Unilever announced Monday that they are acquiring Sundial Brands, maker of brands including Madam C.J. Walker, Nubian Heritage, SheaMoisture and nyakio.
Unilever's recent efforts are addressing the underserved needs of multicultural and millennial consumers, target groups that spend billions on hair and beauty products every year but have largely been ignored in the mainstream beauty sector for too long.
As part of the agreement announced Monday, Unilever and Sundial are creating the New Voices Fund, which will have an initial investment of $50 million to empower women of color entrepreneurs. They hope to scale that fun to upwards of $100 million through interested parties' investments.