The 15 Percent Pledge saw a blitz of media coverage and it quickly caught the attention of major retailers, which are now doing what James had hoped: They are laying out concrete goals that are measurable.
. With a commitment, from these companies, she wrote, "Small businesses can turn into bigger ones. Dreams can turn into realities. Real investment will start happening in black businesses which can subsequently be paid forward into our black communities."
The 15 Percent Pledge saw a blitz of media coverage from the New York Times to CNN to Vogue. It quickly caught the attention of some major retailers, which are now doing what James had hoped: They are laying out concrete goals that are measurable. And industry watchers expect these decisions will be good for business by potentially opening doors to successful new products and by bringing in new customers.
Rent the Runway, a fashion rental company, was the next major retailer to take the pledge. It detailed steps it would take to achieve the goal, including increasing the representation of Black designers on its platforms from 1.5% to 5% within a year. It also promised to diversify models, stylists, production crews and other aspects of its business, and pledged $1 million to support Black designers.
"It can be done, it's just over what time frame," said Morningstar equity analyst Jaime Katz, who added that onboarding a new vendor could take between six to nine months. "There will be a time lag between making the pledge and getting inventory on the books." "I think [the pledge] will have a huge impact, and I think it will open up doors that have been closed because of one reason or another," she said. While Heim's company targets Black customers, the pledge will be particularly useful for Black-owned brands that do not, she said.
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