IPSY Provides Update To Its $5M Investment Into Black-Owned Beauty Brands

Essence.com

HERE’S HOW THE ‘BEAUTY AMPLIFIED’ PROGRAM HAS HELPED THESE BUSINESS OWNERS.

Black beauty business has all eyes on its market due to the monetized value our community brings in. Last year, we saw a well-needed boost of support from Black-owned brands and this summer IPSY – the largest beauty subscription service, made a commitment that the brand would invest $5M into the development and amplification of Black-owned beauty brands within the next year. “

Black-founded brands face a uniquely difficult challenge,” Marcelo Camberos, CEO of IPSY andBFA (Beauty For All) Industries tells ESSENCE. “It’s no secret that Black-owned brands have long-faced systemic racism. Black founders receive half the bank financing of their Caucasian counterparts and just 1% of venture capital funding. As an entrepreneur, I recognize and acknowledge that we would not have a thriving business had I never received the funding to build and grow it.”

Yesterday IPSY announced the progress with its initiative and disclosed that in January 2021, the signature Glam Bags will include Buttah, Briogeo, Uomo by Sharon Chuter, Basic Beauty, BeautyStat, Twisted Sista, Mischo Beauty and more. “From day one our mission has been to inspire self-expression and make beauty accessible to all. IPSY is a platform for discovery built on our incredibly passionate beauty community,” Camberos exclaimed. Through its Beauty Amplified program, IPSY hopes to amplify Black-owned brands and the communities that have been typically underserved. These brands will receive priority status within IPSY’s portfolio and investment in product investment, amplified marketing, product development, and financial support.

“We want to facilitate discovery of these amazing brands and nurture brand advocates that will continue to support them beyond the Glam Bag.”

For more information on IPSY visit here.