L’Oreal USA has signed an agreement to acquire Carol's Daughter, the beauty brand known for its natural hair care products.
In a statement released today, L'Oreal USA President and CEO Frederic Roze said the acquisition was part of an effort to "build a new dedicated multi-cultural beauty division.”
"Carol's Daughter possesses an expertise in the multi-cultural consumer segment, a rapidly expanding market that represents an important growth in the beauty industry," said Roze. "This acquisition will...strengthen the company's position in this dynamic market."
Founded out of Lisa Price’s Brooklyn kitchen in 1993, Carol’s Daughter has grown to become the premiere multi-cultural beauty brand, credited with helping pioneer the natural hair movement. The company is currently valued at $27 million. Price said she "could not be more proud" to partner with L'Oreal USA.
"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," she said. "L'Oreal has a proven track record of helping established companies achieve their full potential while staying true to the core of the brand...I know my mother (Carol) is smiling as well."
Carol’s Daughter joins Urban Decay, Essie, NYX, and Maybelline NY on L'Oreal USA's extensive roster of beauty brands.
Price and her team will continue to operate out of their NYC headquarters.
The agreement is subject to the regulatory approvals.