Phenoxyethanol is one of the most widely used preservatives. It is a broad-spectrum preservative, but it is slightly weaker against Gram-positive bacteria than the other species types.
Phenoxyethanol is slightly water-soluble (approximately 2.4%) and is preferably added to the product at temperatures below 40°C to reduce the possibility of evaporative loss, although this is only likely to be an issue should the manufactured batch be held at a high temperature (>80°C) for a prolonged period.
It retains its activity over a broad pH range, from pH 3 to 9. Typical use concentrations are 0.4–1.0%. Phenoxyethanol is more commonly used in combination with other preservatives and is rarely used alone. Phenoxyethanol is permitted in most territories, with restrictions.

Source: Cosmetic Formulation Principles and Practice - Heather A.E. Benson, Michael S. Roberts, Vânia Rodrigues Leite-Silva, Kenneth A. Walters