US beauty giant Coty Inc. is adding premier skincare and cosmetic products brand Philosophy to its Prestige Division. Coty announced yesterday it has agreed to acquire Philosophy from The Carlyle Group.

Founded in 1996, Philosophy is a beauty brand focused on skin care, with an important presence in bath and body. The Philosophy product line, which is sold in QVC, Sephora, Ulta, Nordstrom and other premier retailers, is expected to generate sales of more than US$ 200 million in 2010.

"This acquisition will allow Coty to strengthen its presence in the skincare category, which is one of our key strategic objectives," said Bernd Beetz, CEO, Coty.

Indeed, the acquisition of Philosophy will allow Coty to further diversify and expand its Prestige division in the high-end skincare segment. Coty deems that Philosophy still has significant growth potential in the US and tremendous opportunities in the international markets.

The transaction is subject to customary regulatory approvals and is expected to close in December 2010.

Coty aims to achieve a turnover of 7 billion U.S. dollars by 2015 and recently expanded its make-up portfolio withthe acquisition of Dr. Scheller Cosmetics (DSC) from Russian group Kalina and an extension of its licence agreement with Calvin Klein.