Diversity, equity and inclusion (DEI) spending is not just carried out by big investment firms. Ulta Beauty, a retail chain with a large ‘bricks and mortar’ portfolio — with over 1250 stores across 50 US states — and a significant online presence, has announced it will invest US$50mn in various initiatives to encourage DEI in the workplace and among its customers.
The beauty retailer will spread the amount across various initiatives, with US$25mn going to multicultural media platforms and the launch of a brand-focused accelerator programme for Black, Indigenous, and People of Colour (BIPOC). The company will also put US$5mn towards New Voices — a fund that invests in BIPOC entrepreneurship, US$3.5mn into merchandise to support more diverse brands, and US$8.5mn to help market Black-owned-and-founded businesses.
Outlining ESG initiatives and achievements
In its strategy for ‘Leaving a Positive Legacy for Our World’, Ulta Beauty wants to bring more sustainability potential to the forefront of the industry, focusing on environmental, social, and governance (ESG). In its 2020 report — as it’s yet to publish its latest — the company outlined some critical data regarding diversity and inclusion in its workforce.
The report highlights the percentage of men and women in its team:
92% of Ulta Beauty associates are women
50% of the company’s executive team are female
55% of directors are female
Meanwhile, Ulta Beauty recorded a significant difference between the number of white and black employees in leadership, with an 82% majority of white directors.
As a fairly diverse organisation already, the retailer has received rewards over the years for supporting women in the workplace and diverse employment:
Forbes 2019 Best Employers for Diversity
Forbes 2019 Best Employers for Women
Forbes 2020 Best Employers for Diversity
Forbes 2020 Best Employers for Women
Diversity Inc. Noteworthy Companies for Diversity
Ulta Beauty’s ESG commitment beyond diversity
Beyond its efforts to create a more diverse working culture, Ulta Beauty also champions other diversity and inclusion through its product offerings. Working closely with more than 500 partners allows the company to monitor ethical compliance across its range.
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