2020 was a critical year for companies to define their relationships to racial equality.
In the wake of the killing of George Floyd and subsequent national protests, major companies announced new measures and commitments to improve racial equality. In many cases, diversity and inclusion efforts quickly became a central part aspect to business models moving forward.
Over a year later, organizations are still broadening and fine-tuning their DEI commitments and philanthropic efforts. And many are providing updates for the commitments they made in 2020.
On the donation front, Nike, Adidas, Foot Locker, Fila, Kith, Puma, Toms, and many more fashion brands pledged donations in 2020 to organizations that fight racial injustice. Many of these companies said they would invest millions of dollars to support the Black community over multiple years.
For example, Nike, Converse, and the Jordan Brand committed to investing $140 million over 10 years to support organizations that promote racial equality, empowerment, and education for Black Americans. On top of that, the Jordan Brand committed an additional $100 million over the next 10 years to organizations with a similar purpose.
Some of these commitments have already come to fruition. In September of 2021, Jordan Brand announced that it would invest $1 million in grants to 18 change-focused grassroots organizations. In March, Nike outlined a five-year plan centered on diversity, inclusion, and social justice and said it plans to spend $1 billion on diverse suppliers and invest $125 million to support organizations that address racial inequality.
Other companies have also offered updates on their commitments. After announcing that it would invest $200 million into the Black community over the next five years, Foot Locker Inc. this year announced a $5 million investment in MaC Venture Capital, a Black-led VC firm dedicated to advancing business with diverse leaders. It also partnered with 34 new Black brands and creators for collaborations in 2021 and committed $750,000 to Pensole Footwear Design Academy to help train the next generation of diverse shoe designers.
Pensole founder D’Wayne Edwards is also making moves in the area of education by opening the country’s first HBCU to focus on design. Edwards was recently named the controlling stockholder of The Lewis College of Business, a Detroit-based historically Black college and university founded by the late Violet T. Lewis. Edwards will reopen the school, which has been closed since 2013, to focus on design.
Earlier in October, Lululemon announced a $5 million investment for existing and new partners in the company’s social impact program, Here to Be, which supports over 750 non-profit organizations with grants totaling $25 million to increase access to mindfulness and wellness care. Neiman Marcus Group said it would donate $1 million over a three year period to U.S. nonprofits that support Black communities. Adidas said in 2020 it would invest $120 million to programs that support Black communities over the next four years.
Beyond monetary contributions, retailers are also making sure that diverse and Black-owned brands are represented in stores. Many companies have signed onto Aurora James’ 15 Percent Pledge, a nonprofit organization that asks major retailers to commit to using 15% of their shelf-space for Black-owned businesses. The initiative launched in the summer of 2020, but many brands have signed on in recent months.
