Lisa Price, the creator of Carol’s Daughter has much to celebrate! On Oct.20, an announcement was made that Price, who started the American multicultural beauty brand in 1993, had signed a definitive agreement with L’Oreal USA to acquire Carol’s Daughter.
Following the announcement, Price gushed about the deal.
“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. 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 multicultural 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,” said Price.
“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,” added Frédéric Rozé, president and CEO of L’Oréal USA
Within the last 12 months alone, through a multi-channel distribution model, Carol’s Daughter, which offers a comprehensive range of beauty products available at specialty beauty stores, mass retailers, HSN and by way of e-commerce and New York City-based stores brought in $27 million net sales.
Price’s big deal follows the company filing for bankruptcy in April 2014. –ruthie hawkins/@ruubabie