Unilever Buys Sundial Brands—the Makers of SheaMoisture and Nubian Heritage
Sundial will operate as a standalone unit within Unilever.
Sundial Brands, the black-owned company behind natural body and hair care products SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio has been acquired by Unilever.
Unilever made this move to "address underserved needs of multicultural and millennial consumers," according to Business Wire.
Details of the acquisition's terms have not been disclosed, but Sundial is expected to turnover around $240 million.
Sundial Brands' founder, CEO and Executive Chairman, Richelieu Dennis, who is also of Liberian descent, will continue to lead the business as it will operate as a standalone unit within Unilever.
This partnership will also yield the development of the New Voices Fund, an effort that will eventually scale $100 million, to empower women of color entrepreneurs.
While it's encouraging to see Sundial grow and expand its reach to the global community with this transaction, it doesn't change the fact that it will no longer be black-owned.
"The products [are] not gonna change, and we're not selling out," Dennis says in a video interview with Michaela Angela Davis for Unilever.
"The agreement is all about building the foundation," Esi Eggleston Bracey, the new EVP & COO of Unilever North America Personal Care says in the video. "Building off of it from the business and the products today."
Watch the video playlist to learn more below.