We can now invest in women of color as consumers., With Sale, Essence Is Once Again a Fully Black-Owned Magazine, https://www.nytimes.com/2018/01/03/us/essence-sale-black-owned.html. This denim skirt is from the thrift store for $3. The move returns 48-year-old Essence to black ownership for the first time in over a decade, and solidifies the magazines status as the most important minority-owned publication in America. I am happy to be alive! The brand was looking for another buyer and has apparently found one with Essence Ventures, which was founded and is chaired by Liberian-American Richelieu Dennis, who also is founder of SheaMoisture (in November, Unilever acquired the parent company for SheaMoisture, Sundial Brands). Essence magazine is a monthly publication whose target audience is African American women. Continuing in our tradition, we're introducing you to the masterminds behind some of the most popular. Citing an abusive work culture, the essays writers also said that Black women at the company are systematically suppressed by pay inequity, sexual harassment, corporate bullying, intimidation, colorism and classism.. Ebony is a monthly magazine that focuses on news, culture, and entertainment. The Daily Beast attempted to reach out to former and current Essence magazine employees to get their views on Dennis latest business ventures in light of the 2020 controversy. The acquisition 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, Ms. Ebanks said in the statement. Thank you for being in our corner over the last 47 years. 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, Essencepresident Michelle Ebanks told Business Wire, who will keep her place at the helm of the company will also joining its board of directors. You may negotiate rate based off experience and expertise. You win and you learn. American Essence magazine is a breath of fresh air in troubled times! Ebanks issued a statement which reads in part, 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, 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.. Terms of the transaction were not disclosed. The owner of Black business empire Essence Ventures, who vowed to step away as the acting CEO of Essence magazine after being an awful boss during last years racial reckoning, is not-so-quietly asserting his power againand Black influencers are torn. This will give Essence a platform and a voice to serve its consumers, which are women of color, Dennis told the New York Times earlier this week. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Forbes reports that he and his cofounder and mother Mary owned 51% of the company and walked away with an estimated $850 million fortune, making them two of the wealthiest Black entrepreneurs in the world. In 2000, the magazines founders, Clarence Smith and Ed Lewis, sold a 49 percent stake in Essence to Time Inc. American Essence Magazine is also a nonpolitical magazine that aims to showcase the values and traditions of American culture with stores of the people and places, past and present, that helped and continue to help shape this nation. Mr. Dennis, the founder of Sundial Brands, a Black beauty products company, bought Essence from Time Inc. in 2018. After the former CEO Michelle Ebanks stepped down in March, the company announced that Dennis would have direct oversight of the company while it searched for a new CEO. American Essence FO R E V E RYO N E W H O LOV E S T H I S C O U N . Essence Ventures is an African-American owned company focused on merging content, community, and commerce founded by Richelieu Dennis, the CEO and founder of Sundial Brands. Necessary cookies are absolutely essential for the website to function properly. The magazine has a circulation of more than one million and its website attracts nearly seven million unique visitors each month. Because I hope they dont stray from the culture of Essence. Essence Ventures is founded and chaired by Richelieu Dennis, founder of Sundial Brands which owns Shea Moisture. In 2018, he bought the Essence brand, vowing to scale Black-owned brands and bring much-needed diversity to the beauty and lifestyle world. The owner of Black business empire Essence Ventures, who vowed to step away as the acting CEO of Essence magazine after being an awful boss during last year's racial reckoning, is. Mr. Dennis said that he approached Time Inc. about buying Essence after Time Inc. agreed in November to be sold to the Meredith Corporation, the owner of Better Homes & Gardens and Family Circle, in an all-cash transaction worth about $2.8 billion. Similar uprisings have taken place at The New York Times, The Philadelphia Inquirer, The Wall Street Journal, The Washington Post, The Pittsburgh Post-Gazette and the womens lifestyle website Refinery29. Later in the essay, the writers said the problems at Essence predated the arrival of Mr. Dennis. In a statement on Thursday, Latraviette Smith-Wilson, an Essence spokeswoman, described the essays accusations and demands as unsupported and outdated., The statement also addressed Ms. Ebanks, saying she has had no role in day-to-day operations since her departure, and said that Ms. Collins Profet had already accepted a new role with another company before the anonymous blog was posted.. Adenike Olanrewaju contributed reporting. According to reports, Merediths goal upon full ownershipis to save $400 million to $500 million over the next two years. Michelle Ebanks will continue to serve as president of ESSENCE Communications and will join its board of