Skin care marketer, Philosophy Inc. has been acquired by the Carlyle Group, Washington, DC. Market sources estimate that the Carlyle Group paid more than $450 million for Philosophy. Christina Carlino founded the company and served as chief executive officer. Under the terms of the deal Ms. Carlino will take on the roles of executive chairman and remain involved as an equity owner. The firm is searching for a new chief executive officer.
Philosophy is sold in Sephora, Macy’s, Bloomingdale’s and Nordstrom. Through a partnership it has maintained with QVC, Philosophy claims the top beauty brand spot ahead of Bare Escentuals on the shopping network, according to industry sources. Carlyle Group hopes to bring Philosophy to international markets in the future.