In September 2017, with the backing of LVMH, Rihanna, the singer, created a brand centred on the needs of black women and launched Fenty Beauty.
A product offered in 50 shades and designed for all skin tones, this marketing campaign was as diverse as they come.
They changed the state of play in the beauty industry because Black women were long an afterthought for many major cosmetics companies. Fenty Beauty didn't just address this; it blew the market wide open.
The darkest shades of Fenty Beauty foundations sold out first. And every savvy brand now recognises the importance of having an inclusivity strategy, as without one, they’ll be left behind.
The brand reportedly made $100m in just over a month. Time magazine named it one of the 25 Inventions of the Year, and Fenty Beauty's valuation was $3 billion after just 15 months.
Rihanna has since introduced Savage X Fenty, a lingerie line celebrating body positivity, quickly valued at $1 billion. At least 50% of her revenue come from these partnerships.
They proved to the industry that women of colour have huge spending power and that black can, and does, sell.
In a recent McKinsey report, wooing the Black consumer is a $300 billion opportunity beckoning companies worldwide and if they do, they could earn tremendous profits.
That said, companies must ensure they have the people, policies, and technology to understand an overlooked market. This is why a diverse employee base is crucial.
What I liked about the Fenty beauty strategy was the inclusivity, and it highlighted the value of a symbiotic partnership where they understood the market and where the opportunities lie.
As the African proverb tells us, “If you want to go fast, go alone. If you want to go far, go together.
#businessofvalue
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Morton Patterson empowers business owners and their teams to recognise, quantify, and communicate the value of their services without focusing on price.
Igniting Conversations & Creating Space for Black Representation At The Table- Disruptor, Author, Speaker | Opportunity Creator | 2023 WiT: Wonder Women Social Impact Winner
4moThank you so much ☺️ What an honor 🙏🏾🤎🦄