How an Instagram post led to nearly $14B for Black-owned businesses | Masters of Scale Summit 2022

TL;DR

Aurora James' 15% Pledge boosts Black-owned businesses.

Transcript

what does it mean to be an ally how can I be an ally how could you be an ally I've been studying this question for the last few years and I'd love to tell you what I learned but first let me tell you how I got here like all great stories my journey to this stage began with a shoe specifically this shoe in South Africa the shoe is known as a Von and... Read More

Key Insights

• Aurora James launched Brother Vellies to support artisans and integrate them into the luxury fashion conversation, aiming to preserve their jobs and cultural contributions.
• The 15% Pledge calls for major retailers to dedicate 15% of their shelf space to Black-owned businesses, aiming to address racial economic disparities and promote allyship.
• James' initiative gained rapid traction, with Sephora being the first major corporation to commit to the pledge, followed by other significant retailers like Nordstrom and Macy's.
• The pledge has led to over 620 Black-owned brands being placed on retail shelves, demonstrating the potential for economic empowerment and business growth for underrepresented entrepreneurs.
• James emphasizes that true allyship requires action, accountability, and partnerships, urging individuals and corporations to ask how they can contribute to closing the racial economic gap.
• The 15% Pledge has inspired collaborations with companies like McKenzie, Google, and American Vogue, leveraging their resources to support Black entrepreneurs.
• The initiative highlights the importance of purpose-driven business models that integrate social missions into their core operations, benefiting both communities and companies.
• James' efforts underscore the need for systemic change in retail and beyond, advocating for a more inclusive and equitable economic landscape.

Questions & Answers

Q: What inspired Aurora James to start Brother Vellies?

Aurora James was inspired to start Brother Vellies to support artisans and preserve their cultural contributions by integrating them into the luxury fashion industry. She aimed to create a pipeline of income for the descendants of those who originally invented the shoe, using her privilege to promote economic opportunities for marginalized communities.

Q: What is the 15% Pledge?

The 15% Pledge is an initiative launched by Aurora James that calls for major retailers to dedicate 15% of their shelf space to Black-owned businesses. The pledge seeks to address racial economic disparities and promote true allyship by encouraging retailers to support underrepresented entrepreneurs and integrate them into the mainstream market.

Q: How did the 15% Pledge gain traction?

The 15% Pledge gained traction rapidly after Aurora James posted about it on social media. Within days, it garnered significant attention, leading to a petition that received nearly 100,000 signatures. Major corporations like Sephora, Nordstrom, and Macy's soon committed to the pledge, recognizing its potential for positive social and economic impact.

Q: What impact has the 15% Pledge had on Black-owned businesses?

The 15% Pledge has significantly impacted Black-owned businesses by placing over 620 brands on retail shelves, providing them with increased visibility and market access. This initiative has fostered economic empowerment, allowing Black entrepreneurs to grow their businesses and contribute to closing the racial economic gap.

Q: What does Aurora James believe is necessary for true allyship?

Aurora James believes that true allyship requires action, radical accountability, and partnerships. She emphasizes the importance of moving beyond mere words or donations, urging individuals and corporations to actively contribute to closing the racial economic gap by supporting initiatives like the 15% Pledge and integrating social missions into their business models.

Q: How has the 15% Pledge inspired collaborations with other companies?

The 15% Pledge has inspired collaborations with companies like McKenzie, Google, Yelp, and American Vogue, leveraging their unique resources and expertise to support Black entrepreneurs. These partnerships demonstrate the collective effort required to create systemic change and promote economic inclusion for underrepresented communities.

Q: Why is the 15% Pledge considered a purpose-driven business strategy?

The 15% Pledge is considered a purpose-driven business strategy because it integrates a social mission into the core operations of participating companies. By committing to support Black-owned businesses, retailers not only address racial disparities but also enhance their brand reputation and contribute to a more inclusive economic landscape, benefiting both communities and businesses.

Q: What systemic changes does Aurora James advocate for in retail?

Aurora James advocates for systemic changes in retail that promote inclusivity and equity. She calls for retailers to expand their product selection to include diverse brands, recognizing that they have historically overlooked high-quality products from underrepresented entrepreneurs. By committing to the 15% Pledge, retailers can contribute to a more equitable economic landscape and support the growth of Black-owned businesses.

Summary & Key Takeaways

• Aurora James founded Brother Vellies to support artisans and promote their inclusion in the luxury fashion industry, using her privilege to create economic opportunities for marginalized communities.

• The 15% Pledge, initiated by James, calls on retailers to allocate 15% of shelf space to Black-owned businesses, aiming to address racial disparities and encourage true allyship.

• The pledge has successfully placed over 620 Black-owned brands in major retailers, demonstrating the potential for economic empowerment and highlighting the importance of purpose-driven business strategies.