Back in April 2021, following the police killing of George Floyd, retail giant Target pledged to invest $2 billion in Black-owned businesses by 2025.
In a report on the company’s one-year progress, Target announced it’s increased the amount of money it’s spent with Black-owned companies and suppliers.
According to a release, the retailer has increased its investments in Black-owned brands, companies, and suppliers by more than 50 percent compared to 2020. It has also more than doubled the number of Black-owned products it carries to more than 100, with representation across every major product category.
It’s all part of the company’s Racial Equity Action and Change (REACH) strategy, which aims at increasing diversity, equity, and inclusion. Target’s goals include adding products from more than 500 Black-owned brands; investing 5 percent of its annual media budget with Black-owned media by the end of 2022; and supporting early-stage Black-owned and diverse businesses through the already launched Forward Founders accelerator program, Insight Grocery Business reported.
Target has boosted the number of Black-owned beauty products by 65 percent compared to 2020, and its food and beverage offerings will include 50 Black-owned brands by the end of the year.
Additionally, Target said it increased investments in Black marketing agencies, construction companies, facilities maintenance, and more by more than 50 percent in 2020.
Target launched the Forward Founders accelerator program to help Black-owned and diverse businesses grow their potential and scale-out faster. So far, Forward Founders has supported more than 30 Black entrepreneurs and a total of 60 diverse founders.
“At Target, our commitment to supporting Black-owned companies and advocating for racial equity touches every aspect of our business — including investing in underrepresented entrepreneurs, launching Black-owned brands at Target’, working with Black designers and suppliers, and increasing visibility through our marketing,” Christina Hennington, Target executive vice president and chief growth officer said in a statement.
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