L'Oréal USA has bought Carol's Daughter in an effort to increase its multicultural offerings. The news was announced Monday that the beauty giant has signed an agreement to acquire the successful company that has become the go-to in the natural hair movement. According to a press release from L'Oréal, for the past year ending September 30, 2014, Carol's Daughter had net sales of $27 million.

"I have worked hard for the past 21 years nurturing my brand and am thrilled that we will have a new home with L'Oréal USA," said Lisa Price, founder and president of Carol’s Daughter. "L'Oréal has a proven track record of helping established companies achieve their full potential while staying true to the core of the brand and they have an understanding of the future of multi-cultural beauty. I could not be more proud to begin this next chapter of the Carol's Daughter brand with them. I know that my mother (Carol) is smiling as well."
Carol's Daughter joins L'Oréal's beauty roster that includes brands like Maybelline NY, Essie, and Urban Decay.
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(Photo: Paul Taggart/Bloomberg via Getty Images)