“I’m so excited to join such a wonderful home for my first child, my business.”
—Love, Lisa (Carol’s Daughter Founder)
The news went viral on October 2oth when the founder, Lisa Price, released a video on Facebook proudly announcing that Carol’s Daughter will be joining the L’Oréal family. How exciting and fantastic is that! There were many congratulations sent out to the founder and her brand while other fans were not too happy about the big news and feel as though this change may disrupt the brand’s identity. To be honest I was skeptical about the news at first but after learning some back story about the brand and how earlier this year Price filed for Chapter 11 Bankruptcy Protection for the Carol’s Daughter stores in particular, I can’t really call our girl a cop out because she made a decision to benefit her business. It doesn’t really matter how unpopular she may look in your eyes but the woman has a family to feed so let’s be real. If she had more fans and beauty enthusiast supporting her with their purchasing dollars then maybe things would be a little different but that’s not the case here. However, she didn’t team up with any jane doe kind of a brand. Its L’Oréal people! A globally recognized brand who has educated platform stylists and educators around the world. Call it what you want to call it but I will say well done Lisa!
Inserted below is the official press release for more deets:
New York, NY – October 20, 2014 – L’Oréal USA announced today the signing of a definitive agreement to acquire Carol’s Daughter. Headquartered in New York City, Carol’s Daughter is a premier American multi-cultural beauty brand with a pioneering heritage in the natural beauty movement. Created by Lisa Price in 1993, the brand caters to a diverse, rapidly growing market and has established a loyal consumer following across the country.
Following 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 US $27 million.
“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 Frédéric Rozé, President and CEO of L’Oréal 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.”
Carol’s Daughter will continue to operate out of their New York City headquarters under the brand’s current leadership team. This acquisition further enhances L’Oréal USA’s roster of American brands which includes Maybelline NY, Kiehl’s, Essie, Urban Decay, Clarisonic and NYX.
“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,” said Lisa Price, Founder and President of Carol’s Daughter. “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.”
The closing is subject to the standard regulatory approvals and other customary conditions.
About L’Oréal USA
L’Oréal USA is the largest subsidiary of the L’Oréal Group, the worldwide leader in beauty. L’Oréal USA manages a portfolio of 28 iconic global beauty brands, including Clarisonic, Essie Cosmetics, Garnier, Giorgio Armani Beauty, Kérastase, Kiehl’s, Lancôme, L’Oréal Paris, Maybelline New York, Redken, Soft-Sheen Carson, Urban Decay and Yves Saint Laurent Beauté. In addition to its corporate headquarters in New York City, L’Oréal USA has Research & Innovation and Manufacturing & Distribution facilities across six other states including Arkansas, Kentucky, New Jersey, Ohio, Texas and Washington with a workforce of more than 10,000 employees. For more information, visit www.LorealUSA.com or follow on Twitter @LOrealUSA. –Lorealusa.com
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