
Read the 2022 SheaMoisture Impact Report
Find out how the brand is reinvesting in its community.
Download the report here
Unilever GlobalChange location
The inequality in incomes, assets and opportunities between Black and white households, also known as the racial wealth gap, stands at more than $11 trillion in the US today.
That’s why SheaMoisture is taking inspiration from its founder to create new possibilities for Black entrepreneurs to thrive. As the No.1 multicultural hair brand in the US, it’s reinvesting at least 1% of its net sales * income every year in the Black community. And its 2022 Impact Report (Opens in a pop-up window ) reveals the progress so far.
Published in November, the report shows that the brand has awarded $10 million in grants, educational programmes, partnerships and donations that provide economic opportunities for underserved and under-represented business owners.
Highlights include:
This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.
Cara Sabin, CEO of SheaMoisture’s parent company Sundial Brands and of Beauty & Wellbeing for Unilever North America
Cara Sabin, CEO of SheaMoisture’s parent company Sundial Brands and of Beauty & Wellbeing for Unilever North America, explains.
“When I first took the helm at SheaMoisture, our founder Richelieu Dennis invited me on a trip to Ghana to visit the women who run our cooperatives and hand-craft the shea butter for our products. It was a deeply personal experience to be there with those women and feel the power of generations of entrepreneurship stretching back to Rich’s beloved grandmother Sofi Tucker, who first began selling shea butter products in Sierra Leone in 1912,” she says.
“The seeds planted then were nurtured over time. And as a Black-led, women-led business, it’s our hope that the seeds we continue to cultivate today will further power generations of Black and Brown entrepreneurs, and inspire other businesses to do the same. There is much more work to be done. But we’re excited about how much fruit our current and future investments will bear.
"We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” Cara adds.
“This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.”
Reinvesting in Black-owned businesses is one way SheaMoisture aims to enrich lives, families, businesses and futures – and it’s also working to increase equity in Black communities through its operations, as the report details.
This work began over 30 years ago when SheaMoisture Founder Richelieu Dennis established Sundial Brands with his philosophy of business as a source for good.
In 2017, Richelieu entered into an acquisition deal with Unilever, a partnership which included the creation of the New Voices Fund, a venture capital fund that invests in entrepreneurs of colour. Together with the Dennis Family, the New Voices Fund has invested over $100 million in portfolio companies.
As a community, we need to lean into our village to build Black wealth. SheaMoisture has been doing this work from day one and the brand has always put its purpose first.
Angela Yee, US radio personality and entrepreneur
In tandem with the report and to celebrate 30 years of investing in Black entrepreneurship, SheaMoisture recently partnered with renowned US radio personality and entrepreneur Angela Yee to announce its first Community Impact Grant for small business entrepreneurs.
“As a community, we need to lean into our village to build Black wealth,” said Angela at the launch in November.
“SheaMoisture has been doing this work from day one and the brand has always put its purpose first. As an entrepreneur myself, I know how important this work is, and am excited to team up with them and help other entrepreneurs who are trying to build their own hustle.”
SheaMoisture received over 1,200 applications from Black small business owners who work to address needs in their community. The two winners of this $10,000 grant will be announced in January 2023.
Looking ahead, SheaMoisture is aiming to become a $1 billion brand, demonstrating how purpose-led businesses can simultaneously be successful. Among the future goals laid out in the report include another $10 million worth of community investment by 2025.
Find out how the brand is reinvesting in its community.
Download the report here
Net sales refers to net sales value (NSV), which represents gross sales (volume x list price) – efficient ordering discounts.
Sundial Brands is the latest addition to Unilever’s portfolio of fast-growing, purpose-led companies as part of broader Company transformation. Agreement accelerates Unilever’s Beauty & Personal Care category growth by addressing under-served needs of multicultural and millennial consumers. Purpose-driven partnership seeks to create groundbreaking US$100M New Voices Fund to invest in and empower women of colour entrepreneurs.
Set up in 2012 as an export-driven business to cater for underserved markets, Unilever International has consistently been one of our fastest-growing businesses globally. We share the inside story of its unique operating model and entrepreneurial culture.
Black expectant mothers face significant disparities in care before, during and after childbirth. A new fund backed by Baby Dove is providing financial aid to help pay for advocacy and support.