One of the market's largest consumer goods conglomerates is making major moves towards investing in Black women.
Earlier this week, it was confirmed that consumer goods giant Unilever will officially acquire the Sundial brands family, which houses several popular hair and skincare product lines for women of color, including Shea Moisture and Madme CJ Walker.
In accordance with the new partnership, the companies have also announced the creation of a $50 million fund established specifically to empower Black women in entrepreneurship. Appropriately titled the New Voices Fund, the money invested will reportedly go towards helping the companies to continue growing the very communities that have contributed to the notable success of the brands over the years.
"The Sundial team has built differentiated and on-trend premium brands serving multicultural and millennial consumers that enhance our existing portfolio," Unilever President Kees Kruythoff said in a statement. "Sundial is an important addition to our U.S. portfolio of purpose-driven companies."
The release also noted the company's plans to grow the fund to $100 million by potentially attracting other investors interested in contributing to the fund's overall mission. A solid effort towards providing innovative solutions to better address the product needs of loyal multicultural and millennial consumers, the establishment of the fund has already begun sparking curiosity across social media.
Sundial CEO Richelieu Dennis, who will remain the head of Sundial, says he looks forward to working with newly-appointed Unilever EVP Esi Eggleston Bracey to "continue to change the game in beauty, personal care and community building."
To hear more from Richelieu Dennis, including more on how he's paying it forward to Black women after building a successful empire rooted in their support, be sure to pick up our December 2017 issue, on newsstands now.