In a press release issued late last night, Frédéric Rozé, President of L’Oréal U.S.A., said “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. 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.”
Lisa Prince also issued a statement: “I have worked hard for the past 21 years nurturing my brand and am thrilled that we will have a new home with L’Oréal USA. L’Oréal 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. I know that my mother (Carol) is smiling as well.”
Rumors of the company being acquired first started flying earlier this year when five of the brand’s stores were suddenly closed. It was also discovered that the brand had filed for chapter 11, a move designed to help the company restructure financially.
Ordinarily I would be against such a move, as the selling of a black owned company usually leads to the hiring of fewer black folks and more white folks. However, given the state of the company’s finances, reportedly $1 million in assets and $10 million in debt, I don’t fault Prince for doing what she did in order to salvage her brand.
Carol’s Daughter made a huge expansion some years back with the financial backing of people like Jada Pinkett Smith, Steve Stout and others. However the brand may have lost fans when it started taking the dreaded multi-cultural route in order to attract a more customers.
Whatever the case, Lisa Prince is now an employee at the company she started, and Carol’s daughter, like Carson Soft-Sheen is now owned by The Man.
I suspect in the next decade there will be no black owned hair care companies and the final vestige in which we were able to own something and hire our own people will be gone.