Last September Coty unveiled a strategy to double its skincare sales by 2025 to between US$500 million and US$600 million. Key to the target is a re-charge of the multinational’s skincare and technology expertise across core areas such as DNA repair, oxygen delivery and bio-medical formulas.
Coty’s prestige skincare portfolio includes Lancaster, Orveda, Kylie Skin, SKKN by Kim and Philosophy. Lancaster has been doing very well in China and Coty has announced that Philosophy is poised for a return to significant prominence with a new brand formulation strategy dubbed dermatological wisdom.
The US brand’s derm reputation dates back to its founding in 1996 by Cristina Carlino, who also created Bio Medic, a medically-based skincare line distributed through clinics, plastic surgeons and dermatologists.
Philosophy was acquired by leading private equity firm, The Carlyle Group, in 2007 for an estimated US$450 million. Three years later, Coty bought the brand, now boasting annual revenues of US$200 million, in a deal valued at US$1 billion.
As competition in the skincare sector intensified over the following decade, Philosophy’s hero products such as Amazing Grace fragrance, Hope in a Jar, Renewed Hope in a Jar and Purity Made Simple One-Step Facial Cleanser remained cult favourites with a loyal fan base. One bottle of Purity Made Simple is sold every 53 seconds.
Building on its decades of skincare research, Coty is planning a global comeback for Philosophy. The first product to debut under the new dermatological wisdom banner is Dose of Wisdom Bouncy Skin Reactivating Serum. A daily serum containing molecule grafted Vitamin C, hyaluronic acid and the brand’s patented vitality booster to restore skin health through deep hydration and collagen support.
Philosophy has also gained approval under the Leaping Bunny programme, the international gold standard for cruelty-free cosmetics and household products.
At Coty we know that consumers don’t want to make trade-offs, they want efficacious, kind to the skin, and cruelty-free skincare, said Constantin Sklavenitis, Coty Chief Brand Officer, Prestige.
“We are thrilled that Philosophy has joined other Coty brands which are approved under the Leaping Bunny programme.”
Philosophy’s new principles, visual codes and formulations will roll out first in the US this month and the global launch will begin in the Northern Hemisphere Autumn in the lead-up to Christmas.
In Australia, Philosophy is available from Sephora, Myer, David Jones, Adore Beauty and other leading websites.
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