Will Smith, Jay-Z back Brooklyn-based beauty line

Will Smith, Jada Pinkett Smith and Jay-Z are among the big-name investors in a Brooklyn-based beauty line called "Carol's Daughter" founded by Lisa Price. The group of movie and music stars invested $10 million in the Brooklyn beauty-products company and plan to take the brand nationwide.

The announcement was made Tuesday at Jay-Z's 40/40 Club in New York City.

Other investors in the Brooklyn based cosmetics company include record executive Steve Stoute, who spearheaded the venture, Interscope Records chief Jimmy Lovine, investor Andrew Farkas, and Tommy Mottola and his wife, singer Thalia.

"I had seen the product and I thought it was a new category that could be introduced," Stoute told the New York Post. "Our voice should be able to control and manage it for the marketplace."

Jada Pinkett Smith is to be the brands new face in up coming ad campaigns for the cosmetics line.

In 1993, Founder Lisa Price transformed her hobby and love for fragrance into a skin care business. From that love Carol’s Daughter was born. Inspired by nature, her unique line includes over 300 products for face, hair, body and home.

Carol’s Daughter boutique located in Brooklyn’s Fort Greene neighborhood have designed products and gift baskets for many celebrities and opinion leaders. As a result the brands success has lead to products being featured on top national television shows, including The Today Show, The View and The Oprah Winfrey Show as well as numerous magazine editorials. This type of mega-watt attention has made Carol’s Daughter a household name synonymous with beauty and wellness.

A flagship store is located in Harlem with nine more stores planned in the next few years in cities such as Philadelphia, Atlanta and Baltimore.