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Ipsy CEO Announces Plans To Invest $7M In Black-Owned Brands

Ipsy CEO Announces Plans To Invest $7M In Black-Owned Brands

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Ipsy To Invest $7M In Black-Owned Brands

Makeup subscription service Ipsy has announced its commitment to invest $7 million to market and develop products from Black-owned beauty brands in 2021.

Ipsy CEO Announced Plans To Invest $7M In Black-Owned Brands
Source: Ipsy

In June 2020, Ipsy initially announced a $5 million commitment to develop and amplify Black-owned beauty brands.

In its latest effort, the subscription service is going a step further with the launch of its new initiative called Beauty Amplified. The program is designed to identify and support Black-owned brands for the company’s signature Glam Bags.

Through the program, Ipsy plans to invest an average of over 250,000 units per selected brand for the Glam Bag sampling campaign, drive awareness and engagement through marketing efforts, provide access and introductions to the company’s product development and supply chain resources and provide $1 million in upfront product sourcing investments.

By the end of 20201, Ipsy’s plan is to enroll 18 Black-owned brands. So far, the brands the company is currently working with include Basic Beauty, Beautystat, Briogeo Hair Care, Buttah Skin, Eden Bodyworks, Fenty Beauty, Innate, Jersey Shore Cosmetics, Mented Cosmetics, Mischo Beauty, Mistik, Pat Mcgrath Labs, Saint Luxe, Super Sativa Wellness, Twisted Sista and Uoma.

“Black-founded brands face a uniquely difficult challenge. Starting a beauty brand from the ground up can be daunting irrespective of your starting point, and it’s no secret that Black-owned brands have long faced systemic racism. Black founders receive half the bank financing of their white counterparts and a mere 1% of venture capital funding,” said Ipsy CEO Marcelo Camberos wrote in a company post. 

“As a white-passing Latino, I am deeply aware of the privileges of my success and recognize that we would not have a thriving business if I had never received the funding to build it. As the CEO of IPSY, and now BFA Industries, I believe we have a unique opportunity to leverage our platform for Black-owned businesses to grow, for Black voices to be heard, and to create an environment that truly welcomes and embraces the underserved,” he added.

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