Unilever entered into an agreement to acquire New York-based skincare and haircare products maker Sundial Brands, moving to position its Personal Care category for growth among consumers with multicultural backgrounds and millennials, a Nov. 27 press release announced.
Founded in 1991, Sundial produces brands like SheaMoisture, Nubian Heritage, Madam C.J. Walker, and nyakio and gears its marketing toward people of color.
“The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial customers that enhance our existing portfolio,” Kees Kruythoff, president of Unilever North America, said in a statement. “Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.”
As part of the agreement, Unilever and Sundial will invest $50 million in the New Voices Fund to support entrepreneurs who are women of color. The firms hope to scale the fund up to $100 million through investments and contributions from other parties.
Sundial’s founder, Richelieu Dennis, will remain on in the business as chief executive officer and chairman. Unilever also announced its appointment of Esi Eggleston Bracey to executive vice president and chief operating officer of Unilever North America Personal Care, effective Jan. 1. The two will cooperate on building the Sundial Brand’s growth and furthering its purpose-driven mission.
“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 a significant social impact in our communities, and be successful on a world stage,” said Dennis in the Unilever release.
The personal care firm’s turnover for 2017 is anticipated to reach $240 million.