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For decades, companies creating haircare products for Black women — or buying into the market opportunity as Unilever did in its acquisition of Sundial Brands — have been stories told through numbers that justify catering to a minority consumer segment routinely pushed aside by the expansive, multi-billion-dollar beauty industry.
The numbers are evident: according to Nielsen, Black consumers spent $473 million on haircare and $465 million on skincare products in 2018.
But for actor and entrepreneur Tracee Ellis Ross, who launched her own beauty line catering to the needs of Black women in 2019, the numbers miss the mark.
“I don’t think that number even cracks the surface. Unfortunately, our industry and the world still uses numbers as a way to qualify and quantify our worth, and we are so much more expansive than that,” Ellis Ross told CNBC’s Inclusion in Action forum Thursday.
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