L’Oréal USA announced today the signing of an agreement to acquire Carol’s Daughter, known for its products for naturally curly hair. The small company is headquartered in New York City, and backers include Jay Z and Will Smith. The brand, which uses natural ingredients and appeals to multicultural consumers, is sold online and at larger retailers like Macy’s and Sephora.
In a statement, Founder and President Lisa Price said, “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 will join fellow American brands Kiehl’s, Essie, Urban Decay, Clarisonic, NYX and Maybelline New York on L’Oréal USA’s roster.
[via CNBC]
