US Cosmetic brand to join L’Oreal global conglomerate
Natural hair and skincare brand Carol’s daughter has been acquired by cosmetic giant L’Oreal it was announced on Friday. The black owned business filed for bankruptcy in its retail stores last month amid struggling finances, so this acquisition is largely seen as a lifeline for the brand which was started by owner Lisa Price in her kitchen in the 90’s.
It is thought the strategic alliance is L’Oreal’s way of expanding further into the multicultural beauty market as Carol’s Daughter has a loyal following with women of colour in the US. The company is estimated at over £25 million with its products sold in over 200 stores in the US.
Ms Price said in a statement that she was ‘happy’ to have found a new home for the brand and that she knew that her mother-” Carol would be proud of her.”
Carol’s daughter joins other beauty brands including Maybelline, Kiehl’s and urban Decay who are already part of the L’Oreal family.