Carol’s Daughter is back to being fully Black woman-owned and independently operated after its sale by L’Oréal USA.
L’Oréal announced Monday (March 3) that the pioneering textured haircare brand’s founder, Lisa Price, will take on the role of president alongside Joe Wong, an independent beauty entrepreneur with a proven track record of growing and acquiring beauty brands.
“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry,” said David Greenberg, chief executive officer at L’Oréal USA.
“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.”
“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,” he added.
Price, now Carol’s Daughter president, launched the beauty brand in Brooklyn, New York 1993. Then in 2014, L’Oréal USA acquired the brand in an effort to “build a new dedicated multi-cultural beauty division.”
Under L’Oréal’s ownership, Price noted that the haircare brand had significantly tripled its distribution from about 3,000 locations in 2014, expanded its reach to a broader audience, and entered the Canadian market.
“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,” Price said in an exclusive with WWD.
“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. 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.”
But she’s looking forward to continue innovating and deepening Carol’s Daughter’s commitment to the Black community.
“This next chapter? It’s broader. This next chapter? It’s bolder. It’s fearless. It’s about innovation that doesn’t just follow trends but sets them,” Price added in an Instagram video announcement.
“Most importantly, it’s about deepening our commitment to you, the community that built us, to every person who has ever believed in me, to those of you who have rocked with Carol’s Daughter from day one.”
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L’Oréal is working closely with Lisa Price and her new business partner to ensure a seamless transition while continuing to support the Carol’s Daughter team as the brand enters this new chapter.
