OUR MISSION
To amplify Black beauty entrepreneurs to increase Black ownership and representation within the beauty industry.
OUR VISION
To create generational wealth by providing essential resources and support to black business owners that accelerate their ability to scale and have impact.
Core Values
Bold: Taking smart risks, in a confident and courageous manner.
Integrity: Doing the Right Thing.
Community: Collectively we will go further together.
Excellence: Striving to do more and to be great even as we learn as we go.
Diversity: Your authentic self is valued, show up as you are.
The Challenge
The Black beauty entrepreneur faces many challenges when it comes to starting and scaling their business, with the most prohibitive obstacles being lack of funding, resources, mentorships/mentorship programs, and access to retail space to expose their products to new audiences. According to a 2022 Mckinsey study on Black representation in the beauty industry, the US beauty industry is growing at a rate of 3.8% per year, and the Black community is responsible for 9 times more spending on beauty products than other races. However, Black entrepreneurs only represent 2.5% of brand ownership in this market. With this discrepancy in spending and representation within ownership in the Beauty industry, there is a huge untapped financial opportunity for Black Beauty entrepreneurs to generate communal and generational wealth and better serve consumers looking for products made by and for us. These challenges have historically kept Black beauty entrepreneurs from reaching the same level of success as their white counterparts in an industry where there is a 6.6 billion dollar opportunity.
Our Solution
While the Black Beauty Collective is a retail store and online marketplace that features exclusively Black-owned brands, the true mission behind it is to support beauty entrepreneurs. Membership to the Collective provides entrepreneurs with retail space and critical business support in marketing, social media, and PR, and a community where entrepreneurs learn and support each other as they navigate breaking down barriers in an industry where representation is lacking. Entry to the Collective starts at as low as $300 dollars per month and brands receive 100% of sales revenue after transaction fees and sales tax. In addition to providing a community where entrepreneurs learn from each other, we provide a platform for brand growth that helps you scale your business as well as reach more customers. The Collective offers shelf space to our flagship store in Chicago and ecommerce site, with additional locations coming later this year, entrepreneurs also gain access to our in-store and offsite activations to expose their brands to new audiences and beauty industry press, influencers and executives.
