Report: Carlyle to sell Philosophy skin care business

NEW YORK Private equity firm Carlyle Group is reportedly looking to sell skin care company Philosophy for about $1 billion, according to a Bloomberg report.

A spokesperson for Carlyle had declined to comment, the report stated.

Carlyle, which acquired the brand in March 2007, has reportedly hired Goldman Sachs Group to look into options. If no buyer emerges, an initial public offering is possible, Bloomberg reported.

Skin care entrepreneur Cristina Carlino founded Philosophy in 1996. The brand is sold at such retailers as Sephora, J.C. Penney, Nordstrom and Macy's, as well as Philosophy retail shops.