The Fifteen Percent Pledge hosted a star-studded inaugural gala
Founded by Brother Vellies founder Aurora James, the Fifteen Percent Pledge has channeled $10 billion to Black businesses since 2020.
On Saturday, April 2, the Fifteen Percent Pledge hosted its first-ever benefit gala at the stunning Celeste Barton Forum in the New York Public Library in New York City. The star-studded “Black-tie, Black designer” event was hosted by actress-entrepreneur Nicole Ari Parker and celebrated the organization’s ongoing efforts to close the racial wealth gap. Guests included Pose‘s Dominique Jackson, supermodel and Donate My Wage founder Joan Smalls, Tamron Hall, Dapper Dan, artist Theaster Gates, supermodel Paloma Elsesser, Rosario Dawson, Laura Harrier, Allyson Felix and Selah Marley.
Aurora James speaks onstage at the 2022 Inaugural Fifteen Percent Pledge Benefit Gala on April 02, 2022 in New York City.
Photo: Astrid Stawiarz/Getty Images for Fifteen Percent Pledge
Parker kicked off the night by underscoring the importance of mentorship for Black small businesses. “Learning about shelf space, end caps, and how to market your business, things like that were invaluable to me while starting [my company] Gymwrap,” said Parker.
Since its inception in June 2020, the pledge has channeled $10 billion to Black businesses by challenging retailers to dedicate at least 15 percent of shelf space to Black-owned brands. In the past two years, over 40 percent of Black-owned businesses have closed due to COVID-19, making the pledge even more crucial.
NEW YORK, NEW YORK – APRIL 02: A view of the venue during the 2022 Inaugural Fifteen Percent Pledge Benefit Gala on April 02, 2022 in New York City. (Photo by Astrid Stawiarz/Getty Images for Fifteen Percent Pledge)
“1.3 percent of venture capital funding went to Black-founded businesses this year,” Parker further explained. Despite those challenges, she ended on a hopeful note, reminding audiences and donors alike that Black women are opening new businesses at higher rates than other demographics. The affirmation was the perfect introduction for the night’s first honoree, Fifteen Percent Pledge founder, Aurora James (above). She ascended the stage amidst the sounds of Stevie Wonder, lovely in a two-toned taffeta dress from Christopher John Rogers.
“In that work that we had to do to find Black designers to wear to a Black tie event, it really opened some of our eyes,” said James, explaining that turning a meaningful initiative into a Black fashion celebration and fundraiser was a dream come true. “When I wrote that Instagram post in June 2020, I knew I was drawing a line in the sand,” she continued. “I could have never imagined the progress we’d make in two years.”
So far, the nonprofit has placed over 500 Black-owned businesses on the shelves of major retailers — most of which are women-founded. It’s taken some pretty intense phone calls and advocacy to get there, and there’s much more to do.
“If even more retailers take the pledge, that $10 billion can triple and keep going from there,” said James.
Currently, the pledge has 28 partners, including Sephora, Macy’s, Gap and West Elm. They’ve all signed contracts to tailor their business practices to level the playing field for Black designers, employees, and customers. “Black business is smart business,” said Pledge board member and founding partner of both Skims and Good American, Emma Grede. For her, disrupting the notion that Black-led businesses can’t serve everyone is key. “Consumers express their values each time they open their wallets,” she said. “The era of simply good intentions is over.”
According to James, the pledge could direct nearly $1.4 trillion dollars to Black entrepreneurs and their communities if major retailers like Walmart, Target, Amazon, and CVS took the pledge. “The true fear should never be stumbling forward but the paralysis of standing still and failing to act,” said James. The night proved how joyful hard work can be.
Undeniably, one of the most beautiful moments was when Iman received the Industry Pioneer Award. In her speech, she cited IMAN Cosmetics as her greatest professional capstone but also an uphill battle. “I can only imagine how different things might have been for IMAN Cosmetics had I had an ally like the pledge mediating between myself and the marketplace,” said Iman. “While I was able to discover a retail partner to bring my vision to life, these were still the days when the curtain existed in the marketplace; separating Black from white along with the belief that this chasm was an accepted fact in business, if not in life.”
Her message to corporations: “Before there can be success, there has to be access.”
(L-R) Nicole Bloomgarden, Chioma Nnadi, Rosario Dawson, guest, Abrima Erwiah, Sharifa Murdock, Jerome LaMaar, Antoine Phillips and Rajni Jacques attends the 2022 Inaugural Fifteen Percent Pledge Benefit Gala on April 02, 2022 in New York City.
Photo: Arturo Holmes/Getty Images for Fifteen Percent Pledge
It was impossible to not be inspired by words from award-winning presenters like Tamron Hall and a soulful rendition of “Young Gifted and Black” by The Late Show’s Gospel Choir. The pinnacle of the night was undoubtedly when design icon Dapper Dan presented Stacey Abrams with the Inspiration Award for her work as a lawyer and voting rights activist. “Stacey Abrams is synonymous with hope,” he said. “She is the face of our country’s future if we’re lucky.”
Still, it was Dap’s reflections on his own mother and once “underground” career that really moved the Pledge’s Brand Liaison, Makeen Zachary. “He didn’t really have the benefits that come with having retail partners in terms of public mainstream brand recognition until recently,” she noted. Every day, Zachary speaks to brands in the Pledge’s Business Equity Community about how making the commitment can support their goals. Seeing them interact and engage at the gala was even more special, she said. “Brands are my primary concern and the willingness [with which] our brand owners readily connected with each other to share the wealth and knowledge was most rewarding to me.”
Christine Forbes is an award-winning multimedia journalist specializing in storytelling for digital platforms. She has over five years of experience covering arts and entertainment, social justice, style, and politics. She has contributed to Bustle, Cosmopolitan, BuzzFeed, BYRDIE, BET, and more. She also serves on Dotdash’s Anti-Bias Review Board. Christine is committed to producing inspiring, authentic content to create a better world.
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