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Carol's Daughter, a leading black-owned cosmetics company is acquired by L'Oreal

(October 20, 2014) L'Oreal USA has announced the signing of a definitive agreement to acquire Carol's Daughter,  the premier African-American-owned, multi-cultural beauty brand with a pioneering heritage in the natural beauty movement. Details about the purchase were not disclosed

"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."

From humble beginnings in her kitchen, Carol's Daughter founder Lisa Price (pictured) transformed her hobby of mixing fragrances in her home kitchen into a beauty empire. She built a mail-order and online business in 1993, followed by the first store opening in Brooklyn in 1999. During the fall of 2005, she opened a second store on 125th Street in Harlem.
 
Using a multi-channel distribution model, Carol's Daughter offers a comprehensive range of products that are available at specialty beauty stores, mass retailers, on HSN, through e-commerce and at Carol's Daughter branded stores in New York City. For the 12 months ending September 30, 2014, Carol's Daughter had net sales of $27 million.

The rapid expansion was made possible in part through heavy investment. Ex-Record executive Steve Stoute led a group of investors in raising $10 million for the venture. Other investors include Jada Pinkett and Will Smith, Jay-Z, Mary J. Blige, Jimmy Iovine, Tommy Mottola, and Thalia. Past spokeswomen for the line include Mary J. Blige, Solange Knowles, Cassie Ventura, Kim Fields, and Jada Pinkett Smith.

Carol's Daughter will continue to operate out of their New York City headquarters under the brand's current leadership team.

L'Oreal has long been interested in growing its footprint in the ethnic health and beauty aids segment. It acquired Soft Sheen Products, a leader in hair products for African-Americans in July of 1998 from Chicago founders Ed and Bettiann Gardner. In 2000, L'Oreal acquired Carson, Inc., the makers of Dark & Lovely and Ultra Sheen. It was then the global leader in beauty products for the Black consumer with worldwide annual sales of $176 million.
 
"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," said Lisa Price, Founder and President of Carol's Daughter. "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 Huston] is smiling as well."
 
The closing is subject to the standard regulatory approvals and other customary conditions.


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