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Black Americans are a major force in the beauty industry. They are responsible for over 11 percent of the total beauty market in the US and spent over $6 billion on beauty products last year. Despite this spending power, however, the industry is rife with inequity—there’s limited resources and funding available for Black beauty brands and entrepreneurs, and Black consumers struggle to find quality products or see themselves represented in ad campaigns. This is a missed opportunity worth $2.6 billion, according to McKinsey research. Take a deep dive into the findings and see how investing in the Black beauty industry could lead to greater equity across the board—for shoppers, entrepreneurs, large beauty houses, retailers, and investors.

— Joyce Yoo, digital editor, New York

Black representation in the beauty industry

Black beauty consumers and brands face deep challenges when it comes to equity. Removing those barriers can lead to greater opportunity for everyone in the industry.

Flip the script

Quote of the Day

“It’s about going into that room and making everyone believe you are the coolest person they met that day for the sheer fact that you are probably vastly different than what they see on a daily basis. . . . You come in with that, and it helps you maintain that strength and that belief in yourself.”

—Kathryn Finney, founder and managing partner of the venture fund Genius Guild, on maintaining a sense of self-worth amid setbacks in a recent Author Talks interview

Chart of the Day

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