- Retailer on track to meet goals established in 2021 to
advance racial equity, including:
-
- Increased investments with Black-owned businesses by more
than 50%
- More than double the number of Black-owned brands available
at Target, now offering more than 100
- New Roundel Media Fund to provide more than $25 million to diverse-owned companies
MINNEAPOLIS, May 10, 2022
/PRNewswire/ -- Target® Corporation (NYSE:TGT) today shared an
update on the progress it has made toward its Racial Equity Action
and Change (REACH) commitment to invest more than $2 billion with Black-owned businesses by the end
of 2025. The retailer also is introducing the Roundel Media Fund,
which will award more than $25
million in media to diverse-owned and founded brands through
its in-house media company by 2025.
"At Target, our commitment to supporting Black-owned
companies and advocating for racial equity touches every aspect of
our business – including investing in underrepresented
entrepreneurs, launching Black-owned brands at Target, working with
Black designers and suppliers and increasing
visibility through our marketing," said Christina Hennington, Target executive vice
president and chief growth officer, and founding REACH committee
member. "While there's more to be done, our team has approached
this critically important work with passion and conviction, and we
are on track to meet the goals we established to advance racial
equity through the full impact of our company. We will continue to
ensure Black-owned businesses have a seat at the table so that all
guests feel welcomed and represented when they shop at Target
– and we'll bring transparency to the progress we're making to
create lasting change for retail and beyond."
|
Goals (by year-end
2025)
|
Progress
Made
|
Total
Investment
|
Invest more than $2
billion with
Black-owned businesses
|
In 2021, increased
investments by more than 50%
compared to 2020
|
Black-owned
Brands
|
Add products from more
than
500 Black-owned brands
|
Currently offer more
than 100 Black-owned brands
|
Forward
Founders
|
Launch program to
support
Black-owned and diverse business
owners
|
Launched Forward
Founders accelerator program
and completed two classes, supporting more than
30 Black entrepreneurs with additional classes
planned
|
Marketing Media
Budget
|
Invest 5% of annual
media budget
with Black-owned media by the end
of 2022
|
Invested four times
more with Black-owned media
partners and doubled the amount of Black-owned
partners since 2020
|
Roundel Media
Fund
|
Award more than $25
million in media
to diverse-owned and founded brands
|
Introduced the Roundel
Media Fund, which has
already offered grants to more than 50 recipients
|
Target's Investments with Black-owned Businesses
In 2021, Target pledged to invest $2
billion with Black-owned businesses by the end of 2025,
including adding products across its multi-category assortment.
Since then, the retailer has increased investments with Black-owned
brands, companies and suppliers by more than 50% compared to 2020
and more than doubled Black-owned brand product offerings, with
representation across every major product category.
Target now offers more than 100 Black-owned brands for guests to
shop –from beauty products, home goods, books and toys to apparel,
accessories and food and beverage items. The company's
industry-leading beauty assortment saw a 65% increase in
Black-owned brand offerings since 2020, more than 200 books from
Black authors were added over the last year, and its food and
beverage assortment will include 50 Black-owned brands by the end
of 2022.
Target has also expanded collaborations with Black designers
within its owned brand work and engaged Black creators to launch an
exclusive home collaboration with Justina Blakeney, Opalhouse
designed with Jungalow, as well as limited-time-only
collaborations with partners Christian
Robinson and Hilton
Carter.
In addition to adding more Black-owned brands, Target pledged to
engage more Black-owned companies to enhance its retail operations
and shopping experience. In 2021, the retailer increased
investments with Black-owned brands, companies and suppliers –
including marketing agencies, construction companies, facilities
maintenance and more, by more than 50% compared to 2020. Notable
examples include multi-million-dollar contracts with global
technology service provider World Wide Technology and Taylor
Brothers Construction, a vendor supporting the company's 2022
remodel program. Target also launched a new partnership with
Bridgeforth Farms earlier this year to bring their sustainably
grown cotton into the making of select products.
New Roundel Media Fund Boosts Storytelling for Diverse
Brands
New today, Target is introducing a funding program from its
in-house media company, Roundel, to increase exposure of
diverse-owned brands through paid media. Designed to offset the
cost of marketing programs at Target for Black, Indigenous, and
people of color (BIPOC) brands, the Roundel Media Fund will award
more than $25 million in media to
diverse-owned and founded brands by the end of 2025. Interested
BIPOC vendors can apply to the fund by completing this
application.
"We're proud to build on the work we've done to invest in the
growth of BIPOC-owned businesses, showing up in ways that inspire
and add value to the way our guests learn about our products and
shop at Target," said Sarah Travis,
president of Roundel, Target. "The impact that the Roundel Media
Fund's $25 million investment can
create is powerful. For example, we tested this opportunity during
Black History Month and saw a 40% average sales lift for the more
than 20 diverse-owned brands that participated. Ultimately, we
strive to be a true partner to BIPOC businesses, and this involves
a continued investment to help widen and deepen their capabilities
so they can grow and prosper while continuing to connect with the
audiences they serve."
Additionally, since pledging to spend 5% of its annual media
budget with Black-owned media by the end of 2022, the company has
since invested four times more with Black-owned media partners and
doubled the amount of partners they are working with since 2020,
including notable multiyear deals with REVOLT, ESSENCE and Black
Love.
Investing in the Future: Forward Founders
Target recognized the need to further support historically
underrepresented founders and launched Forward Founders in
2021, an accelerator program designed to help Black-owned and
diverse businesses increase their potential to be the next wave of
wealth-building companies. This program was developed to engage
diverse early-stage companies looking to better understand retail
by helping them navigate critical stages, including ideation,
product development and scaling for mass retail. Participating
founders receive access to mentorship, workshops and curriculum to
help promote their companies' growth without requiring an equity
stake and preserving ownership and control over their business.
Based on the high degree of interest, Target tripled the size of
the inaugural class and created a free, virtual program so
thousands of applicants could benefit from the programming. Since
launching, Forward Founders has supported more than 30 Black
entrepreneurs and a total of 60 diverse founders through two
classes, with more planned for the future.
Jasmin Foster of Be Rooted, an
inclusively designed stationery brand, was a part of the inaugural
Forward Founders class. After completing the program, Be Rooted can
now be found at Target. "Forward Founders was an amazing experience
and helped me further realize my long-term goals for Be Rooted and
empower even more young girls and women of color through seeing
themselves represented in the stationery category. As a solo
founder, the early-stage support, mentorship and insight the
program offered was invaluable in bringing my vision of Be Rooted
to the next level," said Foster. "Being the first Black-owned
stationery brand available at Target is a huge accomplishment and I
believe my example will open up the doors for so many
other Black-owned brands to do the same."
Miscellaneous
Statements in this release regarding Target's goals to advance
racial equity, expected progress in meeting those goals, future
investments and other activities supporting those goals, and the
expected results of those investments, activities, and goals are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
subject to risks and uncertainties which could cause Target's
actions to differ materially. The most important risks and
uncertainties are described in Item 1A of Target's Form 10-K for
the fiscal year ended Jan. 29, 2022.
Forward-looking statements speak only as of the date they are made,
and Target does not undertake any obligation to update any
forward-looking statement.
About Target
Minneapolis-based Target
Corporation (NYSE: TGT) serves guests at nearly 2,000 stores
and at Target.com, with the purpose of helping all families
discover the joy of everyday life. Since 1946, Target has given 5%
of its profit to communities, which today equals millions of
dollars a week. Additional company information can be found by
visiting the corporate website and press
center and by following @TargetNews.
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SOURCE Target Corporation