A composition is disclosed for treating the skin comprising an acylated short chain bioactive peptide and Lycium barbarum extract product. Also disclosed is a method for topically administering the composition in an amount therapeutically effective to reduce wrinkles by building the dermal fibroblast matrix. The composition may contain dimethylisosorbide or ethoxydiglycol as solubilizing and penetration enhancers for the hydrophobically modified peptide.