By Chika Dunu

• Sales of wigs increased by 75% for the period May 2020 to 2021 as protective hairstyles continue to be on the rise
• Black shoppers spent $473M in total on hair care
  

For thousands of women, regular salon visits came to a screeching halt due to the 2020 pandemic, and the early days were a steep learning curve for those who found comfort sitting in their stylists’ chairs. Black women started to embrace the change and protective styles, as sales of wigs increased by 75% for the period May 2020 to 2021, compared to February 2019 to February 2020, according to a new report from Mastercard. As workers return to the office and more social events begin popping up on calendars, consumers are also looking to spend more on their hair and now could be the time to expand Black-owned beauty supply stores.

Why This Matters: Despite all the change the pandemic brought to the Black hair care industry, women have embraced their natural hair opting for styles that don’t require much heat utilization. According to Mintel analyst Toya Mitchell, between 2015 and 2019, braids with extensions increased in popularity by 64%, wigs increased by 79%, and weaves increased by 47%.

By Sabrina Lynch

• 1 in 3 African American investors own cryptocurrencies compared to 17% of white investors
• 25% of millennial millionaires invest their wealth in cryptocurrencies
  

After 100 years of systematic racism, fewer African- Americans are investing in stocks, instead turning to the profitable benefits of cryptocurrency and its decentralized model to bring in the big bucks. With 1 in 3 African American investors owning cryptocurrencies compared to 17% of white investors, digital coins, blockchains and NFTs (non fungible tokens) are experiencing exponential growth due to a severe lack of trust in legacy firms. Black Millennials, Gen Z, and teen digital natives changing the financial landscape are turning to online and social media channels to grow their own wealth; leaving traditional banking institutions in their wake. This begs the question, are banks redundant for the Black community?

Why This Matters: As the economy continues to change whilst the world grapples with recovering from the pandemic, the worries of Black youth over their wealth and retirement plans has reached an all time high. Black consumers are turning their backs on the same systems their parents and elders tried to rely on, identifying inefficiencies in savings account packages that work against them rather than in their financial favor. This philosophy extends to all those on the income spectrum, such as rappers who have been relying on NFTs to balance out the holes in the income they lost during COVID.

By Richard Johnson

• Jay-Z has joins hands Blackstone on a deal to buy Certified Collectibles Group
• The Global Sports Trading Card Market is projected to reach $87.7B by 2027
  

As much as I want to say HOV is “at it again”, Jay-Z’s continued investment deals have become the Roc Nation’s founder’s new norm. The hip-hop business mogul has joined hands with Blackstone, the world’s largest alternative investment firm on a deal to buy Certified Collectibles Group (CCG), which grades and verifies collectible items including comic books, magazines, stamps, banknotes and trading cards, for a flat-fee or a percentage of the item’s value. CCG estimates it has certified more than 60 million of these collectibles and Blackstone has agreed to acquire a majority stake in the company, valuing it at more than $500 million.

Why This Matters: Jay-Z will be an investor in the transaction along with Miami Heat forward Andre Iguodala, Daryl Morey, President of Basketball Operations for the Philadelphia 76ers, Main Street Advisors, a leading investment advisory firm to prominent athletes, recording artists, and other entertainment leaders, along with others. To put this joint-venture into perspective, the Global Sports Trading Card Market was valued at $13.8 billion in 2019 and is projected to reach $87.7 billion by 2027.

By Brooke Sinclair

• Gap resorted to pre-orders to validate and capture customer demand while eliminating the risk of overproduction for Yeezy’s $200 puffer jacket
• The Yeezy line could bring in almost $1B in sales next year, far ahead of the $1B Gap was aiming for by 2025
  

It has been almost a year since Gap’s tie-up with West was announced and before spending thousands of dollars on a product nobody asked for, The Gap (GPS -0.36%) resorted to the age-old trick of pre-orders. Wells Fargo stated Gap’s upcoming Yeezy line could bring in almost $1 billion in sales next year, ahead of the $1 billion it was aiming for by 2025. The retail and hip-hop duo is using the jacket’s debut as a way to gauge consumer interest in the collaboration and to validate customer demand, while eliminating the risk of overproduction.

Why This Matters: The Yeezy clothing line is unique to say the least, though its Flinstone shoes and puffy nylon smurf jackets are not for everyone. How difficult would it be to produce, ship, and then possibly return thousands of dollars in inventory?  In short, it would be extremely difficult. Before risking thousands of dollars on inventory, Gap wants to use the momentum of Yeezy sales to trick customers back into brick-and-mortar stores. Logistically it’s a brilliant idea. Although Gap CEO Sonia Syngal remains hush-hush about details of the financial terms behind the Gap and West partnership, my guess is that Gap will require in-store pickups for the blue puffy jacket.  

By CultureBanx Team

• Master P ‘s son Hercy Miller inks four-year brand ambassador deal with Web Apps America for $2 million
• Black men make up 55% of the football players and 56% of basketball players in the Power Five athletic conferences
  

There’s really “No Limit” when it comes to Name, Image and Likeness (NIL) opportunities, as hip-hop icon Master P’s son Hercy Miller cashes in by inking a four-year brand ambassador deal with technology company Web Apps America that is worth $2 million. The new NIL regulations are a game changer for college athletes and this new deal puts Miller ahead of the game and makes him one of the highest-paid athletes in college basketball.

Why This Matters: Miller is headed to Tennessee State to play college basketball as a freshman next season. Web Apps America, the tech company specializing in web, mobile and software solutions, has committed to supporting HBCUs which is why this endorsement deal makes perfect sense. Not to mention athletes who are more stable financially typically perform better on the court.