NEW YORK (CNN/Money) - Will Smith, Jada Pinkett Smith and Jay-Z are among the big-name investors in a Brooklyn-based beauty line called "Carol's Daughter," according to the New York Post.

The group of movie and music stars invested $10 million in the Brooklyn beauty-products company started by Lisa Price and plan to take the brand nationwide, according to the paper.

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

Other investors in the Carol's Daughter cosmetics company include record executive Steve Stoute, who spearheaded the venture, investor Andrew Farkas, Interscope Records chief Jimmy Lovine 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 paper. "Our voice should be able to control and manage it for the marketplace."

Lisa Price opened her first store in Brooklyn in 1999, after years of making beauty products in her kitchen.

A flagship store is slated to open in Harlem this fall, with nine more stores planned in the next few years in cities such as Philadelphia, Atlanta and Baltimore, the paper said.

Pinkett-Smith, married to Will Smith, will become the face of the brand in a new advertising campaign.

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