(ThySistas.com) The announcement, made on Carol’s Daughter’s Facebook page, comes one month after associates of the retailer exited a Chapter 11 bankruptcy.
The brand, which was founded in 1993 by Lisa Price, will keep its current lineup. L’Oreal USA is hoping that the acquisition will allow its brand to build a “new dedicated multi-cultural beauty division as part” of their “Consumer Products business.”
Price started the brand in her own kitchen in Brooklyn, NY. The brand has since grown expeditiously to a high end product and made its way to retailers such as Sephora and Target over the last several years.
Carol’s Daughter was heavily endorsed by celebrities like Will Smith, Jada Pinkett Smith, Mary J. Blige and Jay Z, just to name a few. They were instrumental in growing the brand turning it into a multi-million dollar company.
In a statement, Price said, “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…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.”
In a separate statement, L’Oreal USA’s president, Frederic Roze, stated, “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. This acquisition will enable L’Oreal USA to build a new dedicated multicultural beauty division as part of our Consumer Products business, and strengthen the company’s position in this dynamic market.”
Price feels confident about the acquisition. She further stated, “I want to thank all of you for the support and the love and for being beside me, and I want you to hold my hand as we walk into this next chapter of the Carol’s Daughter life. It brings me so much pride and joy to be able to join a family like L’Oreal because I know I’ll be with the right shepherd … the 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.”
Carol’s Daughter reportedly made over $27 million in revenue during the last 12 months. L’Oreal USA haven’t disclosed the price of the acquisition, which still requires regulatory approvals.
Staff Writer; Yolanda Spivey