Unilever has announced an agreement to acquire Sundial Brands, a New York-based personal care products company with a wide variety of haircare and skincare brands including SheaMoisture, Nubian Heritage, Madam C.J. Walker and nyakio. Sundial’s 2017 turnover is expected to be approximately US$240 million. Financial details have not been disclosed.
“Since its founding in 1991, Sundial has championed inclusive beauty and has served the unmet needs of consumers of colour through its robust innovation pipeline, product offerings. Through its Community Commerce business model, B Corp and Fair for Life certifications, Sundial’s approach complements the Unilever Sustainable Living Plan (USLP) to accelerate growth while increasing positive social impact,” said the group in a release.
Sundial Brands will operate as a standalone unit within Unilever. Sundial’s founder, Richelieu Dennis, will continue to lead the business as CEO and Executive Chairman.
As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an initial investment of US$50 million to empower women of colour entrepreneurs. The intention is to scale the Fund to US$100 million by attracting investments from other interested parties.
“The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio,” said Kees Kruythoff, President, Unilever North America.
Additionally, Unilever has appointed Esi Eggleston Bracey, as EVP & COO of Unilever North America Personal Care, effective January 1, 2018. As a part of her role, Bracey will work closely with Dennis to further accelerate the growth, purpose-driven mission and consumer connectivity of Sundial Brands.
