The beauty brand also recruited radio personality Angela Yee to announce a new Community Impact Grant
The report outlines SheaMoisture’s impact on the Black community, and the company’s mission of creating generational wealth. The brand’s goal is to help close the over $11 trillion racial wealth gap.
SheaMoisture is proud of its purpose-driven business model created to directly support the community.
A portion of net sales of its beauty products will fund economic opportunities for underserved Black entrepreneurs and business owners. In this way, customers themselves participate in a process that reinvests back into their community.
To date, $10 million has been invested through grants, entrepreneurial education programs, partnerships, and donations.
The report also highlights other significant impact the brand has made since 2020 under the current leadership of Cara Sabin, CEO of Sundial Brands, maker of SheaMoisture. Sabin is also CEO of Beauty & Wellbeing at Unilever North America, Sundial’s parent company.
“We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” says Sabin. “This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.”
Unilever Announces Community Impact Grant
SheMoisture partnered with Yee to announce its first Community Impact Grant for small business entrepreneurs.
As an entrepreneur and philanthropist herself, Yee is committed to providing opportunity, resources, and mentorship to those who need it most.
“As a community, we need to lean into our village to build Black wealth,” says Yee. “SheaMoisture has been doing this work from day one and has always put their purpose first. As an entrepreneur myself, I know how important their work is, and am excited to team up with them and help other entrepreneurs who are trying to build their own hustle.”
The grant is open to Black small business owners who work to address needs in their community.
Those interested can apply or be nominated for a chance to be awarded a $10,000 grant. Two winners will each receive the grant.
Looking ahead, SheaMoisture is aiming to become a $1 billion brand to fully realize the business’s potential for driving positive impact.
Among the future goals laid out in the report include another $10 million worth of community investment by 2025.
Take a look at SheaMoisture’s 2022 Impact Report on the brand’s website.