L’Oreal USA announced Monday, March 3 that it will strip the daughter of textured hair care brand Carol as founder Lisa Price And with an independent beauty entrepreneur.
Financial details of the transaction have not been disclosed. L’Oréal also did not name the co-investors, but only mentioned “an independent beauty entrepreneur with a reliable record of acquiring and growing beauty brands”. Industry insiders confirm immediately Joe Huangis a veteran from the financial industry and has previously purchased several brands from L’Eréal, including Ambi, Acnefree, Baxter and Dermablend in California.
Carol’s daughter was acquired by L’Oréal in 2014 and was the first in the United States to use the natural hair care department to texture her hair. Lisa Price launched the brand from Brooklyn’s Kitchen in 1993, where he will take on the president’s role in the new structure and own equity in the partnership.
“We are proud of Carol’s daughter’s long-term legacy and the transformative impact it has had on the beauty industry.” David Greenberg, CEO of L’Oreal USA. “At the heart of this legacy is Lisa Price, an entrepreneur who has been ahead of her time and has built Carol’s daughter into a beloved brand that has been respected and renowned for decades of women of color. We are confident that Carol’s daughter will continue to flourish in the coming years with the support of Lisa Price as president and her new partner.”
L’Oreal America says it is working closely with Lisa Price and new business partners to ensure a seamless transition.
