This week, L?Oreal USA will add Carol?s Daughter, a successful beauty and skincare company created for and by African-American women, to its growing roster of beauty brands. According to several news reports, the deal was inked a month after Carol’s Daughter’s retail division exited Chapter 11 bankruptcy.
Launched in 1993 in the kitchen of businesswoman Lisa Price in Brooklyn, New York, Carol’s Daughter was backed by celebrities Jay-Z, Will Smith and Jada Pinkett Smith and is unique for its home-blended, rare and natural ingredients for hair and skincare. Distribution channels include mass and specialty retail stores, an online operation, the Home Shopping Network (HSN), e-commerce and two Carol’s Daughter stores in New York City.?
No word yet on the acquisition price, but it is reported that Carol’s Daughter pulled in $27 million in revenue over the past 12 months.
Regarding the deal, Price released the following statement: “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. L’Oreal 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.”???