Richelieu Dennis: The Liberian immigrant who built a $400-million beauty empire

Early Life and Education

Richelieu Dennis was born on Feb. 25, 1969, in Liberia. He grew up during the civil wars, a time of violence and disruption. Despite the challenging circumstances, he was able to attend elementary and high school in Liberia and Sierra Leone. In the 1980s, he attended Babson College in Babson Park, Massachusetts, a small college noted for mentoring entrepreneurs. In 1991, he graduated from Babson with a degree in Finance, Investment, and Entrepreneurial Studies.

Revolutionizing the Black Hair Care Industry

Unable to return to Liberia after graduation due to the ongoing civil war, Dennis, along with his friend Nyema Tubman and his mother, created natural bath and hair care products for Black women. Many of the products they created were based on recipes used by his grandmother in Liberia. His grandmother, Sofi Tucker, was widowed at age 19. To support her family, she began making homemade beauty products and selling them in the local market. These recipes became the basis of Sundial Brands.

Initially, their products were sold on the streets of Harlem. At the time, most beauty products for women of color were meant for chemical relaxation. Customers wanting natural beauty products were ignored by large multinational corporations. Sundial Brands’ products quickly became widely popular. Sundial started distributing to wholesale beauty stores and local shops, and in 1992, Sundial moved to a large warehouse to accommodate the expansion of its business. By the early 2000s, the products were in great demand and included the personal care products: Shea Moisture, Nubian Heritage, and Madam A.J. Walker Beauty Culture. Sundial Brands grew significantly under Dennis’s leadership, expanding from street vending in New York City to global distribution, and was eventually acquired by Unilever for $1.6 billion in 2018. This acquisition marked one of the largest natural beauty/personal care deals in the U.S. and was the largest consumer products transaction by a majority Black-owned company.

Diversified Ventures

Dennis is the driving force behind Essence Ventures as its founder and executive chair. An independent Black-owned consumer technology enterprise, Essence Ventures is aimed at constructing an ecosystem that addresses the cultural and lifestyle requisites of people of color. A significant move in the company’s timeline was the acquisition of Essence Communications Inc., the entity behind Essence Magazine, from Time Inc. in January 2018. Essence Ventures also invested in the global beauty community, BeautyCon Media, in 2021.

A brainchild of Dennis, Travis Montaque, and Bonin Bough, Group Black was instituted in 2021. With an ambitious vision to revolutionize media ownership and investment, Group Black & Co is all set to redefine the media landscape.

Venturing into the financial side, Dennis initiated New General Market Partners LLC in 2016. This venture capital firm embodies the entrepreneurial spirit of Dennis, further reinforcing his commitment to fostering business growth and opportunities.

Net Worth

Dennis reportedly pocketed $850 million from the sale of Sundial Brands to Unilever, according to Forbes. As of 2023, Dennis is reported to have a net worth of around $400 million. He made most of this from the sale of his company to Unilever in 2017. He is also the company’s CEO at Unilever and this also adds to his net value.

Recognitions and Philanthropy

Dennis has been named by OWN to its “SuperSoul 100” list celebrating 100 trailblazers using their power, vision, and life’s work to bring a higher level of consciousness and move the world forward. He has also been named one of the “Most Creative People in Business” by Fast Company. In 2017, he was conferred the distinction of Knight Commander by President Ellen Johnson Sirleaf of Liberia according to Black Economic Alliance.

Dennis is also recognized for his philanthropic efforts and community leadership. He has invested significantly in projects and small businesses, empowering many entrepreneurs. His Sundial Brands’ Community Commerce program improved infrastructure, educational opportunities, and healthcare access for communities globally, especially in Liberia. In the aftermath of Sundial Brands’ acquisition by Unilever, a new endeavor was formed — the New Voices Fund. This $100-million nonprofit organization, resulting from the collaboration of Sundial Brands and Unilever, is fervently dedicated to promoting and financially backing female entrepreneurs of color. He also purchased Madam C.J. Walker’s historic estate, Villa Lewaro, to be used as a learning institute for women of color entrepreneurs

Dennis’s journey is a testament to the power of entrepreneurship, resilience, and a deep commitment to serving the community. His success in building Sundial Brands and Essence Ventures, his strategic business acquisitions, and his philanthropic efforts demonstrate his business acumen and dedication to uplifting the Black community. His story serves as an inspiration for aspiring entrepreneurs around the world.