More famous than ever in the world of American beauty, media, fashion and food are some of the most recognizable names where the founders were Black, the loans were small, and the product was neither available elsewhere nor made by any other. Some started in a Harlem kitchen or on a Harlem street corner. Others became billion dollar sales to Apple, Viacom and L’Oréal.
Madam C.J. Walker
Sarah Breedlove was born around 1867 in Louisiana to former slaves, and around 1905 she started selling her own hair-care formula. It is reported that she is America’s first self-made female millionaire.
Johnson Products
George E. Johnson and his wife, Joan, started Johnson Products in Chicago in 1954, borrowing $250 from the bank. Its Ultra Sheen and Afro Sheen lines made names for themselves. It was the first black-owned company to be listed on a major U.S. stock exchange, the American Stock Exchange in 1971.
Famous Amos
In 1975, former talent agent Wally Amos opened his first Sunset Boulevard, LA, cookie shop at William Morris. Some early supporters were Marvin Gaye and Helen Reddy. Soon, Amos lost control of the company and even his name, but the cookies are still on shelves.
FUBU
FUBU began in 1992 in Hollis, Queens when Daymond John began sewing hats with friends J. Alexander Martin, Keith Perrin and Carl Brown. His mom entered her home into a mortgage for $100,000. LL Cool J rapped the words “For us, by us,” in a commercial for Gap, wearing a FUBU hat.
SheaMoisture
Sundial Brands was started by Liberian-born Richelieu Dennis in 1991 with his mother, Mary Dennis, and friend Nyema Tubman, who sold soap on the streets of Harlem. SheaMoisture based the recipes off his grandmother’s. In 2017, Unilever acquired Sundial as well, and Dennis was then leading the party that acquired Essence.
Rocawear
Rocawear was created by Jay-Z, Damon Dash and Kareem Burke, the clothing wing of their Roc-A-Fella Records label, back in 1999. Baggy jeans and logo tees were staples of ’00s street culture. In 2007, Jay-Z sold the rights to Iconix Brand Group for $204 million.
Beats by Dre
In 2006, music executive Jimmy Iovine and Dr. Dre founded Beats Electronics, and the first Beats headphones were released in 2008. These were status items due to their bass-heavy sound and athlete endorsements. Apple purchased Beats in 2014 at the time for the company’s largest acquisition in history, at $3 billion.
Fenty Beauty
In September 2017, Rihanna entered the world of beauty products with the help of LVMH’s incubator Kendo, launching Fenty Beauty. It was released in 40 shades, a shade darker than many other brands, while most had less than 20. Runners sprinted to expand their range. The brand is one way that Forbes has defined Rihanna as a billionaire in 2021.
