[ad_1]
by Jeffrey McKinney
November 14, 2023
Cosmetics giant Sephora and the Fifteen Percent Pledge are uniting to present $100,000 to a Black business owner in the beauty industry.
Cosmetics giant Sephora and the Fifteen Percent Pledge are uniting to present $100,000 to a Black business owner in the beauty industry.
Called the Sephora Beauty Grant, the award will come through a partnership between the retailer and the Pledge. It is aimed to help spur growth for a Black entrepreneur and their brand. The business must have annual revenue of at least $100,000 and have been in operation for a minimum of two years. Applications are open now and those interested in applying should review more details including eligibility and other criteria, found here.
With a vast global reach, Sephora sells beauty product at stores and online, including cosmetics and skincare goods. Launched in 2020, the Pledge is a nonprofit organization encouraging retailers to commit at least 15% of their shelf space to Black-owned businesses.
Though the number of Black businesses has soared post-COVID-19, the funding has not, as gaining financing to open or expand remains among the largest obstacles for those establishments. Black startup founders supposedly gained just $264 million of $33.6 billion as of late 2022, which is less than 1%.
Black Americans spend big on beauty. This report shows this “diverse and growing group of 41 million people” dispersed $6.6 billion on those items in 2021. Still, the chance of equity in the beauty industry, like other sectors, has been evasive. For instance, it was revealed that Black brands account for just 2.5% of industrywide revenue, though Black consumers represent over 11% of the nation’s total beauty spending.
Priya Venkatesh, Global Chief Merchandising Officer at Sephora, stated in her comments “Partnering with the Pledge on this wonderful initiative is a natural evolution of the work we’ve done together, and we couldn’t ask for more passionate partners. We’re excited to see the beauty industry experiencing massive growth in expanding opportunities and client exposure to Black-owned brands, and we hope that this grant will help to further propel the next generation of Black beauty owners.”
LaToya Williams-Belfort, the Pledge’s executive director, stated, “Through our daily work, we tactically understand the systemic and nuanced barriers that continue to prevent Black brands from growing and developing at scale.”
She added, “Not only will the Sephora Beauty Grant provide an innovative small business with critical capital, but it will also drive a direct integration within Sephora’s ecosystem, furthering our goal of creating equitable and sustainable business partnerships for Black entrepreneurs.”
[ad_2]
Source link
