|Photo Credit: Getty Images|
And the rumors are indeed true. The well-known natural hair care line Carol’s Daughter now has a new owner and has been relieved of their financial troubles. On October 20, 2014, Lisa Price, Founder of Carol’s Daughter announced that the brand has been acquired by Loreal USA.
Carol’s Daughter was founded in 1993 in the kitchen of Lisa Price and is seen as the grandmother of natural hair care. Lisa Price built a leading brand in the beauty industry which she appropriately named Carol’s Daughter (Carol was her mother), who has always been her inspiration.
In April 2014, Carol’s Daughter filed for bankruptcy as they were silently having major financial difficulties. Today, they are owned by Loreal USA and therefore the lucking fear of going out of business is no longer looking over their heads. In statement Price stated
“I want to thank all of you for the support and the love and for being beside me, and I want you to hold my hand as we walk into this next chapter of the Carol's Daughter life...It brings me pride and joy to be able to join a family like L'oreal because I know I'll be with the right shepherd...a company that will help to take what I've built and solidify it in it's place in history and beauty, and I don't have to wonder, if 20 years from now--30 years from now, will there still be a Carol's Daughter brand”
Carol’s Daughter will be under the same roof as brands that we use and have grown to love such as Urban Decay, Maybelline, Lancome and Essie – just to name a few. However, there is a certain pride in knowing that there is a black owned family company that will be passed down from generations to generations. Carol’s Daughter was the poster child of that dream. It makes you wonder ‘what went wrong and who missed what?’
Yes, they will continue to work from their NYC office (for now), but they are now employees of another man instead of owners. Price’s children and family will not inherit this legacy that was created but instead, I guess they could say ‘my family was ONCE owners of one of the top hair care company in the beauty industry. That is the sad part about this. Now, let us not be naïve, Carol’s Daughter WILL CHANGE. Loreal is a giant company that is in the business of acquiring companies and making money. Let’s not go thinking that the products will not change along with the core original values and authenticity. The company’s decision control is in the hands of its owners Loreal USA and not Lisa Price. Therefore they can and will do what they want to.
So, the question I have for you girls is: will you continue to support Carol’s Daughter now that it is not black owned? What is your take on this? Comment below.