Carol’s Daughter has been sold to an independent entrepreneur in the beauty industry.

Born in her Brooklyn, NY, kitchen with just $100 in cash, Lisa Price began selling her hair and body products in 1993 from the comfort of her living room and at flea markets and craft fairs. Her brand attracted the attention of notable names such as Jada Pinkett-Smith, Erykah Badu, and Halle Berry.

Carol’s Daughter gained further momentum after Price appeared on “The Oprah Winfrey Show,” which led to the company’s website crashing due to 17,000 interested buyers, Inc. reports. Two years later, Steve Stoute, CEO of UnitedMasters, joined the company as a partner, and the first Carol’s Daughter flagship store debuted in Harlem after receiving an investment from Jay-Z, Jada Pinkett Smith, and Will Smith, as AFROTECH™ previously reported.

By 2011, Price was leading a top haircare brand, and three years later, she sold the company to L’Oréal USA. Carol’s Daughter had a $27 million valuation at the time. Under L’Oréal, the brand significantly scaled its distribution from nearly 3,000 doors in 2014 and expanded into Canada, according to WWD.

After over a decade, Carol’s Daughter will be led under new ownership. It has been sold to an independent entrepreneur who has not been named (at the time of this writing). Price will now serve as the president of Carol’s Daughter and secured an equity stake in the deal.

“10 years ago, I made the decision to take Carol’s Daughter, my brand, my vision, my passion, to heights I had once only dreamed of. Being a part of the L’Oréal family gave us the ability to touch so many lives. This journey has been nothing short of extraordinary,” she said in a video shared on Instagram. “Thank you, L’Oréal. But my dreams are not finished. Today, I begin a new chapter and reclaim the indie spirit of my brand as its forever founder and newly appointed president. Join me as we transition to a new partnership and chart our path forward.”

She added, “This next chapter, it’s bolder. It’s fearless. It’s about innovation that doesn’t just follow trends, but sets them. Most importantly, it’s about deepening our commitment to you, the community that built us.”

David Greenberg, chief executive officer at L’Oréal USA, commented:

“We are proud of Carol’s Daughter’s long legacy and the transformative impact it has had on the beauty industry. 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.”