7 Businesses That Went From Black-Owned To Corporate Entities
Soft Sheen – acquired by L’Oreal in 1998 for an unreported sum, estimated to be around $160 million
A household name in ethnic hair-care, Soft Sheen was acquired by L’Oreal USA – the American division of French cosmetics giant L’Oreal – in July of 1998 for an undisclosed sum. At the time of acquisition, Soft Sheen boasted annual sales figures of close to $95 million.
While the financial details of the deal remained elusive, L’Oreal’s interest in the ethnic hair-care market was readily apparent – in the wake of the acquisition, L’Oreal sought to expand the Soft Sheen product line and increase funding for research and development projects.