By: Tonya Garcia –
L’Oreal USA announced today that it has purchased beauty company Carol’s Daughter, which will help the company reach a diverse consumer base.
“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. “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, which was founded in 1993 by Lisa Price, will continue with its current leadership team, based out of its New York City headquarters.
“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.
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