Coty Inc. announced today that it will purchase the skin care giant Philosophy for what insiders estimate will be a deal valued at around $1 billion.
Known best for its collaborative fragrances with celebrities like Gwen Stefani and Sarah Jessica Parker, Coty's strategy in purchasing the popular line of anti-aging moisturizers, bath bubbles and body lotions is to branch out beyond just fragrance.
"We want three pillars: fragrance, color cosmetics and skincare. This is the way we are building up our business," Coty CEO Bernd Beetz told The Wall Street Journal.
Philosophy was founded in 1996 by Cristina Carlino, whose unique idea of dressing her skin care and fragrance bottles in inspirational phrases and poems instantly hooked a cult-like following of fans.
The brand was sold to the Carlyle Group several years ago, but Carlino still spokesmodels for the brand on QVC -- the major shopping venue that is credited with taking Philosophy mainstream.
Perhaps best known for its signature clean-scented fragrance Grace, Philosophy also combines scrumptuous scents like cinnamon buns and fudge cake with hydrating formulas that burst with sweetness in the shower and bath.
The brand has also debuted 50 special holiday gifting selections, of which we carefully sniffed, lathered and moisturized with to bring you our top five picks.
If Coty promises to keep our yummy favorites coming, we promise to keep on buying.