IPSY Plans to Infuse $7 Million into Brands Owned by Individuals of African Descent
In the wake of protests against systemic racism and police brutality, several major beauty companies have pledged their support for Black-owned businesses. One such company, Ipsy, announced an initial investment of $7 million for marketing and product development of Black-owned beauty brands in 2021.
Ipsy's commitment includes launching a program called Beauty Amplified, designed to identify and amplify Black-owned brands for its Glam Bags. For the chosen Beauty Amplified brands, Ipsy will invest an average of 250,000 units per brand, providing them with increased visibility within the beauty industry.
The Beauty Amplified program will also offer more than just financial support. Ipsy will provide twice the value of its typical marketing support for the selected brands, as well as access to its product development and supply chain resources. In addition, Ipsy has set aside $1 million to fund brand product sourcing upfront for the Beauty Amplified brands.
Ipsy is not alone in its efforts to support Black-owned beauty brands. Sephora notably partnered with Black-owned brands, including Ami Colé, expanding its distribution significantly in 2022 after Ami Colé’s 2021 launch. Celebrity-founded brands like WYN Beauty by Serena Williams have also gained attention and support in the beauty community.
Other retailers have also taken steps to address systemic racism within the beauty industry. Macy's, West Elm, and Madewell have all taken the 15 Percent Pledge, committing to ensuring that at least 15% of their board seats and full-time employees are held by Black people.
The search results did not identify other specific major beauty corporations making significant financial investments or formal initiatives akin to Sephora’s partnerships during 2021. However, Ipsy's Beauty Amplified program and the company's commitment to supporting Black-owned brands is a clear example of the industry's efforts to uplift Black entrepreneurs.
Ipsy's commitment to diversity extends beyond its business initiatives. As of the statement, Ipsy has enrolled 16 brands for Beauty Amplified, including Pat McGrath Labs, Fenty Beauty, and Uoma. Moreover, Ipsy has revealed that 60% of its employees and 41.5% of its leadership team identify as people of color.
The reckoning on race has forced retailers to evaluate their C-suite's demographics, and Ipsy is no exception. The company's actions demonstrate a commitment to creating a more inclusive beauty industry, one in which Black-owned brands can thrive alongside their corporate counterparts.
References: 1. Ipsy Announces $7 Million Investment in Black-Owned Beauty Brands 2. Ipsy's Beauty Amplified Program: Supporting Black-Owned Beauty Brands 3. WYN Beauty by Serena Williams: A Black-Owned Brand Gaining Attention in the Beauty Community 4. Ami Colé: A Success Story of a Black-Owned Beauty Brand 5. The Closure of Ami Colé: Challenges Faced by Black-Owned Beauty Brands
- Ipsy's $7 million investment in Black-owned beauty brands in 2021 highlights the role of AI and finance in promoting diversity-and-inclusion in the business world, beyond just lifestyle and fashion-and-beauty industries.
- The Beauty Amplified program, focusing on marketing and product development of Black-owned brands, signals an intersection of business and justice, aiming to bring about fairness in the beauty industry.
- Education plays a crucial role in these initiatives, as the industry learns from success stories like Ami Colé and WYN Beauty, while also recognizing the challenges faced by Black-owned brands.
- The 15 Percent Pledge, taken by Macy's, West Elm, and Madewell, signifies a expansion of diversity-and-inclusion beyond the beauty industry, impacting the demographics of their C-suite and workforce.
- The commitment to diversity by Ipsy, evident in its support for brands like Pat McGrath Labs, Fenty Beauty, and Uoma, is setting an example for other corporations, calling for a more inclusive and equitable business landscape.
