For Us, By Us: How Daymond John’s DIY Lowe’s Partnership Will Uplift Minority Businesses

CBx Vibe:DNA.” Kendrick Lamar

By Justice Allen

  • Lowe’s will identify up to 375 minority-owned businesses for placement of their products on a Lowe’s shelf
  • 40% of Black businesses shut down as a result of the pandemic

Two of the most powerful Black brothers in corporate America are teaming up to level the playing field for minority business owners. Daymond John, founder of the legendary clothing brand FUBU and member of NBC’s Shark Tank, is working with Marvin Ellison, the CEO of Lowe’s (LOW -0.41%), to give minority business owners the chance to have their products featured in Lowe’s stores. Up to 375 businesses will be considered for the highly coveted placements.

Why This Matters: What would typically take years can now be achieved in a matter of months, as participants have the chance to pitch their products directly to senior executives. Since the effects of the pandemic have been far-reaching, impacting companies large and small, especially Black-owned businesses this should be a welcomed opportunity to get ahead in retail. A recent report from the National Bureau of Economic Research indicated that over 40% of Black businesses were shut down as a result of the pandemic.

That being said, Black entrepreneurs have never wavered in the face of conflict. A partnership like this one could be just what Black businesses need for a major comeback. Especially, given the fact that Black women start more companies than any other ethnic group, I’m hopeful we’ll see some innovative Black Queens vying for those top spots at Lowe’s.

What’s Next: Finalists from the competition will be announced later this year, so we’ll keep an eye on how many Black businesses are considered for the contest. Until then, let’s hope that other brands will ride this wave and continue creating opportunities for Black businesses.

CBx Vibe:DNA.” Kendrick Lamar

CONTRIBUTOR

Justice Allen

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