Richelieu Dennis sold his Sundial brand (Shea Moisture home) to Unilever in November 2017. Now he takes his talents to @Essence, where he just purchased the shares from Time Inc, making 100% black owned!


Personal Care Mogul to Partner With Black Women

Time Inc. has sold Essence Communications, publisher of Essence magazine and operator of its annual Essence Festival, to a newly formed black-owned company that is giving the all-female Essence leadership a stake in the business, the new company announced Wednesday.

Essence Ventures, created in 2017, is led by Richelieu Dennis, a Liberian-born entrepreneur who sold Sundial Brands, parent company of Shea Moisture and related personal care products, to consumer goods giant Unilever in November for a large but undisclosed sum.

ESSENCE President Michelle Ebanks will continue at the helm of the company and will also join its board of directors,” Wednesday’s announcement said. “In addition, the all Black female executive team of ESSENCE, including Ebanks, will have an equity stake in the business. . . .”

The release did not state why Time chose Dennis over other bidders. Read More Here