Investment firm buys luxury skin care brand Philosophy
Carlyle Group, in a move that aims to further expand the brand's
product portfolio and retail reach.
The line of prestige personal care products covers all categories of the beauty business, focusing on skin care products, as well as bath and body care, fragrances and color cosmetics.
Its skin and body care products include hope in a jar moisturizer, purity made simple deep cleansing emulsion and the micro delivery peel, together with the grace and falling in love fragrances.
The company was established in 1996 and has been developed as a privately-owned business, headed by founder and CEO Cristina Carlino.
The products are sold through direct response television and prestige retailers, and proved to be the No. 1 skin care line on the QVC channel in 2006 and the No. 1 skin care and bath and body care brand at Sephora USA, as well as being amongst the fastest growing beauty brands at a number of department and specialty stores in the country.
Carlyle, which is a US-based global private equity firm, says it aims to build on the brand's growing popularity through retail expansion, geographic expansion and product line extensions.
The investment group said it was also attracted by its differentiated position on the market, which appeals to a broad spectrum of customers, a factor that is demonstrated by the broad spectrum of retail outlets the products are currently found in.
"The acquisition of philosophy is another step in our firm's efforts to partner with talented and dedicated entrepreneurs to build world class brands in high-growth high-quantity businesses," said Carlyle managing director Sandra Horbach.
Terms and conditions of the transaction, including the price, were not revealed.
The investment company has a highly diversified portfolio, which includes the most recent addition of fast food chain Dunkin' Brands, together with Oriental Trading, a company that provides party and school supplies.
