Unilever splashes out on US cosmetics

UNILEVER is to buy US cosmetics company Sundial Brands.

The purchase will add to Unilever’s already vast portfolio of personal care brands, which includes Dove, Toni & Guy, Lynx and Radox.

Sundial, which is based in New Jersey and manufactures hair and skincare products, is expected to see a turnover of £180m this year from its brands, such as Shea Moisture and Nubian Heritage.

Sundial will continue to run as a standalone brand with its Liberian founder Richelieu Dennis also staying on to head up the business.

It is not known how much Unilever will pay for the company. The deal is expected to be completed by the end of March next year.

As part of the agreement, Unilever and Sundial will launch a £37.5m fund to back women of colour entrepreneurs. It plans to double the fund by securing backing from other parties.

A number of big-name firms are targeting personal care for black women, with both L’Oreal and French luxury goods maker LVMH recently cashing in on the market.

Renowned for buying and scaling up small companies, Unilever recently snapped up the Bristol-based tea brand Pukka, adding to its portfolio, including PG Tips and Lipton.