Why Black-Founded Brands are "Quietly Closing" in 2024 with Oui the People Founder Karen Young
Your favorite Black-owned brand may quietly close this year \u2014 that's what Oui the People founder Karen Young shared with her followers a few weeks ago. In 2020, the beauty industry underwent a revolution of sorts. Black-owned brands became a much-needed albeit long overdue priority. Movements like Pull Up For Change encouraged brands to share what percentage of their business employed Black workers, and many brands whose focus specifically highlighted Black skin were launched, supported and celebrated.
However, in the last year, we\u2019ve seen a wave of hurdles coming for Black-owned businesses and DEI initiatives. We\u2019re seeing it in other industries as well: top Chief Diversity Officers at top entertainment companies were said to be \u201cleaving their jobs\u201d last year in a Wall Street Journal story titled \u201cThe Rise and Fall of the Chief Diversity Officer.\u201d It was recently reported that thirteen lune, a retailer that highlights minority-owned brands, owed thousands of dollars to brands under its umbrella and their partner JC Penney was restructuring the partnership as a result. And the Fearless Fund, the Black women-owned venture capital firm backing early-stage businesses owned by women of color, including the beauty and wellness brands like Brown Girl Jane, Live Tinted, Bread Beauty Supply and more was indefinitely barred from deploying a program last year that doles out $20,000 grants to Black female entrepreneurs.
Karen joins us to share what Black founders are up against and what we can do to help support some of our favorite brands.
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