Carol’s Daughter gets acquired just months following filing for bankruptcy!
On Oct.20, L’Oréal USA announced that Price, who started the American multicultural beauty brand in 1993, had signed a definitive agreement with the beauty empire to acquire Carol’s Daughter.
Price rejoiced over her new-found success saying…
“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.”
“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
Over the last year, 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, e-commerce and at New York City-based stores made $27 million net sales.
In April 2014, the company filed for bankruptcy, closing all but two of it’s seven stores, with the plan to focus on the sales of their products through third-party entities like Sephora.
Carol’s Daughter has been backed by the likes of Solange, Mary J. Blige, Cassie and Jada Pinkett Smith.