Best Buy Commits to Spending $1.2 Billion with BIPOC and Diverse Businesses By 2025
June 24 2021 - 8:00AM
Business Wire
Company to invest in supporting BIPOC
businesses and communities and increasing diverse representation
throughout the tech industry
Best Buy is committing to spending at least $1.2 billion with
BIPOC and diverse businesses by 2025. This pledge includes plans to
increase all forms of spending with Black, Indigenous and people of
color (BIPOC) businesses from nearly every corner of the
company—from how it brings goods and services to stores to its
supply chain to where and how it advertises.
The goal is to create a stronger community of diverse suppliers
and to help increase BIPOC representation in the tech industry, who
for too long have faced systemic disadvantages such as a lack of
access to funding or other resources. In addition to the financial
investments, Best Buy will support the growth of these businesses
by providing access to its retail capabilities such as supply
chain, sourcing and product development. We will also eliminate
barriers and create a more seamless path for BIPOC businesses to do
business with Best Buy.
“We better serve our customers, employees and communities when
there are more diverse voices at the table, businesses we work with
and stories being told, and we’re committed to taking the necessary
actions to support, grow and reduce the barriers faced by BIPOC
entrepreneurs and businesses,” CEO Corie Barry said. “There is more
work to do to make the kind of systemic permanent changes necessary
to achieve racial and social equity in our company and our
communities and we are just getting started.”
As part of today’s commitment, Best Buy is proud to share a new
set of goals to achieve by 2025:
- Best Buy will seek out, engage and increase spending with
both direct and indirect BIPOC and diverse suppliers, including
everything from the companies with whom it contracts to the media
it purchases for marketing. Specific to marketing:
- Best Buy will dedicate nearly 10% of its annual media spend
to BIPOC media by 2025.
- The company will host a media summit for BIPOC and diverse
businesses in partnership with Starcom, part of Publicis Media,
by the Spring of 2022.
- To make sure it’s telling the diverse stories of its customers,
employees and communities, Best Buy pledges that a
minimum of 30% of its paid advertising will feature BIPOC,
LGBTQIA+ and diverse abilities cast members and family structures,
as well as a commitment that 25% of production crew members
will be women, BIPOC, LGBTQIA+, and of diverse abilities by
2023.
- Best Buy will help support the growth of BIPOC businesses by
providing access to its retail capabilities such as supply
chain, sourcing and product development. Some examples could
include:
- Providing advice and product feedback to emerging BIPOC
companies, similar to the advice and feedback we share with some of
our largest strategic partners.
- Helping BIPOC businesses deal with sourcing questions,
alternate supplies for key components and, in some cases, make
connections with suppliers.
- Utilize our distribution network to help fulfill products or
house inventory for BIPOC businesses if, for example, that was what
a company needed to help accelerate their sales.
- To help BIPOC businesses and entrepreneurs get access to
funding, Best Buy will invest both financially and its
expertise into partner organizations, such as venture capital
firms, that share the vision of accelerating BIPOC representation
in the technology industry. More information on these partnerships
will be announced soon.
Additionally, to increase the number of diverse businesses and
suppliers, specifically in the areas of technology innovation and
product development, Best Buy will continue to create and build
partnerships with historically Black colleges and universities and
various community organizations. This includes our earlier
commitment of providing $44 million to expand college prep and
career opportunities for BIPOC students, which includes
scholarships for HBCU students and increasing scholarship funding
for Teen Tech Center youth. These innovative partnerships and
mentoring opportunities will help create a pipeline of BIPOC
professionals and entrepreneurs.
Last June, the company said it would do better and created a
racial equity Task Force to drive enterprise-wide change. In
December, Best Buy shared actions it is taking to better address
underrepresentation, technology inequities and educational and
career opportunities for those who need it most. Those commitments
focused on hiring BIPOC and women employees, along with creating
more opportunities and post-secondary support for youth and
emerging talent.
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version on businesswire.com: https://www.businesswire.com/news/home/20210624005133/en/
Ryan Furlong Press@bestbuy.com
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