 |
| Lisa Price, founder of Carol's Daughter |
Created by African American entrepreneur Lisa Price more than 20 years ago in 1993, Carol’s Daughter offers a variety of beauty products that generate nearly $30 million in annual sales. The products are sold online at CarolsDaughter.com, in specialty beauty stores, mass retailers, on HSN, and through select branded stores in New York City.
In a press release, CEO Frédéric Rozé commented, “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. 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.”
Price commented, “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 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.”
Carol's Daughter was once highly successful, receiving major endorsements and investments from the likes of Will Smith, Jada Pinkett-Smith, Mary J. Blige, Jay-Z, and other A-list celebrities. However, in recent years, the company has reportedly experienced financial troubles forcing them to close a lot of their branded stores.
Price made the announcement via a video posted on the Carol's Daughter Facebook page and YouTube page. In the video, she says she is excited about "joining the L'Oreal Family" and says the company is "the right shepherd" to take what she has built and solidify it.
Watch The Video Below: