The controversial founder of Shea Moisture, Richilieu Dennis, seems to have redeemed himself by making it possible for Essence magazine to once again be a Black owned business.
He founded Essence Ventures, LLC which made the purchase of Essence magazine from Time, Inc.
“[W]e 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,” said Dennis of the Essence brand acquisition.
“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.”