ESSENCE VENTURES ANNOUNCES ACQUISITION OF BEAUTY CON MEDIA, FURTHER EXPANDING ITS PORTFOLIO OF BLACK-OWNED, PURPOSE-DRIVEN BRANDS

2021-09-07 by JamesD

September 3, 2021 – NEW YORK, NY – An affiliate of Essence Ventures, the independent Black-owned consumer technology company focused on merging technology, content, community and commerce to meet the evolving cultural and lifestyle needs of people of color, announced today that it has acquired the assets of Beautycon Media, Inc. BeautyCon Media is an inclusive community for content creators, influencers, celebrities, fans, and brands to come together for all things beauty and fashion. As part of the acquisition, Essence Ventures  which operates the Essence festival of culture will operate the company’s renowned festival, BeautyCon, which brings together the biggest names in beauty and wellness.

“BeautyCon is an incredible brand founded by Marina Curry, a Black woman and pioneer who brought greater diversity to the beauty and media industries,” said Richelieu Dennis, founder and chair of Essence Ventures. “Our goal is to restore this venerable brand to its former glory and beyond. As we continue our mission to bring heightened diversity to the beauty space and transform the face of media ownership, the decision to continue with BeautyCon Media was an easy one.”

The acquisition represents the latest in a series of investments made by Essence Ventures, which aims to scale Black-owned brands and bring much-needed diversity to the space. Essence Ventures’ impressive portfolio includes ESSENCE Communications, Inc., Afropunk and Naturally Curly, and others.

Richelieu Dennis, who famously broke diversity and inclusion barriers in the beauty space, a successful entrepreneur, investor, and philanthropist and one of Fast Company’s Most Creative People, garnered recognition for revolutionizing the beauty space with his mega-successful company, Sundial Brands, and high-profile ad campaign “#BreakTheWalls,” which challenged product segregation between “white” and “ethnic” on store shelves.

In May 2021, BeautyCon commenced an ABC (Assignment for the Benefit of Creditors) process as an alternative to bankruptcy. During the ABC process, an affiliate of Essence Ventures purchased all of the assets of BeautyCon in a foreclosure sale.

About Essence Ventures

Essence Ventures is an independent Black-owned consumer technology company focused on merging content, community and commerce to meet the evolving cultural and lifestyle needs of people of color.

About Beautycon Media

Beautycon Media is the inclusive global community for content creators, celebrities, fans, and brands to come together to celebrate all things fashion, beauty, and lifestyle; the passion points of Gen Z and Millennials. Beautycon Media creates meaningful connections for these communities through Festivals, Box, and Digital.