is it just business?
thoughts on Black-owned business acquisitions + reads & vibes for your weekend.
Hi Friend! Happy Friday! We’ve made it through the first full work week of 2023, and if you’re reading this, get excited, because you survived! Hopefully, you’re thriving. Let’s jump right in!
thoughts at large.
Why are there celebrations when white-founded businesses are sold, but cries about “selling out” when Black-founded businesses are acquired?
I think I have an answer. First, a bit of context.
This week, Procter & Gamble announced that it had acquired Mielle Organics, a company founded by Monique & Melvin Rodriguez, a Black married couple. Mielle, specifically their Rosemary Mint Hair Oil, has been in the spotlight for a couple of weeks after going viral on TikTok. That’s a mess in itself, and another story for another day.
As was true for several Black beauty brands before it, with the news of the acquisition, Mielle is now facing disappointed customers, who are concerned that the purchase means that the product formulations will change. These concerns aren’t without merit. We’ve seen it happen many times, but Mielle’s founders have committed to maintaining their products as is. Whether that holds true is left to be seen, but it does beg the question: Why does it seem like such a letdown when Black companies sell to large, White-owned corporations?
Here’s the biggest thing. If you walk into your local Target, you’re going to find multiple aisles of beauty products that cater to the needs of non-ethnic hair. Conversely, you’re only going to find one aisle dedicated to Black/textured hair. It’s hard to find products that work for us, so when we do, we like to hold on to them. When we lose one it’s painful, because, with fewer options to choose from, we’re already playing from behind.
It goes without saying that hair and beauty are extremely important for Black people - so much so, that we spent $6.6 Billion in that category in 2021 alone. Could this fixation on aesthetics be traced back to respectability politics? Sure. Regardless, we put a premium on looking good, and with fewer tools to help us make that happen, it feels like we’re constantly fighting to just be our best selves.
All of that being said, I don’t think Black-owned companies should be berated for cashing out. Getting acquired means getting the opportunity to get out of the day-to-day struggle of running a business. Entrepreneurship isn’t as glamorous as social media makes it seem. It’s hard, stressful work. Selling is probably a relief.
Acquisition also means having more cash to invest in other ventures. Take for example Richelieu Dennis, who sold his company Shea Moisture to Unilever in 2017. The money from the Shea Moisture sale allowed him to purchase Essence Magazine & Essence Festival, ensuring that one of the most recognizable Black media platforms remained Black-owned. It also allowed him to form Essence Ventures & the New Voices Fund, which provide capital to underrepresented entrepreneurs. A similar outcome has been announced for Mielle (which is a part of the New Voices Fund:)
P&G will serve as a partner to Mielle to provide additional resources in order to expand the brand, and partner together for further innovation. To safeguard its commitment to Mielle and its Black and Brown consumers across verticals, Mielle and P&G have each committed $10 million to the Mielle Cares non-profit, which provides information and resources to advance initiatives important to Black and Brown communities.
When it comes to acquisitions and matters of business in general, I think that there’s a general lack of consumer knowledge and understanding, especially in our community. A sale isn’t always a bad thing. Sometimes, it’s an opportunity to create even more good in an impactful way. So while I do understand the pain of having to find a new beauty product when the one you love changes up on you, I also think it’s great to see Black entrepreneurs be rewarded for their hard work in the form of financial compensation.
We are a creative people, we have a plethora of ideas. We should walk with a mindset of abundance, rather than lack. If one great idea sells, there are ten more behind it. That’s how we build and grow.
I’d love to hear your thoughts on this topic. Do you think it’s just business, or should we feel slighted by the sale of our beloved Black-owned brands? If you’re reading in your inbox, reply. If you’re reading online or in the app:
reads + vibes
Quinta Brunson’s ‘Abbott Elementary’ Tops List of 80th Golden Globe Awards Winners via Essence (a whole lot of Black Girl Magic at the Globes)
Prince Harry’s Book Undermines the Very Idea of Monarchy by Helen Lewis (Harry’s been shaking the table lately, I think his mom would be proud.)
Why Do Rich People Love Quiet? by Xochitl Gonzalez (This article was written in August 2022, but it resurfaced this week after this TikTok went viral. The author argues that silence is the sound of gentrification, and well, they aren’t wrong.)
The new “House Party” movie, starring Jacob Lattimore & produced by Lebron James and Maverick Carter, is exclusively in theaters today. I’m curious about it, and I’m trying not to read any reviews before I see it. Let me know if you’re planning on checking it out.
“Grown-Ish” returns Wednesday 1/18 on Freeform. Generation 2 stars Marcus Scribner in his role as Junior Johnson. I wasn’t sure how I would like it, but I’m not mad at the new kids. Watch the Season 5 trailer here.
“All American” has been renewed for a 6th Season. If I’m being honest I’m not sure why. It’s definitely dragging at this point. Have you watched the show? Are you excited for more?
If you’re an R&B fan, I think you’ll enjoy Vedo’s new album “Mood Swings”. I’m enjoying the track called “Celebrate” - and I’m looking forward to diving deeper. Let me know what you like after you give it a listen. spotify | apple
Those close to me know that I’ve loved PartyNextDoor since I saw him opening for Drake at NBA All-Star Weekend 2014 in New Orleans. It was a TIME. IYKYK.
PND is known to be reclusive, but he’s kicking 2023 off with new releases. The first is a feature on a track with Diddy [spotify | apple] and the second is a brand new solo record called “Her Old Friends” [listen here: spotify | apple.] I’m not going to lie… I’m not sure I’m feeling either of them. Maybe they’ll grow on me? Let me know if you feel differently.
Remember Verzuz? Specifically, do you remember the Omarion Verzuz Mario Battle that brought us an undercard with Sammie, Bobby V, Pleasure P and Ray J? Let me jog your memory.
Did you know these 4 decided to form a supergroup called RSVP after that event? Their first single is out now, it’s called “Money Everywhere” - and I’m not sure if I can take them seriously. Listen now: spotify | apple
That’s all for this week fam! If you’re off on Monday, enjoy the long weekend. If you’re not… your job might be a little racist. Remind them of this:
I’m joking. Kind of.
Let’s remember the great contributions of Dr. Martin Luther King, Jr. - reflecting on how far we’ve come and acknowledging how far we still have to go to actualize the dream he shared with us many decades ago. - with love, Andrea.
You are right. We have this fantasy about capitalism and ownership that we forget how hard it is.
Magma Carta vibes in 2023 baby