FEATURE
A pop-up shop in SoHo encouraged shoppers to commit 15 percent of their spending to Blackowned businesses .
“ I ’ ve been on the phone with pretty much every retailer in this country , they ’ re all going to tell you some of the same things . One , they ’ re going to tell you that they are very excited to share that more than 15 percent of their retail staff are Black , and that more than 15 percent of the people that they feature in their ads are also Black ,” James explained .
“ I think for a long time representation meant hiring Black models and to me , that ’ s not representation per se , that ’ s optical allyship . If you can have 40 percent of your talent in your ad campaigns be Black , but zero Black people in your boardroom , then the math isn ’ t mathing for me .
“ I ’ m interested in people who genuinely are trying to make more diverse companies , and who really want to lean into making that diversity as profitable as possible .”
What ’ s been achieved so far Since launching in 2020 , 29 companies have taken the Pledge , and the organization has helped over 625 Black-owned businesses develop ongoing relationships with them , procuring over $ 14 billion in profits thus far .
By 2030 , the Pledge aims to drive $ 1.4 trillion of wealth generation for Black entrepreneurs and increase Black business representation in the US by 14.6 percent .
“ It is a marathon , not a sprint . It is not going to happen overnight ,” LaToya Williams-Belfort , executive director of the Fifteen Percent Pledge , told Inside Retail .
“ If we want to see a real sustainable systems change as it relates to a more inclusive economy , we have to do the work in the right ways . It cannot just be trying to get a ‘ good report card ’, trying to onboard a lot of brands really fast . You [ the retailer ] have to do the work strategically for the long haul .” ►
Who has taken the pledge ?
Nordstrom Sephora
Sephora Canada Macy ’ s
Ulta Beauty Rent The Runway
Moda Operandi Vogue InStyle Matches
Hudson ’ s Bay Madewell
Crate & Barrel Crate & Kids
West Elm
Indigo Yelp Kith Gap CB2
MedMen Bloomingdale ’ s
Bluemercury Athleta
Old Navy Banana Republic
J . Crew Next
Victoria ’ s Secret
December 2023 www . insideretail . us 25