Just to give you some context, Unilever also owns Axe, Dove and Hellman’s Foods and today they announced that they are acquiring Sundial Brands, which means they now own Madam C.J. Walker, Nubian Heritage, SheaMoisture, and nyakio.
According to Richelieu Dennis:
“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,” says Dennis, “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.”
Details of how this transaction happened were not shared but according to 21Ninety Sundial’s 2017 turnover is sitting at around $240 Million.
As part of the agreement announced Monday, Unilever and Sundial are creating the New Voices Fund, which will have an initial investment of $50 million to empower women of color entrepreneurs. They hope to scale that fun to upwards of $100 million through interested parties’ investments.
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