Another Black Jewel Lost: L’Oreal USA inked a deal to acquire Black Owned “Carol’s Daughter” this week. It will still be around, but not Black Owned. Carols Daughter is a line of beauty products, including natural hair care, body, and face care, as well as fragrances. It was founded by a black woman, Lisa Price. Carol’s Daughter started in the 1980s and had grown to become the premiere multi-cultural beauty brand, credited with helping pioneer the natural hair movement. Its Founder, Lisa Price, began working on the products for her line in the 1980s, she made organic beauty products in her kitchen, including pure oils such as sweet almond, jojoba, and soy. Her experimentation eventually led to a mail-order and online business in 1993. Her company rapidly expanded through heavy investment made by a majority black investment team led by Ex-Record executive Steve Stoute raising $10 million for the venture, investors included Jada Pinkett, Will Smith, Jay-Z, Mary J. Blige. Past spokeswomen for the line include Mary J. Blige,Solange Knowles, Cassie Ventura, Kim Fields, and Jada Pinkett Smith. The company was at one time valued at $27 million. However, on April 24, 2014, Carols Daughter filed for Chapter 11 bankruptcy protection. In a statement released this week, LOreal USA President and CEO Frederic Roze said the acquisition was part of an effort to build a new dedicated multi-cultural beauty division.” Carols Daughter possesses an expertise in the multi-cultural consumer segment, a rapidly expanding market that represents an important growth in the beauty industry, said Roze. This acquisition will...strengthen the companys position in this dynamic market.Lisa Price said she could not be more proud to partner with LOreal USA. Lesson: We create it. We build it. But, in the end, they Own it. Wow! Another black jewel that we built - for one reason or another We lost. We lost the Black legacy. We lost the Black Pride. I am not blaming anyone, but We have to have an Economic Safety Net to sustain our Black Legacy, because in 50 years, the black founder, Lisa Price, will be nothing more than a small footnote in L’ Oreal’s rich white history. This is Adrian X, and this is “Just My 2 Cents” References: newsone/3065313/loreal-usa-acquires-carols-daughter-did-lisa-price-sell-out/ wgci/onair/the-morning-riot-36793/carols-daughter-hair-care-inks-major-12883703/#ixzz3H0pFNAcE Samantha CrawfordNatefan PageCampbellTanja MayNzuri MunguBrianna JcSonya Williams-HarrisSakina WoodKatrina JamesMykEl Djedi BakariiWillie EdwardsGee WilliamsMaze LundyDineo MekoSimon Mugeshi WA NjeriLinda ScruggsLatoya Appling-LewisNetta HarperTanesha BiggsDonna SmithTanisha LewisTara PatrickTara AlstonChris MorrisLisa CarterPrrecious DiamanteMinnette LeeImsety Kojo DenCynthia BushDemetra CarterPamela WinrowKimberly McCoy DulaneyJanice MathisLillie R. TrippEsoteric PotentateDenise Patrick-Noel
Posted on: Thu, 23 Oct 2014 23:54:00 +0000
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