directors. American Essence April 24, 2022 Liberty Tree: A Look at Thomas Paine's Song Celebrating the Beauty of American Freedom In a chariot of light from the regions of day, The Goddess of Liberty. As a classicist, he's at ease with the ancient world but often brings a historian's insightful perspective to current . Mr. Dennis, the founder of Sundial. It does not store any personal data. Under the influence of coconut oil, shea, olive, and a slight bit of gel to hold it. Essence Ventures was founded in 2017 by Richelieu Dennis, who also. She looked like a statue of an ancient African goddess, sort of that Grace Jones bold look, but with clothes. Essence Ventures started in 2017 and is chaired by founder, entrepreneur, investor and philanthropist Richelieu Dennis. Essence, a 48-year-old monthly lifestyle magazine, has a majority-black readership. I dont believe in losses, she wrote. Dennis serves as CEO and executive chairman of Sundial under the Unilever partnership. But we must fix the systemic brokenness of any Black cultural institution that devalues Black women. The spokeswoman added that Ms. Wanga would oversee the independent review of the Essence workplace. Celebrity OTE - Spring Arts Guide Daniel Kaluuya. In the same . I think many people dont even know about it because no one cares about Black women. This article was originally published in American Essence magazine. The Epoch Times is looking for writers who are passionate and knowledgeable in the field of classical art. Starting with the magazine in 1970, it has expanded globally, eventually leading to the annual Essence Music Festival in 1995 and online website ESSENCE.com. The reason is because of the racist structures that existed in mass retail., He said hair care products were once racially segregated on store shelves but, thanks to his efforts, retailers have come to realize theres a much bigger market opportunity when you engage in Black brands on a fair and consistent basis. We may earn a commission from links on this page. Entertainment & Arts How a $970,000 award represents hope and change for a Black L.A. dance company Jan. 15, 2021 Founded in 1945 by Chicago-based publisher John H. Johnson, Ebony magazine was. At the time of the purchase, Mr. Dennis, who was born and raised in Liberia, said Essence would serve and empower women of color under his stewardship. The magazine, a mainstay of black culture for almost half a century, was bought by Richelieu Dennis, the founder of Sundial Brands, a large personal-care products company, from Time Inc., Essence Ventures announced on Wednesday. The executive team will also have an ownership interest in the business. Austin-based Michael Gibson's ClearView Partners, with backing from Houston private-equity firm Park View Capital Partners, are the new owners of the 62-year-old monthly. The Essence team denied the allegations in a statement Monday, calling them mischaracterizations and unfounded attempts to discredit our brand and assassinate personal character.. All rights Reserved. That superseded the priority of Black hair care.. An anonymous post on Medium that said it was written by current and former Essence employees is part of a social media campaign for change at the groundbreaking Black media brand. Essence CEO Richelieu Dennis Resigns Following Scathing Op-Ed (Page Six), These Mother-And-Son Entrepreneurs Went From Selling Soap On Harlem Streets To An $850 Million Fortune (Forbes). This flare shirt is amazing! Please email all questions and submissions to jennifer.diane@epochtimes.nyc. Essence magazine sold (Image Source: Facebook/@Essence) Since 1970 Essence has been the premiere fashion and culture magazine for women of color. Time Inc. announced Wednesday, that Essence Ventures LLC, an independent African-American owned company, acquired the media company. Were counting on you, Caroline. An op-ed, titled "The Truth About Essence" and written by "Black Female Anonymous" was published on Medium on Sunday that outlined allegations of a toxic workplace culture in which Black. In 2017, it was sold to the conglomerate Unilever, but Dennis remains Sundials CEO and executive chairman. Since then, Essence has installed Caroline A. Wanga, a former Target executive, as its interim leader and has also pledged to hire law firms to conduct a review of workplace issues. Time Inc. announced Wednesday that Essence Ventures, LLC, an independent African-American owned company, acquired Essence Communications. Essence Magazine is now 100% black-owned. When you have someone that dominates space that already provides windows and opportunities for women of colorand Black women in particularif Black women speak up, what other spaces are there for them? We may earn a commission from links on this page. In a phone interview on Wednesday, Mr. Dennis, 48, said that he bought the magazine to serve and empower women of color., This will give Essence a platform and a voice to serve its consumers, which are women of color, Mr. Dennis said during a flight from his native Liberia to the United States. While [people] say they want to protect Black women, thats a lie. Essence currently reaches over 16 million people via social media, print, digital engagement and live events, according to a spokeswoman for Essence Ventures. The cookie is used to store the user consent for the cookies in the category "Other. That reality was reflected by Johnson Publishing Companys sale two years ago of Ebony and Jet to a private equity firm in Texas, creating a void in black-owned media