Major retailers and brands have driven $14 billion in revenue to Black-owned businesses since May 2020.
In the last three years, Nordstrom, Macy’s, Sephora, Ulta Beauty and 25 others have partnered with nonprofit organization Fifteen Percent Pledge. The group asks companies to reflect the Black community that makes up 15% of the U.S. population by dedicating 15% of their shelf space to Black-owned brands.
Prior to taking the pledge, many of the group’s current partners had less than 3% of their shelf space dedicated to Black-owned brands. Now all partners are committed to attaining their 15% pledge over a 10-year contract.
“Let’s create an opportunity to chart a path forward that’s more inclusive and gives Black entrepreneurs who have been historically and systemically excluded an opportunity to build generational wealth,” said LaToya Williams Belfort, executive director of the Fifteen Percent Pledge.
Fifteen Percent Pledge has committed to generating $1.4 trillion in wealth for Black…
2023-08-11 14:38:24
Article from www.cnbc.com
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