L’Oréal Acquires Carol’s Daughter for Multi-Cultural ReachRealizing that the natural hair movement provides a viable market, L’Oréal USA has acquired multi-cultural beauty brand Carol’s Daughter.
Founded in 1993 by Lisa Price, the New York City-based company ran into some financial troubles earlier this year, filing for Chapter 11 bankruptcy protection with debts each in the $1 million to $10 million range.
It also sadly closed most of its stores. Now customers can celebrate that Carol’s Daughters joins L’Oréal’s roster of thriving brands which includes Maybelline NY, Kiehl’s, Essie, Urban Decay, Clarisonic and NYX.
Lisa shared a video message about the acquisition on Facebook and Youtube on Monday stating, “It brings me pride and joy to be able to join a family like L’Oreal because I know I’ll be with the right shepherd… a company that will help to take what I’ve built and solidify it in its place in history and beauty, and I don’t have to wonder if 20 years from now—30 years from now—will there still be a Carol’s Daughter brand. I know that there will be.”
“Carol’s Daughter possesses an expertise in the multi-cultural consumer segment, a rapidly expanding market that represents an important growth opportunity in the beauty industry,” said Frédéric Rozé, President and CEO of L’Oréal USA. “This acquisition will enable L’Oreal USA to build a new dedicated multi-cultural beauty division as part of our Consumer Products business, and strengthen the company’s position in this dynamic market.”
The company will continue to operate out of their New York City headquarters under the brand’s current leadership team.
“I have worked hard for the past 21 years nurturing my brand and am thrilled that we will have a new home with L’Oréal USA,” Lisa in a press release. “L’Oréal 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.”