Updated: Nov 14, 2020
Breaking news! Black Girl Ventures has partnered up with Rare Beauty Brands (RBB) for our first nationwide pitch competition, specifically focused on Black and Brown women founders in the beauty industry. RBB's mission is to empower founders to do what they do best: deeply understand their customers, develop outstanding products, and spread the word about the rare beauty they’re cultivating.
This perfectly aligns with BGV's mission to equip founders with the necessary tools and resources they need to sustain and expand their businesses. BGV is keenly aware of the gaps and the lack of representation of the beauty industry. When we look at the products on the shelf, it doesn't mirror Black people's powerful spending power.
According to Essence, African-Americans spend $1.2 trillion each year, and that number is projected to rise to $1.5 trillion by 2021. While, in 2017, African-Americans captured 86 percent of the ethnic beauty market, accounting for $54 million of the $63 million spent, Nielsen reported. We believe partnerships like these provide Black and Brown women founders with access and opportunities to see their products on the shelf.
BGV believes allyship is one way to close the gap of inequity. RBB acquires and incubates high potential indie beauty brands, helping them scale their brands faster and more efficiently. If you're seeking capital to grow your beauty-based business, learn more about how you can pitch by applying below! The deadline to apply is October 16th at 11:59 pm EDT. Share this post with all your friends in the beauty industry.