The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The retailer has committed to allocating $25 million to working with multicultural media platforms, launching a BIPOC brand-focused accelerator program, investing $5 million in New Voices, a venture fund that invests in entrepreneurs of colour, putting $3.5 million to revamping in-store merchandising support so that diverse brands are easier to find, and dedicating $8.5 million toward marketing for Ulta’s offering of Black-owned, founded and led brands. The company said it would also diversity recruitment efforts and create internal programming for employees.
“Our forward-looking 2022 DE&I commitments ensure that we remain energised, creative and extremely dedicated to leading in this critical space,” Ulta Beauty chief executive Dave Kimbell said in a statement.
The retailer’s 2022 commitments double the size of the investment it made in 2021. Last year, Ulta named American actress Tracee Ellis Ross diversity and inclusion advisor, joined the Fifteen Percent Pledge and doubled the number of Black-owned brands it sells.
Learn more:
ADVERTISEMENT
The Rise of the New Black Glam Squad
More Black hair and makeup artists are getting the kind of plum high fashion gigs that once eluded them, writes Jason Campbell.
Joan Kennedy is Editorial Associate at The Business of Fashion. She is based in New York and covers beauty and marketing.
By selling existing formulas under their own name, retailers can tap into the lucrative beauty market without investing in custom formulations. But that doesn’t mean the private label model is an easy win.
The San Francisco-based company is hoping to tap growing consumer demand for financing for cosmetic treatments among other services.
Once thought of as long-term disruptors who would change the way we shop forever, multi-brand online retailers that sell cosmetics, skincare, fragrance and more are facing multiple headwinds.
Prestige makeup is fashion’s category expansion du jour. But even the market’s most powerful players could learn a thing or two from its celebrity-backed competition.