Fashion: a sector Known for influencing trends, creatives, and perhaps the future of equity for black entrepreneurs.
Last week was the second fifteen percent pledge gala, hosted by the nonprofit organization of the same name, to honor black entrepreneurship and the organization’s efforts to increase equity in the fashion industry.
The non-profit organization arises from a call that the designer aurora james published in 2020, urging retailers to stock at least 15% of their shelves with items from Black-owned businesses. (This number is not arbitrary; African Americans make up about 15% of the US population.) That call turned into a pledge, then a nonprofit working with 29 retailers including Yelp, Rent the Runway, Sephora and Nordstrom, which claims to have transferred more than $10 billion in opportunity to the Black community since its launch three years ago.
The commitment has boosted opportunities for black entrepreneurs. The foundation itself launched a marketplace sponsored by Google. At the gala, he awarded more than $250,000 in grants to black businesses, an amount that will change the lives of many. He start the average black business at around $35,000, compared to around $100,000 for the average white founder. His endeavors in venture capital are equally harrowing, and most of his deals not survive the start stage.
“I am also a descendant of people who were enslaved in this country. A show like that might be the closest thing to repairs I’ll ever see.” Mec Zilla, founder
