[STARTRIBUNE] As part of its racial equity efforts, Target Corp. is pledging to sell products from more than 500 Black-owned brands by the end of 2025.That goal is part of a new $2 billion commitment the Minneapolis-based retailer is making to spend with Black-owned businesses over five years. The company did not provide specifics on how much it currently spends with these companies, but said the commitment represents a significant increase.
Target currently carries 65-plus Black-owned brands, including several in its beauty department.
In addition to diversifying its suppliers, Target said it will step up partnerships with other Black-owned companies in areas such as marketing, construction and facilities management.
It also will launch a new program called Forward Founders to help Black entrepreneurs grow and scale their businesses for mass retail.
"We have a rich history of working with diverse businesses, but there's more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target," Christina Hennington, Target's chief growth officer, said in a statement. "The bold actions we're announcing today reflect Target's ongoing commitment to advance racial equity for the Black community."
Target has been working to diversify its suppliers and product mix for years through efforts such as hosting vendor fairs for Black-owned businesses. Between 2016 and 2018, it increased its business with diverse suppliers by 64%.