Glossier, Sephora, and Shea Moisture are building “a more inclusive ecosystem.” Following the Black Lives Matter protests last summer, companies across the country pledged over $50 billion to dismantle systemic racism. However, Black entrepreneurship was one of the most overlooked areas for investment. YPulse’s Life Plans, Rewritten trend research found that 70% of 13-39-year-old Black consumers aspire to be an entrepreneur, and according to a McKinsey report, Black entrepreneurs started with $35,000 in capital compared to their White entrepreneur counterparts’ $107,000. For the first half of 2021, Black entrepreneurs received only 1.2% of the $147 billion in venture capital invested in U.S. start-ups. Beauty brands including Glossier, Sephora, and Shea Moisture have all “taken a stand” to build a more inclusive beauty ecosystem by funding and supporting Black-owned beauty businesses. Glossier launched the Grant Program for Black-Owned Businesses, which is open to any Black-owned beauty brand, and recipients have monthly advisory calls with domain experts, including supply chain, packaging, and content strategy. Sephora took the 15 Percent Pledge, and launched Sephora Accelerate, a brand incubator focused on founders of color offering a six-month intensive bootcamp that gives them the opportunity to have their products featured on the retailer’s shelves, while Shea Moisture partnered with Brown Girl Jane to launch the #BrownGirlSwap Grant Competition, which provides $150,000 worth of grants and mentorship. (Adweek)
