Posts Tagged ‘Kate Somerville’
Personal care giant, Unilever, is adding diversity to its portfolio with the acquisition of Sundial Brands, parent company for SheaMoisture, Madam C.J. Walker, Nubian Heritage, and nyakio, all of whom address the unmet needs of consumers of color. Unilever’s attempt to attract “purpose led companies” as part of its “broader Company transformation” stems from several incidents in which body care brand, Dove, has been accused of racial insensitivity. Sundial Brands will operate as a standalone unit within Unilever, and 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 color 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. “Sundial is an important addition to our U.S. portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.” Unilever has aggressively pursued unique beauty brands ranging from Hourglass Cosmetics, Carver Korea, and Living Proof to Murad, Ren, Dermalogica and Kate Somerville.