What's Happening?
WNBA star Angel Reese and Nigerian musician Rema have invested in the skincare brand Topicals. The brand, known for its products targeting skin conditions common in darker skin tones, has raised over $22.6
million since its launch in 2020. Founder Olamide Olowe emphasized the importance of cultural leaders like Reese and Rema in expanding the brand's reach and influence. The investment comes at a time when institutional support for Black-owned businesses is waning, highlighting the significance of cultural capital in driving business growth. Topicals aims to leverage the personal brands of its investors to enhance marketing strategies and customer engagement.
Why It's Important?
This investment highlights the growing trend of athletes and entertainers using their influence to support and grow minority-owned businesses. It underscores the challenges faced by Black-owned brands in securing funding and the importance of cultural leaders in bridging this gap. The involvement of Reese and Rema not only provides financial support but also enhances the brand's cultural relevance and market reach. This move could inspire other high-profile figures to invest in similar ventures, promoting diversity and inclusion in the business world. It also reflects broader societal shifts towards supporting businesses that cater to diverse consumer needs.
What's Next?
Topicals plans to continue expanding its product line and market presence, with a focus on reaching a broader audience. The brand will likely use the investment to enhance its marketing efforts and develop new products that cater to a diverse customer base. Reese and Rema's involvement as creative partners will play a crucial role in shaping the brand's future strategies. As the brand grows, it may also explore additional partnerships and collaborations to further its mission of addressing skin conditions prevalent in communities of color. The success of this investment could pave the way for more inclusive business practices in the beauty industry.
