Let’s talk beauty: two new releases and the business behind them.
First, let’s dive into the new products making waves, because beauty is big business, and over the past decade, profits have skyrocketed globally. A crucial segment driving this growth is the African American consumer. With a population of 41 million, these customers contributed $6.6 billion to the beauty industry in 2021. However, despite their significant economic power, many continue to express frustration that their needs are consistently overlooked by mainstream brands.
In the ever-evolving world of beauty, two standout products are setting new trends with their innovative formulas, inclusive shade ranges, and multi-functional benefits. Here’s a closer look at some of the latest releases that are redefining beauty routines.
Milk Makeup Hydro Grip + Glow Primer: The Skincare-Infused Powerhouse
Milk Makeup’s Hydro Grip + Glow Primer offers up to 12 hours of makeup wear, with an added radiant glow. Infused with skincare ingredients like blue agave extract, hyaluronic acid, niacinamide, aloe water, and hemp seed extract, its makeup grips without being sticky, providing lasting hydration and luminosity.
Fenty Beauty: Always Ahead of the Game
Rihanna’s Fenty Beauty continues to innovate. The Trace’d Out Pencil Lip Liners come in a wide range of shades to suit every look, while the Gloss Bomb Stix deliver a hydrating, glossy finish with ingredients like squalane and vitamin E. The compact version of Fenty Eau de Parfum now comes in a convenient, travel-friendly balm format.
The business of beauty
As the industry continues to thrive, numerous opportunities for investment and entrepreneurship are emerging in the makeup, hair, and fragrance sectors. With the beauty market expected to reach $73 billion by 2025, this is a promising time to get involved.
There’s a wealth of potential in this booming industry. Research, network, and seek guidance from experts to leverage these opportunities. If this isn’t for you, share the information with someone who could benefit. Together, we can shape the future of beauty while building wealth in our community.
Deadlines
Bank of America’s Access to Capital Connector
Bank of America has partnered with the Community Reinvestment Fund, a national nonprofit CDFI, to help small business owners access capital through loans ranging from $10,000 to $1 million, along with coaching and support services.
Deadline: Ongoing
Apply at accesstocapitalconnector.com
Wish Local Empowerment Grant
U.S.-based Black-owned businesses with brick-and-mortar locations can apply for microgrants ranging from $500 to $2,000. Eligible businesses must have 20 or fewer employees and an average annual revenue of less than $1 million.
Deadline: Ongoing
Apply at wish.com
ZenBusiness $5K Grant Program
The ZenBusiness 2024 Small Business Grant Program is awarding up to 40 small businesses a $5,000 grant each with 30-day access to the Growth Center (which includes live coaching and website tools), 30-day access to ZenBusiness Money Pro (for managing clients, cash flow, and taxes in one place), and the first month of ZenBusiness Banking free (to help separate business and personal finances).
To qualify, small businesses must have used ZenBusiness formation services within the last three to six months.
Deadline: December 31, 2024
Apply at zenbusiness.com
