Lisa Price started Carol’s Daughter in her own kitchen in 1993, way before the natural-hair beauty-product business was booming. Carol’s Daughter products are a staple in many naturalistas’ beauty regimens, but over the last year, there were reports that the company was having financial issues.
In April, companies affiliated with Carol’s Daughter filed for Chapter 11 bankruptcy protection. According to documents, Carol’s Daughter reported assets and debts each in the $1 million-to-$10 million range. But it looks as though the company has found a way to remedy its financial troubles.
On Monday, Price posted a video on Facebook informing fans that the company has been purchased by L’Oreal USA:
“I want to thank all of you for the support and the love and for being beside me, and I want you to hold my hand as we walk into this next chapter of the Carol’s Daughter life,” she said in the video. “ … It brings me so much pride and joy to be able to join a family like L’Oreal because I know I’ll be with the right shepherd … the company that will help to take what I’ve built and solidify it in its place in history and beauty, and I don’t have to wonder if, 20 years from now, 30 years from now, will there still be a Carol’s Daughter brand. … ”
She also went on to let her fans know that it’s not the end of Carol’s Daughter, but a new beginning.
In a separate statement, L’Oreal USA’s president, Frederic Roze, spoke highly of the brand and where it fits in with the company:
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.
Over the last several years, Carol’s Daughter products have made their way to retailers such as Sephora and Target. It’ll be interesting to see what changes are in store for its natural-hair products.