November 15th 2023.
Cosmetics giant Sephora and the Fifteen Percent Pledge are joining forces to award a Black business owner in the beauty industry with a $100,000 grant. The Sephora Beauty Grant is aimed to help spur growth for a Black entrepreneur and their brand.
In order to be eligible, the business must have annual revenue of at least $100,000 and have been in operation for a minimum of two years. Applications are now open and those interested can find more details about the eligibility requirements on the Fifteen Percent Pledge website.
Sephora has a large presence in the beauty industry, selling cosmetics and skincare products both in stores and online. The Fifteen Percent Pledge was launched in 2020, aiming to encourage retailers to commit at least 15% of their shelf space to Black-owned businesses.
Despite the fact that Black businesses have seen a surge in numbers post-COVID-19, financing remains one of the largest obstacles for these establishments. According to recent research, Black startup founders have received just $264 million of the $33.6 billion as of late 2021, which is less than 1%.
Black Americans are major spenders when it comes to beauty, with a diverse and growing group of 41 million people dispersing $6.6 billion on beauty products in 2021. Unfortunately, equity in the beauty industry is still evasive for Black brands, which account for only 2.5% of industrywide revenue, despite Black consumers representing over 11% of the nation's total beauty spending.
Priya Venkatesh, Global Chief Merchandising Officer at Sephora, commented on the Sephora Beauty Grant, expressing enthusiasm for the partnership. She said, “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, also spoke about the Sephora Beauty Grant, noting the systemic and nuanced barriers that continue to prevent Black brands from growing and developing at scale. She said, “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.”
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