Black representation in the beauty industry

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Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS Black Americans are a major force in the beauty industry. They are responsible for over 11 percent of the total beauty market in the US and spent over $6 billion on beauty products last year. Despite this spending power, however, the industry is rife with inequity—there’s limited resources and funding available for Black beauty brands and entrepreneurs, and Black consumers struggle to find quality products or see themselves represented in ad campaigns. This is a missed opportunity worth $2.6 billion, according to McKinsey research. Take a deep dive into the findings and see how investing in the Black beauty industry could lead to greater equity across the board—for shoppers, entrepreneurs, large beauty houses, retailers, and investors. — Joyce Yoo, digital editor, New York Black representation in the beauty industry Black beauty consumers and brands face deep challenges when it comes to equity. Removing those barriers can lead to greater opportunity for everyone in the industry. Flip the script Quote of the Day “It’s about going into that room and making everyone believe you are the coolest person they met that day for the sheer fact that you are probably vastly different than what they see on a daily basis. . . . You come in with that, and it helps you maintain that strength and that belief in yourself.” —Kathryn Finney, founder and managing partner of the venture fund Genius Guild, on maintaining a sense of self-worth amid setbacks in a recent Author Talks interview Chart of the Day See today’s chart Also New Semiconductor shortage: How the automotive industry can succeed As the semiconductor shortage persists, the automotive industry will likely benefit from new sourcing models and stronger bonds between OEMs, Tier 1 suppliers, and semiconductor suppliers. Understand the challenges   Catering to Asian consumers The latest Consumer Pulse Survey reveals an optimism unmoved by current economic and geopolitical challenges, though sentiment may be shifting. How can retailers and consumer goods companies keep pace? Keep pace with sentiment   What are the biotech investment themes that will shape the industry? From 2019 to 2021, venture capitalists plowed $35 billion into biotech companies with advanced platform technologies that could transform the industry. Accelerate the impact   Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007