Carol’s Daughter, the hair and beauty line that focused on curly and coily hair, was recently sold to an unnamed independent entrepreneur. The brand, founded by Lisa Price in her Brooklyn home in 1993, became a household name in Black households, leading to notable investments from celebrities like Jay Z, Will Smith and Jada Pinkett. Carol’s Daughter was acquired by L’Oreal USA in 2014; at the time, the brand had reported net sales of over $27 million.
While the individual that acquired Carol’s Daughter has yet to be named, L’Oreal reported that the person has a proven track record of acquiring and growing beauty brands. Price will reportedly take on a role as president and receive an equity stake in the brand. Carol’s Daughter is moving on from L’Oreal USA after a 10-plus year relationship.
“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry. At the heart of this legacy is Lisa Price, an entrepreneur who has always been ahead of her time and has built Carol’s Daughter into a beloved brand that has honored and celebrated women of color for decades,” said David Greenberg, the CEO of L’Oreal USA.
In an interview with Women’s Wear Daily, Price reflected on the new chapter in her life after being with a large company for the past ten years.
“I have all the feelings at the same time, because there’s definitely excitement about being independent again, but L’Oréal has been so great,” said Price, who admitted “There’s sadness that these people that have become like family in the past 10 years, some of them I won’t be seeing on a regular basis.”
She continued: “I feel like someone who has always done a thing, and then got to go to school and really, really learn the thing, and now I get to do it again on my own with all of this education and knowledge. So it’s pretty fantastic.”
Price shared that the Carol’s Daughter team at L’Oreal USA is welcome to come with her in the new space, but acknowledged that maybe all won’t be joining the new journey.
“People will be given the option because some people come to work at a company like L’Oréal because they want to work at a big beauty company,” she explained. “They want to have a career that spans from hair to makeup to skin care, and they may not want to come and work for an independent brand, but those who want to come are more than welcome.”
As Carol’s Daughter begins its new journey as an independent (again), one person who has no doubt that they will continue to be successful is L’Oreal USA’s Greenberg.
“We are confident that, with Lisa Price as president and the support of its new partner, Carol’s Daughter will continue to thrive for years to come.”
