Black Business

Diddy Accused By Diageo Of Working Against Other Black-Owned Businesses

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Diddy and liquor company Diageo are locked in a nasty lawsuit right now, with both alleging mismanagement, a poor working relationship, and lack of support against each other. Moreover, Sean Combs sued the spirits conglomerate back in May of 2023, with whom he masterminded Ciroc vodka in 2007 and DeLeón tequila in 2013. While Ciroc was a resounding success for both, DeLeón was less so, and his lawsuit alleged that Diageo was racist in promoting Ciroc and DeLeón to solely urban markets, instead favoring white-backed brands like George Clooney’s Casamigos. However, now the company claims that Puff Daddy, through his Combs Wine and Spirits company (CWS) that partnered with them, engaged in some racial discrimination of his own despite his philanthropic image.

Furthermore, according to legal documents obtained by AllHipHop, Diageo stated that Diddy “discouraged Diageo from working with other Black business people and influencers. [He] demanded that Diageo redirect millions of dollars earmarked to support such causes to him personally.” Not only that, but they claim that the Bad Boy mogul went ballistic when the company donated $100 million to COVID-19 hospital workers.

Read More: Diddy Says He Was “Always Fighting For Ciroc Not To Be Pigeonholed”

Diddy At The Oscars

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HOLLYWOOD, CALIFORNIA – MARCH 27: Sean ‘Diddy’ Combs speaks onstage during the 94th Annual Academy Awards at Dolby Theatre on March 27, 2022 in Hollywood, California. (Photo by Neilson Barnard/Getty Images)

“Mr. Combs demanded that Diageo pay him $100 million,” the company levied in their most recent filing. [He] threatened then to ‘reach out to every news outlet’ to ‘burn the house down’ and cause maximum damage to Diageo and the DeLeón brand by making public accusations of racism if Diageo refused to write the check.” Overall, the history between these two entities is long, contentious, and skewed in both’s eyes. Despite this pushback, Diddy’s lawyer John C. Hueston dismissed all accusations against him by the liquor company in a statement to AllHipHop on Friday (September 29).

“Diageo claims its executives were available to hear all of Mr. Combs concerns about race and diversity issues,” Hueston began. “The sad truth is that they never truly listened to what Mr. Combs was saying and brushed them off as threats and demands for money. If they had actually taken the time to comprehend his concerns, and lived up to the agreements they signed, we wouldn’t be in court today.” For more news and the latest updates on Diddy, come back to HNHH.

Read More: Diddy Gave Diageo A Warning About Racially Sensitive Vodka Flavor

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Target Progresses on Investing $2 Billion in Black-owned Businesses

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In April of 2021, Target made a commitment to spend  $2 billion with Black-owned businesses by 2025. The general merchandise retailer vowed to expand the number of Black-owned brands available in Target stores as well as spend more with Black-owned suppliers. Target plan is exemplifying their purpose through an end goal that creates more equitable experiences for Black guests, obtains new resources for Black entrepreneurs, and harnesses the full impact, scale, and size of their economic resources.

Today, Target is honoring their dedication to these goals and upholding transparency. They are launching a new media fund initiative through an in-house media company, Roundel. Since 2020, Target’s spending budget in conjunction with Black-owned companies and suppliers has increased by over 50 percent. Additionally, the number of Black-owned brands across their assortment has doubled to more than 100. Target’s clarity in their endeavors moving forward keeps power in the hands of their mission. The Roundel Media Fund, which serves to offset the cost of marketing programs at Target will award over  $25 million in media to Black, Indigenous and people of color (BIPOC) brands by 2025. 

In May, Target announced ‘Forward Founders’, the accelerator program for early-stage CPG companies looking to better understand retail. It’s designed to help historically under-resourced founders be the next wave of wealth-building companies. 

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A closer look at some of Target’s progress since the start of this initiative includes over 30 Black entrepreneurs supported through Forward Founders, over 2,000 underrepresented entrepreneurs have been granted access to free resources through Target’s virtual Forward Founders program, over 100 Black-owned brands are now available at Target across every major category, a 65% increase in Black-owned beauty brands at Target over the past year, and over 200 books from Black authors added to this assortment over the last year. 

The post Target Progresses on Investing $2 Billion in Black-owned Businesses appeared first on The Source.

Sneaker Studio FCTRY LAb Acquires $6 Million Fundraise; One of the Largest Investments in a Black Founder in 2022

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FCTRY LAb Entrance 1

FCTRY LAb is a BIPOC-led, LA-based footwear prototyping lab and venture studio that aims to democratize sneaker production and open-source innovation for emerging and established designers and brands of all sizes. FCTRY LAb’s fundraiser for their launch on December 15th is one of 2022’s largest investments in a Black Founder.

The independent innovation studio was founded by the former head of Yeezy-Adidas Innovation Lab, Omar Bailey and the former Wall Street and private equity executive, Abhishek Som. The studio is based out of the U.S. to avoid supply chain disruptions and delays. This reduces product development time down to 1-3 months, which would otherwise fall at 8-12 months. 

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FCTRY LAb Co Founders Portrait

Much like the eyewear industry that borders monopolization, large sneaker corporations often hold on to an overwhelming majority of profits that are fueled by the creative vigor harnessed by minority designers, influencers and athletes. FCTRY LAb is working to change this reality by pushing for equity and transformative techniques that overthrow the mechanisms that made this truth possible in the first place. 

The original $6 million subdivision included a diverse array of venture capital firms, top professional athletes and a myriad of pedigreed angel investors. The Investors include the Co-Founder of Tinder (via Time Zero Capital), Co-Founder of WeWork, the West Coast Head of Warburg Pincus, and a consortium of NBA & NFL stars via Chicago-based Aurelien Capital.

Venture capital investment was led by the LA-based, Pay-Pal-backed Slauson & Co, with additional investment from Relay Ventures, Elysian Park Ventures (the private investment arm of the Los Angeles Dodgers ownership group), Level One Fund & Fog City Capital amidst others.

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FCTRY LAb in Los Angelos

Omar Bailey helped transition the gap from trailblazing conceptual design into functionally wearable footwear during the $1 Billion revenue growth of Yeezy-Adidas. Bailey has developed footwear for entertainers and athletes such as Jay-Z, Lady Gaga, and Karim Benzema. With over twenty years of experience under his belt, he has also worked alongside culturally impressive brands like Supreme, New Balance, K-Swiss & Timberland. 

The post Sneaker Studio FCTRY LAb Acquires $6 Million Fundraise; One of the Largest Investments in a Black Founder in 2022 appeared first on The Source.