Apart from (obviously) not containing phenol, the new formula contains gluconolactone (https://whatsinmyjar.com/skincare-ingredients/gluconolactone), malic acid, citric acid to enhance its exfoliation power (weakened without phenol), a bunch of plant extracts (including horseradish root and wild chilli extracts 😳), and a couple of good moisturizing ingredients like urea (https://whatsinmyjar.com/skincare-ingredients/urea), serine (https://whatsinmyjar.com/skincare-ingredients/serine). So it's pretty much a brand new formula with strong exfoliation power and a number of high-risk irritants (not that the original formula was mild, they are both risky in terms of irritation each in their own way).
Apart from (obviously) not containing phenol, the new formula contains gluconolactone (https://whatsinmyjar.com/skincare-ingredients/gluconolactone), malic acid, citric acid to enhance its exfoliation power (weakened without phenol), a bunch of plant extracts (including horseradish root and wild chilli extracts 😳), and a couple of good moisturizing ingredients like urea (https://whatsinmyjar.com/skincare-ingredients/urea), serine (https://whatsinmyjar.com/skincare-ingredients/serine). So it's pretty much a brand new formula with strong exfoliation power and a number of high-risk irritants (not that the original formula was mild, they are both risky in terms of irritation each in their own way).