Sephora Says It Will Double Its Black-Owned Brands by Year’s End
(Bloomberg) -- Sephora said it will more than double the number of Black-owned brands it carries by the end of 2021, part of the beauty retailer’s efforts to boost diversity among its suppliers and in its ranks.
The LVMH-owned beauty retailer also said Black-owned brands will represent 15% of its hair-care segment by year’s end. Sephora is looking to fulfill its commitments under the 15 Percent Pledge, an initiative that promotes racial equality in retail.
Products sold by Black-owned businesses still represent only a small percentage of the company’s goods. Out of nearly 300 beauty brands that Sephora carries, only 16 of them are currently Black-owned, the company said.
The moves follow up on last year’s program to elevate minority-led brands with better access to grants and venture capital.
Sephora has more than 500 stores in the Americas and sells products from brands such as Dior and Tom Ford.
©2021 Bloomberg L.P.