Oct 7, 2020
Macy’s Plans to Add More Black-Owned Brands to Its Shelves
(Bloomberg) -- Macy’s Inc. is readying a commitment to devote a portion of its shelf space to Black-owned brands, a sign the movement for more diverse sourcing is gaining traction at big-name retailers with real spending power.
The department-store chain wrote in an October presentation to investors that it would be taking the 15 Percent Pledge to “increase the diverse vendor” pipeline at the company. The slides, which Macy’s plans to start presenting to investors on Oct. 9, don’t specify whether the pledge would be for the entire store or just a unit, like the beauty division. It also didn’t give a timeline for the action.
Macy’s declined to comment on the slides.
The 15 Percent Pledge organization, a grassroots group started in the wake of the police killing of George Floyd, has called on major retailers to expand their supplier base to include more products owned by people of color. To date, the biggest retailers to sign on have been Sephora, West Elm and Rent the Runway. Adding the country’s largest department store would be a big win to the movement.
The pledge is a step beyond the standard corporate vow of support for the Black community during periods of civil unrest. This summer, companies flooded social media with statements of support for protesters, but few have unveiled all of their data on the racial makeup of their employees. Other companies, which pledged to double their ranks of Black leaders, are now being probed by the U.S. Labor Department for those hiring pledges.
Macy’s also plans to disclose its spending on diverse suppliers in November, it said in the slides.
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