companies. [3] [4] Lewis and Smith called the publication a "lifestyle magazine directed at upscale African American women". The Essence motto is Black women come first, and Mr. Dennis said he intended to live up to it. I read her letter from the editor and it became my favorite part of the magazine. He vowed that Essence Ventures would bring heightened inclusivity to BeautyCon. I thank the entire ESSENCE team for their tremendous passion and unrelenting commitment to driving the brands success. iEmerge in a duo. Were never lacking content; were never lacking a story; were lacking an opportunity to compete, she added. Copyright 2022 Rolling Out. American Essence highlights the morals and traditional. Ms. Wanga joined the company as its chief growth officer on Monday. It will serve as a guide to make your entrepreneurial dreams a reality, help you avoid costly mistakes, assist in financial preparations, serve as a resume of sorts for future potential business partners and much more.. Richelieu Dennis, the owner of Essence Ventures, at the 2018 Essence Festival in New Orleans. The essay, titled The Truth About Essence, was published on the digital platform Medium under the byline Black Female Anonymous, which has identified itself as a group of former and current Essence employees. The City of Cacapava, Sao Paolo, Brazil, owns No. The company hired two law firms to conduct an investigation, which found that staff felt overworked and underappreciated but concluded that Dennis didnt engage in behavior that would have amounted to unlawful discrimination, harassment or retaliation. (The anonymous writers of the Medium article did not speak to investigators.). This cookie is set by GDPR Cookie Consent plugin. Derek T. Dingle, chief content office of Black Enterprise magazine, described it as groundbreaking, and lauded Essences return to black ownership as a rare event in contemporary black business history.. Despite Dennis promises, Black influencers are still wary. But Black capitalism looks like misogyny, sexism, and sexual assault. Essence Communications, a brand known for its popular monthly magazine and annual music festival, is once again 100 percent African-American owned. 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A clean bed is necessary for healing. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. But opting out of some of these cookies may affect your browsing experience. Richelieu Dennis speaks onstage during the 2018 Essence Festival in 2018. American Essence Magazine is also a nonpolitical magazine that aims to showcase the values and traditions of American culture with stores of the people and places, past and present, that helped and continue to help shape this nation. I am a believer that when we own our media companies they represent an authentic voice, Ms. Spann-Cooper said. The future of Essence was uncertain when it was announced Meredith Corporation was buying Time Inc. in November. Mr. Dennis sold Sundial Brands to Unilever that month. Essence Ventures LLC, an independent black-owned company today announced its acquisition of Essence Communications Inc., home of Essence magazine, from Time Inc. on Wednesday. Since 1970 Essencehas been the premiere fashion and culture magazine for women of color. According to Black Enterprise magazine, Essence president Michelle Ebanks will continue in her role and join its board of directors. Essence covers African-American beauty and style. Richelieu Dennis, CEO of SheaMoisture, at Fashion Week in New York in 2015. This cookie is set by GDPR Cookie Consent plugin. We know that we work for you and nothing makes us happier. Analytical cookies are used to understand how visitors interact with the website. In 2000, Time Inc. acquired a 49 percent stake of Essence from its founders and acquired the remaining percentage five years later. A target of Black Female Anonymous is Richelieu Dennis, the owner of Essence Ventures, the parent company of the magazine and Essence Communications. Recording Studio: Great journey, I gave a lot of myself to these sessions. Online content may range from $100-250 per article. Celebrity OTE - Spring Arts. For an optimal experience visit our site on another browser. His departure was part of a larger revolt at the magazines parent company, Cond Nast. Shanygne Maurice, creator of beauty product reviews on a YouTube channel called TooMuchMouth, said she had a rather unpleasant experience as a Black creator at the last BeautyCon but actually sees the Essence buyout as an opportunity to make the event more inviting and inclusive for Black influencers and enthusiastsgiven Essences history in the Black community., Im not sure if Id participate in the first one [under Essences ownership], she said. It is owned by Essence Ventures, an independent African-American owned company focused on merging content, community, and commerce to meet the evolving cultural and lifestyle needs of women of color.. Essence Ventures LLC, an independent black-owned company today announced its acquisition of Essence Communications Inc., home of Essence magazine, from . I dont know, but I dont have high hopes of BeautyCon being a more Black space.. The release states further that Essence will focus on expanding its digital businesses and continue to plant its rich content in more global markets (the Essence Festival launched a Durban, South Africa, festival in 2016). Ebanks is referring to the fact that Essences executive team consists entirely of black women. An op-ed, titled The Truth About Essence