Sales: $240 million.
Key Personnel: Richelieu Dennis, founder and chief executive officer; Kimberly Evans Paige chief operating and brand-building officer.
Major Products: Skin care, cosmetics and hair care sold under SheaMoisture, Nubian Heritage, Nyakio and Madam C.J. Walker Beauty Culture brands.
New Products: SheaMoisture Green Coconut & Activated Charcoal collection exclusive to Ulta (July 2018); SheaMoisture Red Palm Oil & Cocoa Butter, exclusive to Sally Beauty; Nyakio premium skin care expanded to Fred Segal.
Comments: Sundial will be making a jump to our Top 30 roundup next month thanks to Unilever’s Nov. 2017 agreement to acquire the leading hair care and skin care company. Sundial’s 2017 turnover was expected to be approximately $240 million, according to Unilever.
Sundial Brands will operate as a standalone unit within Unilever, and founder Richelieu Dennis will continue to lead the business as chief executive officer and executive chairman. Terms of the deal were not announced.
Sundial Brands has since brought in Kimberly Evans Paige in the newly-created position of chief operating and brand-building officer. A seasoned executive with more than 20 years of brand, innovation, and general management experience and a proven track record of building billion-dollar brands and businesses, she joins Sundial from her most recent role a chief marketing officer of Coty, Inc. where she stewarded the repositioning of several flagship brands.
As part of their agreement, Unilever and Sundial said they are creating the New Voices Fund with initial investment of $50 million to empower women of color entrepreneurs. The intention is to scale the fund to $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 US portfolio of purpose-driven companies, which includes Ben & Jerry’s and Seventh Generation.”
Since its founding in 1991, Sundial has championed inclusive beauty and has served the unmet needs of consumers of color through a robust innovation pipeline, product offerings and purpose-driven business model. Through its Community Commerce business model, B Corp and Fair for Life certifications, Sundial’s approach complements the Unilever Sustainable Living Plan (USLP) to accelerate growth while increasing positive social impact, according to Unilever.
“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 chief executive officer, Sundial Brands. “I am excited Sundial and Unilever have created this partnership, rooted in a purpose-driven ethos, that represents an incredible opportunity to take our Community Commerce economic empowerment and impact model to another level.”