Inequality in the Black Beauty and Skincare Markets: What are the Solutions?
By: Jennifer Magdalene
The advent of inclusive beauty and skincare brands like Fenty Beauty and Raw Beauty heralded an age of change; one in which POCs could finally walk into a beauty store, find their perfect foundation shade, and purchase shadows, highlighters, and other products that were right for their skin tone. However, there is no doubt that bit inequities continue to plague the beauty industry. For instance, Black brands make up only 2.5% of the revenue made in this sector, despite accounting for 11.1% of total spending—as reported recently by McKinsey. What are the major inequality issues in the industry, and how can they be overcome?
Inequities are Sizable
The key to beauty and skin care involves finding bespoke solutions for skin needs and wants. People of color need access to and information regarding how to solve common skin conditions such as pigmentary disorders, the incidence of keloids, o acne and psoriasis. Yet McKinsey reports that Black consumers are three times as likely to be disappointed by the options they have for skincare and beauty. Black consumers show a great interest in Black beauty brands (as they understand these brands are likely to understand their ski needs). However, only 4% to 7% of brands carried in typical beauty and skincare stores are Black. Moreover, a maximum of just 5% of employees working in the industry in the US are Black. Black brands raise a lower median in venture capital, despite the fact that their median revenue is almost 90 times higher than the amounts returned by non-Black beauty brands. Clearly, there is a big gap between demand and supply— as well as a lost $2.6 billion opportunity lost. How can this gap be filled so that both Black businesses and consumers can gain benefits?
What is the Road to More Equality in Skincare and Beauty?
To create true equity in this industry, issues must be approached with a multifaceted strategy. The latter includes better store placement, so that Black consumers are better able to access their chosen products. Combined with this, better training is required, so that those attending the public are aware of products and their uses. The number of Black beauty products also needs to be raised, says McKinsey, at least until it reaches parity with Black representation in the population. The organization, Fifteen Percent Pledge, is asking all retailers to fill at least 15% of their shelves with products by Black-owned businesses. The percentage of Black employees should also be increased and they should be hired in positions that influence the placement and reach of products (for instance, in brand management, store operations, and marketing). Finally, private equity firms need to be encouraged to invest in at least 500 Black beauty brands. It isn’t just about funding; Black businesses can also benefit from receiving advice, networking opportunities, and space to innovate.
The skincare and beauty market has made some advances over the years with respect to Black products. However, clear inequities exist and supply does not reflect the true demand. To remedy the situation and increment the revenue for the industry by billions of dollars, inequity needs to be approached with a multifaceted strategy that targets better placement, employment, and investment.
October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit www.edwardsforhouston.com
As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.
Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.
