MAKE UP GIANT L'OREAL PURCHASES CAROL'S DAUGHTER

French cosmetics and beauty company L’Oreal USA announced today it was purchasing ethnic hair and beauty line Carol’s Daughter.

“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 Frederic Roze, president and CEO of L’Oreal USA in a statement. 

“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.”

 “L’Oreal 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,” said Price in a statement.

Carol’s Daughter was started in 1993 by Lisa Price. The company grew in popularity through celebrity endorsements and word of mouth.

But Price was forced to close five stores in New York and Atlanta, as part of a bankruptcy reorganization.