14 July 2021
The Weekly
United States

Nordstrom is the first retailer to sign a 10-year agreement with the 15% Pledge, founded a year ago to address racial inequities in retail. Nordstrom committed to a tenfold increase in purchases from and partnerships with Black-owned or -founded brands by the end of 2030. The group said participating retailers have at least doubled their assortments from Black-owned businesses within six months of taking the Pledge; that companies' marketing and editorial reforms have boosted brand awareness for Black entrepreneurs by 20%; and that those addressing hiring have, on average, doubled their percent of Black employees at director level or higher. The 15% Pledge said that so far it has generated nearly $10bn in revenue for Black-owned businesses across several sectors including beauty, fashion, retail and media. Ultimately, the group aims to create $1tn in economic impact for Black-owned businesses.