Gretchen Price Named Chief Financial Officer of Philosophy, Inc.; P&G Veteran with Global Experience in Diverse Functions, Divisions and Geographies

Phoenix, AZ – philosophy, inc., one of the fastest-growing prestige beauty brands in the United States, today named Gretchen Price as Chief Financial Officer, effective January 7, 2008. Ms. Price joins philosophy from The Procter & Gamble Company, where she held numerous senior financial positions over her 31-year tenure, including Treasurer, Controller and General Manager. She most recently served as the Vice President –Finance, Global Operations at P&G.

Ms. Price is the second high-profile executive to be hired by philosophy since it was acquired by the global private equity firm, The Carlyle Group, in March 2007. In May, Carlyle recruited Chief Executive Officer, Michael McNamara, from Neutrogena Corporation, which he had run since 1999.

Mr. McNamara said, “Gretchen is an outstanding addition to our senior management team. Her broad accounting and financial background has been honed through more than three decades of experience in multiple divisions and disciplines of one of the world’s leading consumer products companies. With Gretchen’s leadership and expertise, we will build upon our strong foundation and talent pool, support our steep growth trajectory and propel philosophy to the next level.”

Commenting on her new position, Ms. Price said, “I am thrilled to be a part of the philosophy family. It’s a nimble and creative organization that has all the raw ingredients needed to succeed in the new consumer marketplace. Our greatest challenge will not be about generating growth, but about managing it for the long-term. The possibilities for the brand are endless.”

philosophy was founded in 1996 by Cristina Carlino, who continues to serve as its Executive Chairman. The Company makes and markets products across all categories of beauty, including skin care, bath & body care, fragrances and color cosmetics. Its products are sold through multiple complementary channels of distribution, including direct response television and prestige retailers.

* * * * *

philosophy, inc.
philosophy is a lifestyle brand that celebrates feeling well and living joyously and wants to inspire its customers to live a better life by being better to themselves. long before the “doctor” skincare brands of today, there was philosophy. born from biomedic, the acclaimed medical company that pioneered some of today’s most popular in-office treatments such as the micropeel. philosophy skincare has long been recommended by dermatologists and plastic surgeons around the country. philosophy is an international skincare and cosmetic company founded in 1996 and headquartered in phoenix, arizona. for more information please visit our website at www.philosophy.com.

# # #