After companies affiliated with Carol’s Daughter filed for Chapter 11 bankruptcy protection in April, Lisa Price and the Carol’s Daughter brand is entering into a fresh new chapter and joining the L’Oreal USA family.
L’Oreal USA announced today the signing of a definitive agreement to acquire multi-cultural beauty brand Carol’s Daughter. L’Oreal USA is hoping that Carol’s Daughter will help them reach the growing multi-cultural 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 Frederic Roze, President and CEO of L’Oreal USA. “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.”
Founded in 1993 by Lisa Price, Carol’s Daughter will continue to operate out of their New York City headquarters under the brand’s current leadership team, according to the official press release.
“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,” said Price in a statement.
Lisa Price took to Facebook to confirm the purchase and to thank supporters.
“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 it’s 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.”