IPSY Introduces Limited-Edition Collaboration With Huda prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Dive Brief:
Ipsy has committed a total $7 million investment to market and develop products from Black-owned beauty brands in 2021, CEO Marcelo Camberos wrote in a company post. The company initially announced last year it would invest $5 million in Black-owned brands following several high-profile killings of Black people by police.
In conjunction with the investments, this month Ipsy is also launching Beauty Amplified a program that identifies and amplifies
Black-owned brands for the company s signature Glam Bags. So far, the company has enrolled 16 brands, according to the statement, including Pat McGrath Labs, Fenty Beauty and Uoma, among others.
For the chosen Beauty Amplified brands, Ipsy will invest an average of 250,000 units per brand for its Glam Bags, provide twice the value of its typical marketing support, give access to its product development and supply chain resources, and put down $1 million to fund brand product sourcing upfront.
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.”