Ipsy co-founder and CEO Marcelo Camberos has announced the company's progress since committing in June 2020 to invest $5 million into the "development and amplification of Black-owned beauty brands over the next year."
Previously: Ipsy Purchases BoxyCharm for $500 Million
Since the announcement last June, Ipsy said it is now committed to a $7 million investment into the selected brand partners.
This month, Ipsy is introducing Beauty Amplified, which is a new program that identifies and amplifies black-owned brands.
As part of the initiative, Ipsy will:
- Invest an average of over 250,000 units per selected brand for Glam Bag sampling campaigns
- Deliver twice the value of its standard marketing support to every participating brands to drive awareness and engagement
- Provide access and introductions to its product development and supply chain resources
- Provide $1 million for upfront investment in product sourcing
Ipsy's goal is to reportedly enroll 18 Black-owned brands in 2021 and so far the company has secured 16.
- Basic Beauty
- Briogeo Hair Care
- Buttah SKin
- Eden Bodyworks
- Fenty Beauty
- Jersey Shore Cosmetics
- Mented Cosmetics
- Mischo Beauty
- Pat McGrath Labs
- Saint Luxe
- Super Sativa Wellness
- Twisted Sista
Cameros said, "I am incredibly grateful for each and every one of these brands for their invaluable partnership and the delight they will inevitably bring to our community, and for our internal teams who have run tirelessly towards today and continue to push for more for tomorrow. Because we all know that this is just one step in our journey to making beauty more inclusive and welcoming to all.'