Essence Ventures, a holding company founded by Liberian SheaMoisture CEO Richelieu Dennis just bought ESSENCE–both the magazine and its parent lifestyle brand– from Time,Inc.
ESSENCE currently reaches a global audience of more than 16 million across its various platforms encompassing its signature print magazine; digital, video and social platforms; television specials, including the Black Women in Hollywood Awards on OWN: The Oprah Winfrey Network; books; and live events, including the Street Style Block Party during New York Fashion Week and the annual ESSENCE Festival, a cultural celebration that debuted in 1995 and is now one of the country’s largest annual events, attracting more than 450,000 attendees.
About Richelieu Dennis
Born in Liberia, Richelieu Dennis came to the United States to attend renowned business school Babson College. When he graduated in 1991, he was unable to return to Liberia because of civil war. Driven by his passion for entrepreneurship and sustained by a vision to fill unmet consumer needs, Richelieu partnered with his best friend and college roommate, Nyema Tubman, to pursue a bold concept: address skin and hair care issues traditionally ignored by mass market companies. Drawing from deep traditions born out of his family’s roots in Africa and passed down to him from his grandmother, Richelieu incorporated four generations of recipes, wisdom and cultural experiences into natural bath and body care products, co-founding Sundial with his mother – Mary Dennis – and Nyema.
Through the Essence Ventures’ investment and resulting incremental growth opportunities, ESSENCE will focus on expanding its digital businesses via distribution partnerships, compelling original content and targeted client-first strategies. In addition, the brand will expand its international growth by planting its rich content ecosystem, including the flagship magazine, digital properties and successful live event franchises, in more global markets with women who have shared interests and aspirations.
“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,” said Richelieu Dennis, founder and chairperson of Essence Ventures. “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.”
What lies ahead for Essence
Dennis continued, “We remain committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities. Our focus here will be on ensuring that Essence reaches its full potential via heightened capabilities, technology, products and touch points that super-serve the interests of Black women locally and globally. We look forward to helping generate new opportunities that create more value across the ESSENCE portfolio with unmatched content, commerce and international access for the millions of women it serves, as well as exceptional value for our advertising partners and content creators.”
“This acquisition of [Essence] represents the beginning of an exciting transformation of our iconic brand,” said the company’s president, Michelle Ebanks, in the press release.