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Carol’s Daughter is now a part of L’Oreal USA.

On Monday, L’Oreal USA announced it signed a definitive agreement to acquire the company, which is regarded as a premier American multi-cultural beauty brand that has a loyal consumer following while catering to a diverse, rapidly growing market.

“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 L’Oréal USA president and CEO Frédéric Rozé, said in a press release. “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.”

Created by Lisa Price in 1993, Carol’s Daughter offers a variety 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, the company garnered net sales of US $27 million.

News of the acquisition marks another step up for L’Oreal USA, which has roster of American brands under it’s umbrella that includes Maybelline NY, Kiehl’s, Essie, Urban Decay, Clarisonic and NYX. The acquisition of Carol’s Daughter will not change the location of the company, which will continue operating out of its 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,” said Price in the 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.”

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