Ulta Beauty's MUSE Accelerator Program Aims to Support Underrepresented Beauty Brands
Ulta Beauty initiates the second consecutive year of its business accelerator program
Joining the ranks of beauty industry giants, Ulta Beauty announced this week the second cohort for its MUSE Accelerator program, targeting early-stage beauty brand owners from underrepresented communities [source]. Over the course of ten weeks, these founders will receive training, mentorship, and financial aid to accelerate their businesses.
Mentors include representatives from Meta, TikTok, Métier Creative, True Beauty Ventures, and other established brand founders like those from Hero Cosmetics, Youthforia, and more [source]. Founders selected for this program will receive a financial boost of $50,000 [source].
Chief Merchandising Officer Monica Arnaudo expressed Ulta Beauty's commitment to diversity and inclusivity, stating, "We have a responsibility to create space for all brands, particularly those who have been underrepresented, to thrive in our industry and nurture an inclusive assortment that reflects the beautifully diverse community we serve" [source].
Selected participants will partake in seminars on retail environments, brand strategy and positioning, product development, financial management, and more [source]. This year's cohort includes founders from brands like Deon Libra, OOLI, DreamGirls, Vida Bars, Octavia Morgan Los Angeles, Skwalwen Botanicals, Perseve, and FinesseYourClaws [source].
Similar initiatives have been implemented by other beauty brands. For instance, Glossier operates a grant program for Black-owned beauty entrepreneurs, offering financial support, mentorship, business programming, and one-on-one meetings with the brand's CEO [source]. Sephora, too, has launched its 2023 Accelerate Brand Incubator Program, focusing on founders from underrepresented communities. This program provides mentorship, merchandising support, grants, investor connections, and an opportunity to launch at Sephora [source].
These programs align with the brands' broader efforts to promote diversity and inclusivity in the beauty industry. For example, Sephora also supports the Fifteen Percent Pledge, an initiative aimed at encouraging retailers to allocate 15% of their shelf space to Black-owned businesses [source].
- Ulta Beauty's commitment to diversity extends beyond their MUSE Accelerator program, as they also encourage an inclusive assortment that reflects the community they serve.
- The financial aid provided by the MUSE Accelerator program is not exclusive to the beauty industry, as similar initiatives offer support to underrepresented entrepreneurs in various fields, such as fashion and beauty, small business, and AI.
- The importance of inclusivity in the business world is recognized by various lawmakers, influencing them to enact laws that foster a diverse and equitable environment for entrepreneurship.
- The advancement of technology, particularly AI, promises to revolutionize the business landscape, making it more accessible for underrepresented entrepreneurs who may lack traditional resources.
- As more businesses embrace environmental sustainability as part of their lifestyle, they are increasingly looking for eco-friendly resources and production methods, creating new opportunities for green beauty brands in the market.
