Adding to its roster of American brands including Maybelline New York, , essie, Urban Decay, and NYX Professional Makeup, L’Oréal USA yesterday announced it has signed an agreement to acquire US beauty brand Carol’s Daughter. The multicultural brand was created in 1993 and has been a pioneer of the natural beauty movement.
Carol’s Daughter offers a comprehensive range of products available at specialty beauty stores, mass retailers, HSN, e-commerce sites and the brand’s own stores in New York. For the 12 months up to September 30, 2014, Carol’s Daughter boasted net sales of $US27 million.
"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'Oréal 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,” says L’Oréal USA president and CEO Frederic Roze.
Carol’s Daughter founder and president Lisa Price adds, "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. 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 multicultural 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 deal is subject to standard regulatory approvals and conditions.
