Huge news for Carol’s Daughter! Beauty giant L’Oréal USA announced today that they’ve signed an agreement to acquire the Black hair care brand in an effort to reach multicultural consumers.
The Carol’s Daughter brand will join L’Oréal USA’s line up of beauty brands that includes Clarisonic, Essie, Maybelline New York, NYX, and Urban Decay, though the company will continue to operate with its current leadership team, based out of its New York headquarters.
“Carol’s Daughter possesses an expertise in the multicultural consumer segment, a rapidly expanding market that represents an important growth opportunity in the beauty industry,” said Frederic Roze, President and CEO of L’Oreal 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.”
In April, reports suggested that the small beauty company, which was founded in 1993 by Lisa Price, may have been crumbling citing news of a bankruptcy and a decision to close five of their brick-and-mortar stores. But Price insisted that the reports were overblown and said “the future has never looked brighter” and, well, she was right. In addition to this new deal, Carol’s Daughter saw a nationwide Target launch and they have also counted HSN, Ulta and Sephora inside JC Penny as partners this year.
And to think, Price once made products out of her kitchen and hawked them to friends!
“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,” Price said of the acquisition. “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 multicultural 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 is smiling as well.”
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L’Oréal USA Acquires Carol’s Daughter For New Multicultural Beauty Division was originally published on hellobeautiful.com