Business
US retailers drive $14 billion in revenue to Black-owned businesses
Several major retailers and brands have contributed a total of US$14 billion in revenue to Black-owned businesses since May 2020 as part of their commitment to the non-profit organization Fifteen Percent Pledge.
This organization urges companies to allocate 15 percent of their shelf space to Black-owned brands, in alignment with the 15 percent representation of the Black community in the US population.
Positive impact on Black-owned businesses
More than 625 Black-owned businesses have formed partnerships with the large corporations that have embraced the Fifteen Percent Pledge.
One such business, ’54 Thrones,’ a luxury beauty brand inspired by African culture, experienced exponential growth after its collaboration with Nordstrom in 2020.
The increased exposure resulting from the pledge led to remarkable sales growth, propelling the brand into retail giants such as Sephora and Nordstrom.
Nordstrom, in particular, has shown its dedication by launching initiatives such as the Black Business Month programme.