Elizabeth Arden has entered into an exclusive co-marketing agreement with Allergan, to re-launch a newly formulated Prevage anti-ageing formula on a global basis. The move forms part of Elizabeth Arden's aims to increase its presence in the fast-growing prestige skincare category, reports Simon Pitman.
Allergan, a specialty pharmaceutical company and market leader in dermatology, is the maker of Botox and M.D. Forte, a physician-dispensed skincare line in the United States. The agreement combines Elizabeth Arden's expertise in the prestige skincare industry with Allergan's dermatology capabilities.
The newly formulated Prevage will contain 0.5 per cent idebenone, a patented antioxidant. The physician-strength product will be known as Prevage MD and will continue to be sold by Allergan though physicians. Prevage was originally launched by Allergan in January 2005.
"The dermatology-inspired skincare market is experiencing explosive growth," said Scott Beattie, Elizabeth Arden CEO. "The collaboration will bring Prevage and its breakthrough technology to the global skincare market. We intend to take advantage of this opportunity and establish a leadership position in this category. We expect the collaboration to grow the dermatology-inspired skincare market globally."
Idebenone is a benzoquinone compound currently used by the medical community. In this field, idebenone has been used, among other things, to protect organs from the oxidation process prior to transplant surgery. This same oxidation process is one of the primary causes of skin ageing, a fact that led scientists to research idebenone's application as an antioxidant when topically applied to skin.
"Prevage represents a significant advance in skincare which is supported by scientific studies," said Kenneth Hertz, M.D., a dermatologist based in Miami and former clinical associate in the dermatology branch of the National Institute of Health.
"Idebenone is currently the most effective molecule for use in preventing and addressing the impact of oxidative stress on the skin. Idebenone retards the signs of aging and restores cell vitality. Prevage is clinically tested to reduce the appearance of lines and wrinkles, increase skin hydration, and improve the overall appearance of the skin", said David H. McDaniel, M.D., Director, Institute of Anti-Aging Research at Virginia Beach, Virginia, and Assistant Professor of Clinical Dermatology and Plastic Surgery, Eastern Virginia Medical School.
According to Elizabeth Arder, the product is being lauded by dermatologists for its ability to help reduce fine lines and wrinkles as well as protect against future damage. A six-week clinical study to evaluate the use of Prevage performed by Allergan's independent testing lab, was said to prove that the appearance of fine lines and wrinkles was reduced by 27 per cent, whilst skin hydration improved by 37 per cent.
The two companies say they will collaborate on all aspects of the product roll-out, including formulation, packaging design, and marketing. The new formulation, created by Elizabeth Arden's research and development team and Allergan's scientists, will begin being distributed through leading department stores and prestige outlets worldwide in early 2006 and the physician product later in 2005. The companies say they will also collaborate on developing additional Prevage products.
"We will continue working together to create a portfolio of products and make the latest, most effective skincare anti-aging technology available to consumers globally," said Beattie.
Anti-ageing products tend to focus on skin care, where anti-wrinkle cosmetics are now taking the market by storm. Euromonitor International estimated that the total market for skincare products is valued at $38.3 billion globally, a figure that is second only to the hair care sector.
In terms of growth, the figures for skin care storm well ahead of any other in the cosmetics industry. In the period 2002 to 2003, it was by far the fastest growing sector, with global growth running at 6.7 per cent.
However, breaking this down for products specific to the anti-ageing market, the figures are even more dramatic. For products that target specific age-related conditions, the global market was estimated at $6.9 billion in 2003, indicating a growth rate of 11.4 per cent.