Can the Fifteen Percent Pledge Get Past the Number?

Conservative Activists Target Black Founders Fund; Costa Brazil, Onda Beauty Shutting Down

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WHAT YOU NEED TO KNOW TODAY: TUESDAY, AUGUST 8, 2023 Three years after its founding, The Fifteen Percent Pledge is contending with a climate of stalled progress and growing backlash to corporate diversity measures. Conservative activists behind the legal challenge to affirmative action are now targeting a fund that backs Black founders. Private equity firm Advent International is close to acquiring Zimmermann in a deal valuing the brand at about $1 billion, Bloomberg reports. Amyris is shutting down its Costa Brazil and Onda Beauty brands, BoF has learned. SKKY Partners, Kim Kardashian's private equity firm, has tapped former Burberry and Apple executive Angela Ahrendts as senior operating advisor. Though many direct-to-consumer brands have had a bumpy time of late, our case study explores strategies some are deploying to grow both their top and bottom lines.

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WORKPLACE & TALENT Can the Fifteen Percent Pledge Get Past the Number? By Sheena Butler-Young As the climate around diversity initiatives shifts, the nonprofit is adapting its messaging to emphasise the need for long-term, structural changes over quick fixes. READ MORE

WORKPLACE & TALENT A New Lawsuit Puts Fashion's Corporate Diversity Efforts in the Crosshairs By Sheena Butler-Young

The litigation, brought by the same conservative activist who led the successful campaign against affirmative action in college admissions, targets a Black-led VC fund that has invested in beauty brands Brown Girl Jane and Bread Beauty among others. READ MORE

Amyris to Shut Down Costa Brazil and Onda Beauty READ MORE

Advent Nears $1 Billion Deal for Zimmermann READ MORE

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NEWS BRIEFS UK Fashion Retailer Superdry Secures Fresh Funding Kim Kardashian's Private Equity Firm Taps Angela Ahrendts for Advisor Role

PARTNER CONTENT

What Fashion Can Learn from the Hospitality Industry Auberge Resorts Collection chief marketing officer Mike Minchin shares how an evolution of experience-driven travel and turn-key service are bolstering success in the hospitality sector — and how fashion can stand to benefit. "As things become more experiential, [...] there is a tension to resolve. Businesses need to carry the strength of their brand from marketing moments into physical experiences, and collaboration with hospitality will be key," said Minchin.  READ MORE

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