L’Oréal USA Sells Carol’s Daughter Back To Founder Lisa Price And Finance Veteran Joe Wong
LOréal USA has announced the sale of Carol’s Daughter to its founder and new President Lisa Price and finance veteran Joe Wong, initially only referred to by L’Oréal as an unnamed independent beauty entrepreneuer.
Wong has several former L’Oréal brands under his belt, including Ambi Skincare, AcneFree, Baxter of California, and Dermablend.
L’Oréal USA selling Carol’s Daughter
This new move highlights L’Oréal’s belief in Price’s leadership and the new partner’s ability to honor the brand’s heritage, values, and commitment to its loyal customers.
“At the heart of this legacy is Lisa Price, an entrepreneur who has always been ahead of her time and has built Carol’s Daughter into a beloved brand that has honored and celebrated women of color for decades. We are confident that, with Lisa Price as President and the support of its new partner, Carol’s Daughter will continue to thrive for years to come,” David Greenberg, CEO, L’Oréal USA said in a press release.
Lisa Price building Carol’s daughter
Price founded Carol’s Daughter in her Brooklyn kitchen in 1993, building a loyal customer base through word-of-mouth. By 2002, the brand had earned the backing of celebrity investors, including Will Smith, Jada Pinkett Smith, Jay-Z, and Mary J Blige. In 2014, L’Oréal USA acquired Carol’s Daughter for an undisclosed sum, after which the brand’s distribution significantly increased, with expansion into Canada, the UK, and Europe.
Speaking to WWD, Price said “I have all the feelings at the same time, because there’s definitely excitement about being independent again, but L’Oréal has been so great. There’s sadness that these people that have become like family in the past 10 years, some of them I won’t be seeing on a regular basis.”
Admittedly, Price shares that she wasn’t sure if her whole team would join her through this transition: “People will be given the option because some people come to work at a company like L’Oréal because they want to work at a big beauty company. They want to have a career that spans from hair to makeup to skin care, and they may not want to come and work for an independent brand,” she said.
Image: Timothy Smith
Amendment: This article and headline was amended on March 11, 2025 to name and include details about Joe Wong.
