THE WHAT? Target has shared an update on the progress it has made toward its Racial Equity Action and Change (REACH) commitment to invest more than US$2 billion with Black-owned businesses by the end of 2025.
THE DETAILS The retailer is also introducing the Roundel Media Fund, which will award more than US$25 million in media to diverse-owned and founded brands through its in-house media company by 2025.
The retailer is on track to meet goals established in 2021 to advance racial equity, including increased investments with Black-owned businesses by more than 50% and more than double the number of Black-owned brands available at Target, now offering more than 100 Black-owned brands for consumers to shop.
THE WHY? Christina Hennington, Target Executive Vice President and Chief Growth Officer, and founding REACH committee member, said, “At Target, our commitment to supporting Black-owned companies and advocating for racial equity touches every aspect of our business — including investing in underrepresented entrepreneurs, launching Black-owned brands at Target, working with Black designers and suppliers and increasing visibility through our marketing.
“While there’s more to be done, our team has approached this critically important work with passion and conviction, and we are on track to meet the goals we established to advance racial equity through the full impact of our company. We will continue to ensure Black-owned businesses have a seat at the table so that all guests feel welcomed and represented when they shop at Target — and we’ll bring transparency to the progress we’re making to create lasting change for retail and beyond.”