Target Corp. on Wednesday pledged to boost its dealings with Black-owned suppliers, entrepreneurs, designers, and vendors in the coming years, setting a spending goal of $2 billion on Black-owned businesses by the end of 2025.
The brand took its Instagram page to share a few details of the pledge while going into more information on their site. This commitment by Target came after the death of George Floyd sparked nationwide protests against systemic racism last summer.
The brand’s Instagram post reads: Latest Target Black-owned brands news 2021.
According to a company press release, the retail giant also plans to work with over 500 Black-owned businesses to add products across different categories to both their stores and online. Target mentioned that it also intends to boost its spend with Black-owned firms in other areas such as marketing agencies, construction companies, and facilities maintenance providers.
Alongside the investments, Target plans to create new resources, including a program called Forward Founders to engage with Black-owned startups earlier and a team dedicated to helping its Black vendors scale their operations in mass retail. Forward Founders was built on our Target Accelerators program’s success and co-created with Black entrepreneurs from its advisory council.
Target introduced its Racial Equity Action and Change (REACH) committee last year, which includes senior leaders with “a diverse range of perspectives and expertise” within the company to guide the retailer’s efforts to end systemic racism. During Black History Month, the retailer also released an exclusive collection produced by and made for the Black community.
Upon announcing the $2 billion commitment, Christina Hennington, Target’s executive vice president and chief growth officer, said the ongoing initiatives symbolize Target’s dedication to advance racial equity and economic opportunity for the Black community. Hennington said the big-box retailer had 50 Black-owned and Black-founded brands in its beauty assortment in a call with investors and analysts last month.
According to Christina Hennington,
“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target. The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community. They also represent significant economic opportunity for hundreds of new Black-owned companies, with who we look forward to doing business with for years to come.” Target Black-owned brands.
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