Shea Moisture Founder Richelieu Dennis Buys Essence Magazine


Maybe you weren’t happy about the last major stories involving mega brand Shea Moisture, but this recent news may put a smile on your face.

Shea Moisture founder Richelieu Dennis has officially purchased Essence Magazine! Essence Magazine is now under black ownership.

All too often the media outlets that are geared toward our community do not have people who look like us as their employees and many are not even black owned.

Regarding Unilever’s acquisition of Shea Moisture’s brand, here’s the tea:

“As part of the agreement, Unilever and Sundial are creating the New Voices Fund with an unprecedented initial investment of US$50 million to empower women of color entrepreneurs. The intention is to scale the Fund to US$100 million by attracting investments from other interested parties.”

“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, Sundial Brands. (source)

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