The anti-aging cream was available in Mexico in the 1960s, states Adbrands.net. Before 1999 Oil of
Olay had a variety of names around the world. In the United Kingdom it was Oil of Ulay. In Australia it was Oil of Ulan. It was Oil of Olaz in Continental Europe.
The cream was formulated in 1949 by a South African chemist, Graham Wulff. Wulff intended to make a cream to heal the hands of Royal Air Force pilots suffering from burn injuries. The cream was originally called "Ulan," a derivation of lanolin, which is one of the moisturizing ingredients.
Proctor and Gamble has acquired Oil of Olay as of 1985, dropping "Oil of" from the name and re-branding the cream as "Olay." However, it is still Olaz in Europe and Yu Lan in China.
Since Proctor and Gamble expanded the Olay line to include Regenerist, ProX and Total Effects products, the skincare range now includes over 100 products sold in over 80 countries. Olay creams are among the company's best-selling products and earned $3.3 billion in 2013. Proctor and Gamble claims that Olay has 10 percent of the global skincare market, states Adbrand.net.Learn more about Skin Care