Target Provides Update on Commitment to Spend $2 Billion with Black-owned Businesses and Announces New Media Fund Initiative
Retailer on track to meet goals established in 2021 to advance racial equity
Retailer on track to meet goals established in 2021 to advance racial equity, including:
Increased investments with Black-owned businesses by more than 50%
More than double the number of Black-owned brands available at Target, now offering more than 100
New Roundel Media Fund to provide more than $25 million to diverse-owned companies
Target Corporation(NYSE:TGT) today shared an update on the progress it has made toward its Racial Equity Action and Change (REACH) commitment to invest more than $2 billion with Black-owned businesses by the end of 2025. The retailer also is introducing the Roundel Media Fund, which will award more than $25 million in media to diverse-owned and founded brands through its in-house media company by 2025.
"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," said Christina Hennington, Target executive vice president and chief growth officer, and founding REACH committee member. "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."
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In addition to adding more Black-owned brands, Target pledged to engage more Black-owned companies to enhance its retail operations and shopping experience.
Target also launched a new partnership with Bridgeforth Farms earlier this year to bring their sustainably grown cotton into the making of select products.