I am always trying to find new ways to style my hair, but I never know which products are safe for me and my curls. Recently, I was browsing the internet looking for a good product when I came across Mane Choice. So naturally, I wondered …
Is Mane Choice black-owned? Mane Choice is not black owned. Canadian Beauty Group-MAV Beauty Brands now own Mane Choice. However, the founder of Mane Choice- Courtney Adeleye, still remains the CEO of Mane Choice and will continue to lead the brand.
MAV Beauty Brands acquired Mane Choice in November 2019. This was confirmed by the MAV’s Q3 2019 financial results that detail the acquisition.
Mane Choice Ownership
The news of the acquisition made headlines only in March 2020, but the acquisition was announced on November 22, 2019. MAV acquired Mane Choice for $29M cash, cash earnout payments of up to $52.5M for the next three years, and equity consideration of $9M. The acquisition was announced by the founder and CEO of MAV- Marc Anthony.
Fans of Courtney Adeleye and Mane Choice were shocked and partly saddened by the news but supported the cause behind such an acquisition. In an interview after the acquisition, Courtney briefly expressed the reasons behind such a decision.
According to Marc Anthony, few laudable characteristics of Mane Choice, such as the founder-led brand or the asset-light business model, made it an attractive investment. MAV Beauty plans on supporting the efforts of Courtney to bring her customized products to a wider section of people.
One of the main reasons behind Mane Choice’s strategic partnership with MAV Beauty Brands is the launch of The Generational Advantage Fund by Courtney Adeleye. The fund launched in partnership with MAV Beauty Brands commits $30 million dollars to provide financial literacy programs to communities in need.
Mane Choice’s Workforce
Though Mane Choice is not black-owned anymore, the brand continues to uphold the core principles that made Courtney Adeleye start the company. They believe that partnership with MAV will allow Mane Choice to share resources and infrastructure that will further allow the brand to reach more of the black community.
In a recent Facebook message, the brand shared that Mane Choice is still operated by a team of talented black men and women. The brand still believes in delivering premium quality products and will continue to support and uplift their community in particular.
Will Mane Choice Still Continue To Support The Black Community?
Yes, it will. Courtney’s decision to sell Mane Choice follows the footsteps of other black business owners such as Richelieu Dennis. Dennis sold off his company to Unilever to create the New Voices Fund that supports businesses started by women of color.
The acquisition of black-owned businesses such as Mane Choice may dishearten some fans, but such investments have also ensured to support causes that uplift the black community in general. Though mane Choice may not be 100 percent black-owned, it will continue to operate under Courtney Adeleye and her team of talents from the same community.
Finally
Consumers in the US have expressed support towards the black community by shopping in black-owned brands/ companies. However, people have discovered that few renowned beauty brands are not 100 percent owned by black people. Though founded by black people, many of them have been sold on to major corporations.
