L'Oreal Announces Deal to Buy Carol's Daughter BrandBill Rochelle and Sherri Toub
L’Oreal SA, the world’s largest cosmetics maker, announced on Oct. 20 that it has an agreement to acquire recently reorganized beauty brand Carol’s Daughter through a U.S. unit.
Carol’s Daughter will continue to operate from its New York headquarters under its current leadership team, according to the L’Oreal statement.
CD Stores LLC got bankruptcy court approval of its Chapter 11 plan on Sept. 2. In bankruptcy, the company consolidated retail operations into two stores in Harlem and Brooklyn, New York.
A 10 percent distribution was paid to creditors under the plan, according to a Sept. 15 closing report. For details, click here for the Sept. 4 Bloomberg bankruptcy report.
L’Oreal USA Inc., a unit of Paris-based L’Oreal SA, will buy the Carol’s Daughter business. The U.S. unit manages a portfolio of 28 global beauty brands, according to the statement. The Carol’s Daughter acquisition is subject to standard regulatory approvals and other customary conditions, the company said. The purchase price wasn’t disclosed.
Carol’s Daughter had net sales of $27 million for the year ended Sept. 30, according to L’Oreal.
The case is In re CD Stores LLC, 14-bk-11192, U.S. Bankruptcy Court, Southern District of New York (Manhattan).