June 23rd 2023.
McKinsey & Company is on a mission to create lasting and positive change in the world. To accomplish this, they have partnered with leading Black beauty founders to create an equitable market for Black-owned beauty brands.
McKinsey & Company has been researching solutions to the lack of representation of Black beauty brands in stores and supporting the 15 Percent Pledge, which calls for retailers to dedicate 15% of their shelves to Black-owned brands.
In addition, McKinsey & Company has created the Next 1B accelerator program to help Black businesses achieve a company valuation of one billion dollars or more. This program runs for 8-12 weeks and provides founders with the mindset needed to expand their reach. In the second phase, Scalers with brands that have already achieved a $10 million valuation can receive a growth diagnostic to identify new distribution channels, product lines, and marketing activation. Those who attend the program also get access to resources from the course and a directory of other Black founders.
McKinsey senior partner Tiffany Burns explains that this focus on Black beauty brands directly addresses inequality in the space. She says, “Black beauty consumers are spending more, but their needs aren’t being met. This is an economic opportunity that requires multiple partners to solve, which is a natural role for us to get involved.”
McKinsey & Company is working to make a lasting impact with their mission to provide equitable representation of Black owned beauty brands. Their accelerator program and research efforts are just a few of the ways they are making a difference.
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