Beauty mogul and creator of hair range,Richelieu Dennis, is the new owner of Essence magazine. I particularly love this deal because it encouraged women to be at the helm of affairs in the cooperate world.
Via Boss HeightsPopular female targeted fashion and pop culture magazine, Essence, has been acquired by Liberian business man, Richelieu Dennis, from Time Inc. In my opinion, the deal is one that encouraged the elevation of black women to own a seat at the table.
Richelieu is the founder of beauty and skin-care firm Sundial Brands. Sundai is the parent company of popular brand, "Shea Moisture".
He however sold control of the skincare firm to Unilever in November but remains its CEO.
Time Inc. initially acquired 49 percent stake in the 48 year old magazine in 2000 from founder Ed Lewis and purchased the remaining 51 percent in 2005.
While ESSENCE President Michelle Ebanks will continue at the helm of the company, the all Black female executive team of the magazine will have an equity stake in the business.
According to Richelieu Dennis, the acquisition of the magazine serves as an avenue for "women leading the business to also be partners in the business".
“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".Michelle Ebanks revealed the deal represents the elevation of "Black women to co-ownership positions”.............
“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.”
“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,” said Ebanks. “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.”