Women's History Month feature
By Mona Austin
(TSN): In 2024, Carol's Daughter founder Lisa Price regained control of her hair and body care brand she founded in 1993. After owning it for 10 years, L'Oréal sold Carol's Daughter back to Price, and an independent beauty entrepreneur, Joe Wong, returning the brand to Black-owned and independent operation.
L'Oréal stated they were proud of Carol's Daughter's legacy and the impact it has had on the beauty industry, and they are confident that, with Lisa Price as president and the support of its new partner, Carol's Daughter will continue to thrive.
Price was one of the first Black natural beauty companies dedicated to textured hair, to have its own storefront, located in Brooklyn.
She had publicly encountered some financial challenges but the products were popular. The hair care line was nationally distributed, sold on HSN and had expanded to have stores outside of the state of New York. But the company had its share of ups and downs. Lisa said it was when Carol's Daughter could not keep pace with the demand that she decided to sell. Along with her husband and business partner, Gordon Lisa sought various ways to preserve the integrity of her company and keep it running. Jada Pinkett Smith was one of many celebrities who embraced the quality and effectiveness of the products and became not only its muse but also a financial backer.
To keep the company afloat, L'Oreal took control of it in 2014. Price 's decision to sell a company that was fully Black to a White corporate entity was controversial at the time. Many Blacks opined that she was a sell out. Some understood that the Carol's Daughter name could benefit from the strength of a worldwide corporation and nothing would change the fact that it was founded by Black woman.
The story of Carol's Daughter is legendary in the beauty and haircare industry and being a pioneer for consumers with Black textured hair will be her legacy. Price began dabbling with a hair cream she concocted in her Brooklyn kitchen.
Carol's Daughter became a leading natural haircare brand through the creativity and entrepreneurial spirit of Lisa Price. Through her teaching about business and openess to tell others about the benefits of the ingredients she used, she inspired others to take part in the muti billion dollar industry. Until Price arrived, the haircare industry had not seen a Black woman accumulate wealth from a haircare company on such a massive scale since Madam CJ Walker, the first Black millionairess.
When Price was questioned about selling out she replied that she did not see it as selling out because Carol's Daughter was her "baby". With the divestiture her baby is back at home.