Despite the visible outpourings of support for Black-owned businesses in the last year, beauty hasn’t quite come to terms with the real issue keeping the sector from substantive progress on diversity: equalizing the economic playing field.
The study—done in conjunction with Cosmoprof North America, The Fashion Institute of Technology, NielsenIQ, American Express and media marketing agency Ivy Digital—called on an invitation-only panel of more than 70 leading Black/African American beauty business founders, C-suite execs and thought leaders, as well as marketers, distributors, retailers and other industry stakeholders.
“The health of your business is like the health of your body,” Huggins said. “I don’t want an OK relationship with my doctor.” Hyper Skin founder and chief executive officer Desiree Verdejo understands the heavy involvement in her own financial management.“We launched Hyper with $12,000. We didn’t have an angel round, a venture capital round, and so for us the boom of [summer 2020 and the resulting attention on Black business in light of the racial reckoning] was equivalent to what would have been an angel round. And so I will say that that was a peak, it was a moment,” she said.
Among the key findings in the “Readiness is the New Green” survey was that while 93 percent of the general market panel named mentoring and business management skills as the most important thing the industry could be doing to better support Black-owned brands and businesses, 92 percent of the Black/African American panel said what they really need is access to investment and/or working capital.
Verdejo, for one, only opted into programs and partnerships that would, in one way or another, facilitate access to capital.
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