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L’Oréal USA signs agreement to buy Carol’s Daughter
NEW YORK — L'Oréal USA has announced plans to acquire multi-cultural beauty brand Carol's Daughter.
Financial terms of the deal were not disclosed.
Created by Lisa Price in 1993, Carol's Daughter offers a 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 ended Sept. 30, Carol's Daughter had net sales of $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," stated Frederic Roze, president and CEO of L'Oréal USA. "This acquisition will enable L'Oréal 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 its 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," stated 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."