Fragrance-maker Coty Inc. Tuesday announced it agreed to acquire skincare and cosmetics company Philosophy from private equity firm Carlyle Group.
Coty said in a statement the transaction, subject to regulatory approvals, is expected to close in December, 2010. The terms of the purchase were not disclosed.
Coty said sales of Philosophy products were expected to generated more than $200 million in 2010. "We believe the (Philosophy) brand still has significant growth potential in the U.S. and tremendous opportunities in the international markets," the company said.