The beauty retailer said it will put $50 million toward diversity initiatives this year, including an marketing for Black-owned brands.
Ulta Beauty said it will spend $50 million this year on diversity initiatives, including starting an accelerator program to support Black founders and putting money toward marketing their brands.As more retailers add Black-owned brands to their shelves, they must tackle new challenges: Helping newer brands raise capital, gain name recognition and scale their businesses.
"It's one thing to arrive on our shelves, but it's another thing to thrive," he said. "And that's what we want, every brand that we carry — and certainly BIPOC [Black, Indigenous and People of Color] founded brands." On Thursday, Ulta said it plans to spend $50 million on diversity and inclusion initiatives this year, including investments to ratchet up support for emerging brands. The company plans to start an accelerator program to mentor entrepreneurs of color, invest $5 million in a venture capital fund for their early-stage companies and lean into marketing efforts to get their products in front of more consumers. That includes putting $3.
About $25 million of the annual spending will go toward company ads, social media campaigns and similar investments to reach beauty consumers of diverse backgrounds. Ulta plans to spend an additional $8.5 million on ads and marketing for Black-owned, led or founded brands.
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