L’Oréal USA announced on Monday, March 3, it has divested textured haircare brand Carol’s Daughter to founder Lisa Price and alongside an independent beauty entrepreneur.
The financial details of the transaction remain undisclosed. L’Oréal also did not reveal the name of the co-investor, only mentioning “an independent beauty entrepreneur with a proven track record of acquiring and growing beauty brands.” Industry insiders immediately identified Joe Wong, a veteran from the finance sector who previously bought several brands from L’Oréal USA, including Ambi, AcneFree, Baxter of California and Dermablend.
Acquired by L’Oréal in 2014, Carol’s Daughter pioneered the natural haircare segment for textured hair in the USA. Lisa Price, who launched the brand from her kitchen in Brooklyn in 1993, will assume the role of President in the new structure and has an equity stake in the partnership.
“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry,” said David Greenberg, CEO, 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.”
L’Oréal USA said it is working closely with Lisa Price and the new business partner to ensure a seamless transition.