and written by Black Female Anonymous was published on Medium on Sunday that outlined allegations of a toxic workplace culture in which Black employees are systematically suppressed by pay inequity, sexual harassment, corporate bullying, intimidation, colorism and classism.. Ivie is a Nigerian-American, native New Yorker, and journalist covering, Essence Ventures LLC, an independent black-owned company today announced its acquisition of Essence Communications Inc., home of, magazine, from Time Inc. on Wednesday. The letter, which was posted on social media, also demanded that Essence be transparent about the law firms it will hire for the planned review, adding that they must not have ties to Mr. Dennis or others in leadership roles.In an Instagram post on Thursday, Ms. Wanga sounded optimistic about the future of Essence. Our objective is to make it into that by making it inviting, by diversifying subjects, by being inclusive in the brands, by being intentional in the commitments.. HOME - American Essence Mike Rowe: America's Favorite Apprentice Channaly Philipp Mike Rowe, America's perpetual apprentice, has been giving viewers a front-row seat to our country's dirtiest jobs for nearly 20 years. Im not in the business of selling my soul for a couple of dollars or for popularity, one Black content creator told The Daily Beast. Clearly, Ebanks team hopes that Essence wont just evolve, but thrive and survive for the next 48 years. This is a BETA experience. The essay also had criticism for two other Essence leaders, the chief operating officer, Joy Collins Profet, and the chief content officer, MoAna Luu. This cookie is set by GDPR Cookie Consent plugin. Alexis Nottingham, whose TressesOfAlexis YouTube channel focuses primarily on Black hair care, said she understood that the allegations were found unconfirmed, but still felt uncomfortable with the accusations. Essence has always had a close connection to its readers. On Tuesday two days after the essay was posted Mr. Dennis named her the interim chief executive. Im very focused on giving back, investing and growing my community, he said. It tells the stories of real Americans who take individual initiative to make their lives and the lives of others better. A new CEO was named for Essence magazine and the company, which owns several other entities like Afropunk festival and hair care company Naturally Curly, promised that Dennis would be taking a step back. , who will keep her place at the helm of the company will also joining its board of directors. The authors called for the resignation of Dennis and other executives, urged for an advertising boycott and painted a damning portrait of Dennis, including alleging that his surface-level commitment to Black women is driven by greed and a debaucherous sexual appetite, that he has sexually harassed multiple women and has used NDAs to protect his family against liability or disparagement. The magazine was founded in 1970 as a black-owned publication for black women who, coming out of the Civil Rights era and in the midst of a new feminist wave, were eager to read not only about fashion and beauty but careers and spirituality too. 1035, and the Maine Classic Car Museum has No. And last year Denniss firmwhich generates some $240 million in annual salespartnered with Unilever to create a $100 million New Voices Fund to support black female entrepreneurs. The conversations @richelieudennis and I started a few months ago about his strategic vision for @Essence and the opportunity to be on a team furthering the health/wealth of the global black diaspora, across a portfolio of businesses including @essence, was a win. A win stitched together by a 50-year legacy of black creatives, businesses, and community that I would be honored to be a part of., Ms. Wanga noted that she had learned there are things that need to be better for our team and culture and Im ready to begin that work, adding, Im committed to flourishing while fixing and fastening what needs to work to be in service to our teams, communities and partners. It began publishing Essence magazine in May 1970. Melody Spann-Cooper, chairwoman of Midway Broadcasting Corporation, which owns WVON, a Chicago radio station whose target audience is black, welcomed Essences return to being an all-black-owned company. These cookies will be stored in your browser only with your consent. Posted in Art, Ethinicity, Culture, Identity Tagged African American History Month, black history 365, black history month 2017, susan taylor essence, susan taylor history, susan taylor interviews, susan taylor time inc, who owns essence magazine Would love your thoughts, please comment. In addition, Ebanks, along with a Black female-led executive team, will have an equity stake in the business. Essence Communications Inc., the 48-year-old mutliplatform brand that owns Essence magazine and the annual Essence Festival, has gone back to black (ownership), having been acquired by Essence Ventures LLC, an independent African-American-owned company, Essence Ventures announced in a press release. *Terms apply. Since 1970, Essence Communications has served as a source of empowerment for black women across its platforms, including its flagship print magazine, television specials, and the annual Essence . I like the tapered sweater. As reported earlier by Journal-isms for The Root, the Essence brand was not part of the historic, nearly $3 billion sale of Time Inc. to the Meredith Corp. in November 2017.
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