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*Time Inc. has sold Essence Communications — the 50-year-old media brand catering to African-American women through Essence magazine and the Essence Festival — to a privately held venture formed by Richelieu Dennis, the founder of hair- and skin-care products maker Sundial Brands.
Dennis is a Liberian-born entrepreneur who sold Sundial Brands, parent company of Shea Moisture, to consumer goods giant Unilever in November for a large but undisclosed sum, per Journal-isms.
“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. . .”
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Dennis said in the announcement, “The strategic vision and leadership that Michelle has provided to ESSENCE over the years have been exemplary, and we are thrilled to work with her and her talented team to provide the necessary resources and support to continue to grow the engagement and influence of the ESSENCE brand and transform this business.”
Continuing, “As importantly, we are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business.”
While many are taking to social media to rejoice at the news that Essence is back under black ownership, others note their worry that a black male leading the charge will simply flood the magazine pages and cover with white, light-skinned and racially ambiguous women.
But Ebanks said in her statement, “This acquisition of ESSENCE represents the beginning of an exciting transformation of our iconic brand as it evolves to serve the needs and interests of multigenerational Black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms.”
She added, “In addition, it represents a critical recognition, centering and elevation of the Black women running the business from solely a leadership position to a co-ownership position.”
The Sundial website says of its founder: “Drawing from deep traditions born out of his family’s roots in Africa and passed down to him from his grandmother, Richelieu incorporated four generations of recipes, wisdom and cultural experiences into natural bath and body care products, co-founding Sundial with his mother.”
Dennis sold Sundial in November but remains CEO and executive chairman.
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