What's Happening?
Skincare brand Topicals has secured investment from WNBA star Angel Reese and Nigerian musician Rema, among others, as part of its latest funding round. Founded by Olamide Olowe, Topicals focuses on products for skin conditions prevalent in darker skin tones, and has raised over $20 million since its 2020 launch. The brand is known for its viral under-eye masks and Faded Serum. Olowe aims to involve cultural leaders like Reese to counteract the decline in institutional investment for Black-owned businesses. The investment will also help enhance marketing strategies, leveraging the personal brands of its investors to reach a broader audience.
Why It's Important?
This investment highlights the ongoing challenges faced by Black-owned businesses in securing funding,
despite initial support following the 2020 racial justice movements. The involvement of high-profile figures like Angel Reese and Rema underscores the importance of cultural influence in business growth and sustainability. By aligning with cultural leaders, Topicals aims to expand its market reach and challenge the perception of Black-owned brands as niche. This development is significant for the beauty industry, as it reflects broader trends in consumer behavior and the importance of diversity and representation in business.
