Lisa Price announced on Monday that Carol’s Daughter, the natural beauty brand she started in her Brooklyn kitchen in 1993, has been purchased by L’oreal USA. Price teased the news to her Facebook family with a status update over the weekend that read: “We cannot start over but we can begin now, and make a new ending.” Then on Oct. 20, Price posted a video to her Facebook page sharing her excitement “to join such a wonderful home [L’oreal USA] for my first child, my business” with the millions of Carol’s Daughter fans. The news comes as a relief for the business which was rumored to have faced financial difficulties earlier in the year.
“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,” Price said in the official press release. “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.” Carol’s Daughter will continue operations from their New York headquarters under the current leadership team.
With the help of brand spokeswomen Jada Pinkett-Smith and Mary J. Blige, and investors including Jay Z, the natural hair products found their way into the spotlight and onto retailer’s shelves. In April the multicultural brand began slimming down its portfolio of brick-and-mortar stores and companies associated with the brand. Carol’s Daughter Chief Financial Officer John D. Elmer filed Chapter 11 bankruptcy protection listing debts of $1 to $10 million. Price combated bankruptcy rumors explaining it was common for most retail businesses to carry debt and that the company was focusing on streamlining its products through online channels and other avenues. Sephora, Target, and HSN, to name a few, have carried Carol’s Daughter products. The female and Black-owned business pulled in $27 million in sales last year, according to the company.
“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,” Frédéric Rozé, President and CEO of L’Oréal USA said in the company’s statement. L’Oreal has been focusing on its visibility in the multicultural market, even signing Oscar nominee Lupita N’yongo to their subsidary Lancome.