YAY for Lisa Price! The natural hair care entrepreneur has something big to smile about today. L’Oréal USA announced the signing of a definitive agreement to acquire Carol’s Daughter today.
Price founded the the New York based company in 1993- a multi-cultural beauty brand that we really can say pioneered the natural hair care movement. Price hit it big, when she was featured on the Oprah show in 2002 and the rest is history.
“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,” Frédéric Rozé, president and CEO of L’Oréal USA, said. “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.”
Image and video credits: Carol’s Daughter
Following a multi-channel distribution model, Carol’s Daughter offers a pretty broad range of products that are available at specialty beauty stores, mass retailers, on HSN, through e-commerce and at Carol’s Daughter branded stores in New York City. For the 12 months ending September 30, 2014, Carol’s Daughter had net sales of US $27 million.
Company executives said Carol’s Daughter 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,” Price, founder and president of Carol’s Daughter, said. “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 and I know that my mother Carol is smiling as well.”
The closing is subject to the standard regulatory approvals and other customary conditions.
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