L’Oreal Acquires Carol’s Daughter
Is L’Oreal joining #TeamNatural?
In an effort to broaden the cosmetic company’s multicultural market, L’Oreal USA has acquired the ethnic beauty brand Carol’s Daughter.
“I have worked hard for the past 21 years nurturing my brand and am thrilled that we will have a new home with L’Oreal USA,” Lisa Price, founder and president of Carol’s Daughter said in a press release. “L’Oreal has a proven track record of helping established companies achieve their full potential while staying true to the core of the brand and they have an understanding of the future of multi-cultural beauty. I could not be more proud to begin this next chapter of the Carol’s Daughter brand with them. I know that my mother (Carol) is smiling as well.”
Carol’s Daughter, which has headquarters in New York City, was created in 1993 and has developed a cult-like following among its hair care products for women of color.
Earlier this year, Price announced the closure of five stores as part of the brand’s bankruptcy procedure. The brand had net sales of $27 million in the United States for the 12 months ending September 30, 2014, according to the press release.
Price announced the good news on the brand’s Facebook page: