Unilever—which produces popular brands like Dove and TRESemmé—just announced yet another exciting acquisition for the consumer goods company. The corporation revealed on Monday that it will be acquiring the hugely popular personal care product company, Sundial Brands, for an undisclosed amount.
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Sundial houses multiple producers of hair and skin care products that are geared towards African-American women—most notably SheaMoisture, Nubian Heritage and Madam C.J. Walker. “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 of Sundial Brands, in a press release . “ 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,” added Alan Jope, president of Unilever Personal Care.
Interestingly enough, this acquisition comes just a few months after Dove, another Unilever-owned brand, came under fire for an advertisement that many found racially insensitive. So, with Dennis continuing his work with Sundial in the partnership with Unilever, many are hoping that there will be major improvement when it comes to Unilever and its involvement with the multicultural consumer space. In fact, as part of the agreement, Unilever and Sundial have already decided that they’ll be creating the New Voices Fund—backed by an investment of $50 million—to aid in the empowerment of entrepreneurs who are women of color.
Though the terms of the agreement haven’t been revealed, Sundial brands are expecting $240 million in revenue from 2017, with plans to increase in 2018.