Unilever today announced an agreement to acquire the Sundial Brands, which includes SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio. According to the official press release, the newly announced deal features the New Voices Fund with an unprecedented initial investment of US $50 million to empower women of color entrepreneurs.
The purpose-driven partnership will encourage growth and address the needs of the multicultural and millennial audience.
Since its founding in 1991, Sundial has championed inclusive beauty and has served the unmet needs of consumers of color through its robust innovation pipeline, product offerings and purpose-driven business model.
Sundial Brands will act as a standalone unit within Unilever with founder Richelieu Dennis continuing to lead the business as CEO and Executive Chairman.
“I’ve always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have significant social impact in our communities and be successful on a world stage,” said Richelieu Dennis, founder and CEO, Sundial Brands. “I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level.” Dennis added: “I’ve enjoyed a long-standing relationship with Esi and look forward to working with her to continue to change the game in beauty, personal care and community building.”
Unilever also appointed Esi Eggleston Bracey, as EVP & COO of Unilever North America Personal Care. Bracey and Dennis will work closely to accelerate the growth, purpose-driven mission and consumer connectivity of Sundial Brands, the press release reads.
“We are excited to partner with Richelieu and his team to enable Sundial to bring its unique product offerings and community impact to more people around the world,” said Alan Jope, President, Unilever Personal Care. “We look forward to continuing to grow the business and make an even bigger impact on society through Sundial’s community programs.”