L’Oreal USA announced today that they have purchased the natural hair line beauty brand Carol’s Daughter. This will help the company “build a new dedicated multi-cultural beauty division.” In a statement, L’Oreals President Frederic Roze spoke highly of the brand and how it fits in with 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,” Roze stated. “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.”
Lisa Price the founder of Carol’s Daughter started the brand in 1993 in her own kitchen. The brand become a pioneer that is credited for helping the natural hair movement. In April, companies affiliated with Carol’s Daughter filed Chapter 11 bankruptcy protection. Carol’s Daughter assets and debts were reported to be in the $1 million to $10 million range. However, the company is valued at $27 million.
Lisa Price states, “I’m so excited to join a wonderful home for my first child, my business.” “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 pride and joy to be able to join a family like L’Oreal because I know I’ll be with the right shepherd … a 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,” Price stated.