FEATURE
The organization has a number of Pledgetakers in the pipeline , and expects to be able to announce new partnerships in the first half of next year , Williams-Belfort said .
Additionally , the organization has created the Business Equity Community , a directory of Black-owned businesses in the US and Canada across several retail categories , including fashion , beauty , food , wellness , art , publishing and more . The directory has 5,000 businesses and counting .
Williams-Belfort firmly believes that
Bread Beauty Supply , founded by Maeva Heim , is one of several Black-owned haircare brands now stocked by Sephora . having more Black businesses in retail stores is not only good for those businesses , but for the wider industry and economy as a whole .
“ Hopefully , people will do this because it is the right thing to do . But it ’ s really about just creating pathways for equal and equitable opportunity . And in doing that , we ’ re able to drive revenue and create good business ,” she said . “ And people who are still on the journey will see that , ultimately , inclusive economics is good business .”
Lessons learned As the first retailer to take the Pledge in June 2020 , Sephora has been working with James to diversify its brand offering for over three years .
“ In order to accomplish real , lasting , widespread change , you need partners who are as passionate as you are to actualize a goal ,” Priya Venkatesh , global chief merchandising officer at Sephora , told Inside Retail .
“ We found tremendous partners in Aurora and the Pledge team and are stronger together to make more equitable and diverse retail experiences .”
For Sephora , taking the Pledge has come with tangible benefits . At a time when many retailers are thinking of ways to improve their customer experience , the beauty retailer is making sure that people of all backgrounds feel seen and welcome in its stores and on its website , and can find products that meet their needs .
“ Committing 15 percent of our assortment to prestige Black-owned brands is not only the right thing to do for our business but also our beauty and retail communities ,” Venkatesh said .
“ While we know there is still much work to be done , we are excited to share that we ’ ve hit the 15 percent mark in the haircare category , have incubated 65 brands since 2021 with 11 now available at Sephora , and more than doubled our Blackowned brand offering .”
Her one piece of advice for other retailers that have taken the Pledge , or are contemplating doing so , is not to rush the brand launch process just to meet a benchmark : “ With any brand we bring on , we want to ensure they are set up for longterm success .”
More than a report card At the end of the day , the goal of the Fifteen Percent Pledge isn ’ t about grading retailers on their diversity efforts – you get an ‘ A ’, you get an ‘ F ’. It ’ s about driving long-term growth for current and future generations of Black business owners .
As Williams-Belfort said , “ Both of my sons want to be entrepreneurs . I ’ m so hopeful that what I ’ m doing with my amazing team and board creates a space for them to show up authentically and be judged on their capacity and not on the color of their skin . I will feel like [ that ’ s ] a job well done .”
26 www . insideretail . us December 2023