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Black beauty business has all eyes on its market due to the monetized value our community brings in. Last year, we saw a well-needed boost of support from Black-owned brands and this summer IPSY – the largest beauty subscription service, made a commitment that the brand would invest $5M into the development and amplification of Black-owned beauty brands within the next year. “
Black-founded brands face a uniquely difficult challenge,” Marcelo Camberos, CEO of IPSY andBFA (Beauty For All) Industries tells ESSENCE. “It’s no secret that Black-owned brands have long-faced systemic racism. Black founders receive half the bank financing of their Caucasian counterparts and just 1% of venture capital funding. As an entrepreneur, I recognize and acknowledge that we would not have a thriving business had I never received the funding to build and grow it.”