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."
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 after Carol's Daughter fell out of favor with its black supporters who believed the company was losing touch with its core constituents.
The brand filed for bankruptcy in May.
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