The fashion industry has long been dominated by well-established luxury brands that have a history of excluding people of color from their advertising campaigns. In 2018, the global luxury goods market was estimated at $1.2 trillion USD, and more and more Black designers are claiming their piece of the pie.
Today, a number of Black tastemakers, celebrities, and creatives are emerging to elevate and promote Black-owned luxury brands and help create a more diverse and inclusive fashion industry.
Overcoming Hurdles
According to a recent Crunchbase report, only 1% of all venture capital investments went to Black founders.
One significant challenge that Black-owned luxury brands face is access to funding and resources. Black entrepreneurs may have a harder time getting loans or investment capital, limiting their ability to expand and grow their businesses. Additionally, these businesses may not have the same connections or access to resources as larger, more established fashion brands, which can make it difficult to compete in a highly competitive industry.
The following Black-owned businesses are rising above stereotypes and stigma and making waves in the world of high-end fashion and luxury.
1. Fenty
With powerhouse Rihanna behind it, it’s no wonder Fenty has experienced seismic success since its 2019 launch. The brand is known for its inclusive and diverse approach to fashion, with a focus on celebrating individuality and breaking down traditional beauty standards.
One of Fenty’s defining — and most applauded — features is its commitment to diversity and inclusivity. The brand offers a wide range of sizes and skin tones. Fenty’s cosmetics line has received widespread praise for its extensive range of shades that cater to different skin tones and types.
2. Telfar
If you are looking for an unapologetically black luxurious brand, look no further than Telfar. The unisex fashion label is known for its minimalist, gender-neutral designs. Its Shopping Bag has become a cult favorite among fashionistas and celebrities.
Telfar’s designs challenge traditional gender norms and celebrate diversity and inclusivity. At the heart of the brand lie accessibility and affordability.
In addition to its innovative designs, Telfar is also known for its collaborative and community-focused approach to fashion. The brand has collaborated with a diverse range of artists, musicians, and creatives, including Solange Knowles, White Castle, and UGG.
3. The Lip Bar
The Lip Bar is a Detroit-grown (check out their flagship store on Farmer Street), Black-owned lipstick brand that’s growing fast and is the largest black-owned beauty brand in Target.
The brand is known for its bold and vibrant lipsticks, which come in a wide range of shades and are made with natural and vegan ingredients. The brand has gained a reputation for challenging traditional beauty standards and celebrating diversity and inclusivity nationwide with products that are designed to flatter a broad spectrum of skin tones.
4. Koat
Kelechi Mpamaugo is among the Black designers and African-American entrepreneurs who are breaking barriers and making waves in the world of luxury fashion. Her brand, Koat, is just one example of the many innovative and exciting Black-owned fashion brands that are redefining the industry and pushing the boundaries of creativity and inclusivity.
Mpamaugo founded Koat with the goal of countering the homogenizing influence of social media through coat designs that empower people to live their lives authentically.
The brand’s SS23 premier collection is inspired by the tech and digital world, using the internet as a metaphor for life.
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