Women earn an average of 16% less than men, with the inequality being even greater for Black and Hispanic women.
Unfortunately, the disparity cannot be explained by measurable differences and is largely due to the undervaluation of women's labor
In 2022, the beauty industry generated approximately $430 billion in revenue, and today, it continues to grow across all categories. The beauty market has demonstrated remarkable resilience amid the global economic crisis. Beauty is now attracting top-tier financiers and A-list celebrities alike—and for good reason. Following a solid recovery since the height of the COVID-19 pandemic, the beauty market is expected to reach around $580 billion by 2027, growing at an annual rate of 6%.
Despite this growth, the beauty industry, primarily targeting women, remains predominantly run by men. Currently, women hold 34% of board seats and 24% of executive positions in personal care companies. While these figures are better than those in many other industries, they still fall far short of gender parity.
Racial disparities are also significant. Black consumers contribute 11.1% of the revenue in the beauty industry, yet Black-owned beauty brands account for only 2.5% of industry revenue and occupy less than 7% of retail shelf space. Black consumers prefer Black-owned beauty brands and are twice as likely to trust them. (2.2) Furthermore, Black Americans are increasing their spending on beauty products at a slightly faster rate than the overall US market. It's a disheartening reminder that, despite women and people of color being the primary supporters of the beauty industry, we aren't receiving our due share of the rewards.
My name is Shauney Harris, I’m a third-generation beauty professional and founder of Ahni Beauty, a consumer focused beauty supply store dedicated to changing this narrative. Ahni Beauty curates a diverse selection of premium beauty products for hair care, skincare, and holistic needs. While we do carry national brands, our primary commitment is to showcase and support Women-, BIPOC-, LGBTQ+ and Locally-owned beauty brands.
The idea for Ahni Beauty began with a desire to offer a convenient and inclusive shopping experience for the Springfield community. I recognized the need for a store that caters to the diverse needs of its residents and provides access to a wide range of beauty products. The feedback I've received from my customers is one of my proudest accomplishments. In a consumer-driven business, the customer experience is what matters most. It drives the future of our business and the level of success we can achieve. We have created something truly amazing in the DC area. We are committed to making it even better by expanding our inventory & fulfilling the requests of our customers, many of whom specifically come in to purchase minority-owned brands.
With your help, we can stay committed to continuing this journey by actively seeking out and supporting underrepresented beauty brands at an accelerated pace. Although customers have raved about our convenient location, we will broaden our customer base outside the DC area by hopping into the growing e-commerce industry. We seek to amplify the spirits, voices, and businesses of Women, BIPOC, LGBTQ+, & Local entrepreneurs, ensuring they receive the recognition and opportunities they deserve. By supporting our cause, you will be contributing to a fairer, more inclusive beauty industry that reflects and benefits the people who support it the most. Thank you for considering us!
