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64 November 2015 | beautystorebusiness.com News SUNDIAL BRANDS SIGNS PARTNERSHIP WITH BAIN CAPITAL PRIVATE EQUITY Natural skincare and haircare supplier Sundial Brands announced in September that it has signed an agreement to enter into a strategic partnership with Bain Capital Private Equity, a leading global investment firm, to accelerate the company's growth. Sundial founder and CEO Richelieu Dennis will continue to provide vision and leadership for the company, which will remain majority family-owned and operated, including board, management and day-to-day operations. Deval Patrick, a managing director at Bain Capital and the former governor of Massachusetts, played an active role in the partnership discussions and will join the Sundial board of directors. The partnership is expected to drive Sundial's social-entrepreneurship model, accelerate its multi-brand portfolio strategy— including investments in community-minded entrepreneurs and brands—and advance its transformative approach to serving new general-market consumers. Financial terms of the minority investment weren't disclosed. "Our love of people has always been our motivation and our competitive advantage," says Dennis. "While we have been presented several opportunities to be acquired by multinational corporations, we are most excited that our collaboration with Bain Capital fulfills our commitment to remain an independent family-owned and operated company with a purpose-driven business model that puts community at our core. Our consumers have always been partners with us, and now they can continue to walk with us on this journey. We recognize that African-American women have long been at the forefront of the natural hair and body movement that has created the dynamic cultural shift that we see today. It is exciting for us to see how naturalistas have now empowered women from all backgrounds to embrace their natural beauty. In addition, they have compelled multinational beauty brands and retailers to acknowledge and be more respectful of their needs." In 1992, Dennis founded Sundial with his college roommate, Nyema Tubman, and his mother, Mary Dennis, shortly after graduating from Babson College and being unable to return to his home country of Liberia because of civil war. With a passion for entrepreneurship and a vision to fill unmet consumer needs, Dennis decided to address skin and haircare issues traditionally ignored by mass-market companies. NRF: CONSUMERS SAY NEW CREDIT CARDS AREN'T SAFE ENOUGH The majority of U.S. consumers—62%—believe new credit cards being issued by banks don't go far enough to protect card data or prevent fraud, according to the results of a survey released in mid-September by the National Retail Federation. "Consumers are worried that chip-and-signature cards really amount to chip-and-chance," says NRF senior vice president for government relations Mallory Duncan. "The chip cards are a step forward, but shoppers are concerned that they don't go nearly far enough. Unless the new cards require the use of a PIN, they will only provide half the safeguards needed to stop increasingly sophisticated criminals. The card industry's refusal to give consumers the full protection they want continues to be a huge disappointment." Among those surveyed, 62% said they prefer chip-and-PIN cards over cards that just use chip and signature, and 63% stated that chip-and-PIN cards provide more data security than those that don't. Among Millennials, the preference for PIN was even stronger—at 71% of those between the ages of 18 and 24, and 66% for those ages between the ages of 25 and 34. Contrary to some banks' claim that consumers don't want to have to remember a PIN, the survey found 83% of consumers who say a PIN is more secure would consider it worthwhile even if they had to remember a different number for each card. The survey also found 71% of consumers with a credit card have at least one chip card in their wallets, but that only 43% of credit cards are chip cards since most consumers have more than one card. Only 47% of consumers with a chip card have used it in a chip reader. BREANNA ARMSTRONG JOINS BEAUTY STORE BUSINESS Breanna Armstrong— an award-winning and experienced writer, reporter and editor— is the new managing editor of Beauty Store Business. Most recently, Arm- strong was in charge of two consumer beauty magazines, New Hair Trends and Every Hair Extensions, and has worked at other consumer publications on a wide range of topics as well as a number of newspapers. She graduated with a bachelor's degree in journalism and media with a con- centration in public relations from California Baptist University in Riverside, California. Also, Armstrong has already attended many beauty industry events and trade shows, is a makeup artist as well as a professional photographer and loves the world of beauty. She can be contacted at barmstrong@ creativeage.com, 800.442.5667, 818.782.7328, ext. 248. 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