Black women are displaying the power of collaboration in the realm of business. According to the Chicago Sun-Times, former Johnson Publishing Company executives Cheryl Mayberry McKissack and Desiree Rogers have joined forces to acquire the Fashion Fair beauty line.
The businesswomen purchased the legendary brand for $1.85 million from the Johnson Publishing Company. The cosmetics brand, which was created by Eunice W. Johnson, launched 46 years ago and grew to become one of the most successful Black-owned beauty companies in the world. Fashion Fair—one of the first cosmetics lines created for women of color—amassed $56 million at the height of its existence.
The women will revive the brand through a community-focused capsule collection. They want to introduce the brand to a new generation while staying true to Fashion Fair’s rich cultural legacy. “Fashion Fair is just too valuable for our community to lose,” Rogers told Crain’s Chicago Business in a statement. “We plan to modernize the brand and products, but will remain true to the company’s roots, which was to create prestige products focused on women of color.”
Earlier this year Rogers and McKissack purchased the Black Opal beauty brand. The two wanted to lead the resurgence of iconic companies that historically catered to Black women. “It really didn’t take much convincing when she told me we might have this opportunity with Black Opal. For me, yes, it was about beauty and cosmetics and skin care, and it was also for my community and women of color. And I loved all that,” said McKissack. “I felt there were so many opportunities here, both in the industry, and even with this brand.”
The acquisitions come at a time where there still remains a lack of diversity in regard to ownership in the beauty industry. According to Business Insider the industry, which is worth $532 billion, is white-male-dominated.
Black Women Entrepreneurs Acquire Fashion Fair Cosmetics was originally published on newsone.com