In light of the resurgence of the Black Lives Matter movement across the globe, many brands are reevaluating their business to ensure inclusivity is met at all fronts, and one brand is setting itself apart with a new initiative called 'The 15% Pledge.' Created by Aurora James, the founder and creative director of accessories brand Brother Vellies, the initiative asks multi-brand retailers to evaluate what products are on their shelves and increase their offering of Black-owned brands to at least 15%—the percentage of Black people in the United States.
Thus far, Sephora has committed to The 15% Pledge and will use the organization's three-stage plan. Step one is "taking stock" of the percentage of shelf-spaced from Black-owned businesses and suppliers. Step two is "taking ownership" of the findings and publishing them internally and externally to ensure accountability. Step three is to "take action" by define and publish a plan to ensure The 15% Pledge is met.
Increased Black-Owned Beauty Pledges
Brother Vellies Founder Launched 'The 15% Pledge' Initiative
Trend Themes
1. Diversity in Retail - Brands are reevaluating their product offerings to ensure inclusivity, presenting a disruptive innovation opportunity for businesses looking to increase diversity in their supply chains.
2. Black-owned Business Support - In light of recent events, there is a trend towards supporting Black-owned businesses, presenting a disruptive innovation opportunity for companies to adjust their marketing and purchasing strategies.
3. Social Justice Initiatives - The rise of social justice movements has led to an increase in corporate responsibility initiatives, presenting a disruptive innovation opportunity for businesses to develop programs and pledges that align with their values.
Industry Implications
1. Retail - Multi-brand retailers have an opportunity to evaluate their product offerings and increase the representation of Black-owned brands, providing customers with more diversity in their shopping experiences.
2. Beauty - Beauty brands can evaluate their supply chains and product offerings to ensure they are meeting the needs of all customers and supporting diverse businesses, providing an opportunity to improve brand reputation and customer loyalty.
3. Fashion - Fashion companies can support Black-owned businesses by increasing the diversity of their supply chains and marketing efforts, presenting a disruptive innovation opportunity to differentiate themselves from their competitors and attract socially conscious consumers.