Major Retailers Bring $14 Billion in Revenue To Black-Owned Brands
August 14, 2023
CNBC
Major retailers including Nordstrom, Macy’s, Sephora, Ulta Beauty, and others have generated $14 billion in revenue for over 625 Black-owned businesses since May 2020 through an initiative called Fifteen Percent Pledge. The pledge encourages companies to dedicate 15% of their shelf space to Black-owned brands, reflecting the Black community’s proportion in the U.S. population. This effort is aimed at fostering inclusivity, creating generational wealth for Black entrepreneurs, and closing the racial wealth gap, with the pledge aiming to drive $1.4 trillion in wealth generation for Black entrepreneurs by 2030.
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