philosophy.

Coty Inc


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

Courtesy: Urban Outfitters

Apparel/Garments | On 20th Feb 2018

Urban Outfitters Q4 FY18 sales climb 5.7%

The net sales of Urban Outfitters, Inc., a leading lifestyle products ...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Top executives
Textile industry

The foremost issue is bridging the skill gap

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search