Beauty

Is the beauty industry failing Black entrepreneurial women?

Plus 19 black beauty founders you need to know about now for a sprinkle of inspiration this Women's History Month and beyond...
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Where are the Black female founders at?

The beauty industry has been tackling these racial disparities within its own ecosystem, and prejudice within this industry has been no secret. It's estimated that the Black British community has a spending power of £300bn, yet only 2% of this is spent within black businesses.

Some of today’s most-booked beauty treatments and biggest cult trends (insert dark fake tan, box braids, hair extensions, nail art and acrylic nails, to name only a few) are steeped in black culture and have been a staple of black beauty for decades. However as representation is sparse and far between, there seems to be a wide disparity on the value the black pound holds in beauty against the people it truly benefits.

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The importance of investing in black owned beauty business is clear, even from a purely financial perspective, whether that is for the brand itself or for building leverage within the Black community - but more than that it is essential to have representation in leadership inspire future generations.

Visibility matters, it’s extremely hard to persuade a young person to do something they can’t envision. Many Black women like me didn’t have many role models in positions of power or leadership, so often we deemed those spaces as unachievable.

A study conducted by management consulting firm McKinsey & Company in December 2020 revealed that "Women view the workplace as fundamentally less fair and Black women face in greater challenges". For every 100 men promoted or hired into the manager level, 85 women are promoted or hired and 58 Black women are promoted or hired. Only 56% of Black women feel that they have equal opportunity for growth as their peers (white women and men of all demographics sit both at 69%). A mere 35% of Black Women believe that promotions are based on a fair and objective criteria and 28% believe that the best opportunities go to the most deserving employees (white women and men of all demographies sit at 42% and 48% respectively). The numbers speak for themselves.

Now, that doesn’t quite explain why Black Women are not able to create their own rooms and set up their own tables. So let me break it down: there is a system deterring Black entrepreneurship from thriving, rooted in systemic racism. The Financial Times has reported that in the UK alone, there are no comprehensive figures on lending to black-owned businesses in the UK because “banks do not ask for ethnic background on application forms — but bankers acknowledge there is a problem with funding.”

Warwick Business School released a report in 2013 which found that Black-owned businesses were more likely to be rejected for an overdraft and charged higher interest rates than their white-owned counterparts. Figures also show that Black people are less likely to have access to capital to fund their businesses. When we’re talking Black women, those numbers are even smaller.

Why should we be reppin' for more Black Female in leadership roles?

The importance of having Black women at the big tables would prevent so many PR nightmares like non inclusive foundation ranges, 50 shades of ashy undertones, and poor quality hair products for afro hair amongst many other common beauty woes. So today, while you celebrate all the women that you admire, and the Beauty founders that have kept us looking beautiful and fresh, please don’t forget to send flowers to the Black Women paving the way in Beauty. One thing that BLM and ‘Black Square Summer’ taught us is that allyship is important. Together we can create a much more inclusive space that is not just for one type of woman, but here for ALL women.

*Lime Crime and L'Oreal have been contacted for comment.

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We have put together a list of 19 Black Beauty Brand founders that are pacing the way for women of colour that you need to know about.

@sheimamona