SheaMoisture has been a household name for beauty for naturalistas everywhere and now as they are setting a new corporate standard to close the $11 trillion racial wealth gap by investing in the Black community. In order to bridge the gap between entrepreneurship and cultivating the power of small businesses, SheaMoisture is proud to have a purpose-driven business model that directly supports the community. A portion of net sales of its beauty products fund economic opportunities for underserved Black entrepreneurs and business owners. To date, $10 million has been invested through grants, entrepreneurial education programs, partnerships, and donations.
For over 30 years, SheaMoisture has served our community with nourishing, no-compromise beauty products and a purpose-driven business model. The $11 trillion racial wealth gap is unacceptable and SheaMoisture believe entrepreneurship, and cultivating small businesses, is the solution. The company’s founding business model is critical: with every SheaMoisture purchase, customers are reinvesting directly into Black communities and creating economic opportunities for underserved entrepreneurs and Black business owners.
Measuring the impact SheaMoisture has made
To celebrate 30 years of elevating and investing in Black entrepreneurship, SheaMoisture this year has launched the Next Black Millionaire Fund, in partnership with the New Voices Foundation. The program provides each selected business with $100,000 in funding, retail distribution consulting, mentoring and coaching, access to an investment pipeline and more – all to support these entrepreneurs in their journey to growing million-dollar businesses. This year’s cohort, featuring three recipients, was announced earlier this year.
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By the numbers
- 18 Black and Brown Millionaires created
- $10 million invested into small businesses
- 250 Black-owned small businesses invested in
- $1 million in COVID relief to businesses and communities
- $1 million for community resilience
- Entrepreneurial education provided to business leaders, totaling over 50,000 hours
Types of support:
- Funding: direct financial investment for entrepreneurs to scale their businesses
- Entrepreneurial education: high-level professional education, development and mentoring programs
- Crisis Response: emergency financial support for Black-owned businesses in times of crisis
- Social Justice Coalition: a $100,000 investment fund, advocacy campaign, and mentorship program supports Black-led community activism and social entrepreneurship
- Shots at the Shop: vaccination program which provided direct funding and engaged 90 barber shops and salons as community health advocates
- Partnership: with beauty brand Brown Girl Jane to launch a $250,000 fund to amplify Black entrepreneurs within the beauty industry
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The report highlights this and other significant impact the brand has made since 2020 under the current leadership of Cara Sabin, CEO of Sundial Brands (maker of SheaMoisture”> and CEO Beauty & Wellbeing at Unilever North America. “We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” says Sabin. “This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.”
Looking ahead, SheaMoisture is aiming to become a $1 billion brand to fully realize the business’s potential for driving positive impact. Among the future goals laid out in the report include another $10 million worth of community investment by 2025.
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