Seems like beauty brands are on shopping spree, the latest being L’Oréal inking an agreement to acquire Carol’s Daughter, a multi-cultural hair, body and skin range with a focus on all-natural ingredients.
While the exact price tag of the deal is not known, although according to a release, Carol’s Daughter had sales of $27 million in the 12 months ending September 30. Whilst it’s relatively small looking at L’Oréal’s multi-billion dollar business overall, the purchase is a jumping-off point for a division that the company is clearly planning to grow significantly over time.The buyout came at a great time for Carol’s Daughter as the brand closed all but two of its seven stores last April and filed for bankruptcy as most of its stores had been unprofitable since 2010.
Nevertheless Carol’s Daughter, which was founded in 1993, will remain in its New York, operating under the same management.
