Best Buy announces new commitments to support BIPOC, various companies

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What there is to know Best buythe new commitment to support BIPOC and various companies:

  • Best Buy has pledged to spend “at least $ 1.2 billion with BIPOC and various companies by 2025”.
  • The new goals are based on the commitment at the end of 2020 to support college preparation and career opportunities for BIPOC students, including scholarships to HBCUs
  • The commitment includes a set of measures the company hopes to achieve by 2025, including (as stated in the press release):
    • Best Buy will research, incur and increase spending with direct and indirect BIPOC and various suppliers, including everything from companies it contracts with to media it buys for marketing. Specific to marketing:
      • Best Buy will devote nearly 10% of its annual media spend to BIPOC media by 2025.
      • The company will organize a media summit for BIPOC and various companies in partnership with Starcom, which is part of Publicis Media, by spring 2022.
      • To ensure it tells the diverse stories of its customers, employees and communities, Best Buy is committed to ensuring that at least 30% of its paid advertising will feature BIPOC, LGBTQIA +, and members of the cast and community. family structures with diverse abilities, as well as a commitment that 25% of production team members will be women, BIPOC, LGBTQIA + and of diverse abilities by 2023.
    • Best Buy will help support the growth of BIPOC’s businesses by providing access to its retail capabilities such as supply chain, sourcing and product development. Some examples might include:
      • Provide product advice and feedback to emerging BIPOC companies, similar to the advice and feedback we share with some of our larger strategic partners.
      • Help BIPOC companies deal with sourcing issues, alternative supplies for key components and in some cases establish links with suppliers.
      • Use our distribution network to help fill products or home inventory for BIPOC businesses if, for example, that was what a business needed to speed up sales.
    • To help BIPOC companies and entrepreneurs access financing, Best Buy will invest both financially and its expertise in partner organizations, such as venture capital firms, who share the vision of accelerating BIPOC’s representation in technology industry. More information on these partnerships will be announced shortly.

The quote: Corie Barry, CEO of Best Buy

“We serve our customers, employees and communities better when there are more diverse voices at the table, the companies we work with and the stories told, and we are committed to taking the necessary actions to support, develop and reduce the obstacles that BIPOC faces. entrepreneurs and businesses. There is still work to be done to bring about the kind of permanent systemic changes needed to achieve racial and social equity in our business and communities and we are just getting started. “

For more information, read the press release below.

MINNEAPOLIS– (COMMERCIAL THREAD) –Best Buy pledges to spend at least $ 1.2 billion with BIPOC and various businesses by 2025. This pledge includes plans to increase all forms of spending with Black, Indigenous and Color businesses ( BIPOC) from almost every corner of the business – from how it brings goods and services to stores to its supply chain to where and how it advertises.

The aim is to create a stronger community of diverse suppliers and to help increase BIPOC’s representation in the tech industry, which for too long has faced systemic disadvantages such as lack of access to finance or to other resources. In addition to financial investments, Best Buy will support the growth of these businesses by giving them access to its retail capabilities such as supply chain, sourcing and product development. We will also remove barriers and create a more transparent path for BIPOC companies to do business with Best Buy.

“We serve our customers, employees and communities better when there are more diverse voices at the table, the companies we work with and the stories told, and we are committed to taking the necessary actions to support, develop and reduce the obstacles that BIPOC faces. entrepreneurs and businesses, ”said CEO Corie Barry. “There is still work to be done to make the kind of permanent systemic changes needed to achieve racial and social equity in our business and our communities and we are just getting started.”

As part of today’s pledge, Best Buy is proud to share a new set of goals to be achieved by 2025:

Best Buy will research, incur and increase spending with direct and indirect BIPOC and various suppliers, including everything from companies it contracts with to media it buys for marketing. Specific to marketing:

Best Buy will devote nearly 10% of its annual media spend to BIPOC media by 2025.

The company will organize a media summit for BIPOC and various companies in partnership with Starcom, which is part of Publicis Media, by spring 2022.

To ensure it tells the diverse stories of its customers, employees and communities, Best Buy is committed to ensuring that at least 30% of its paid advertising will feature BIPOC, LGBTQIA +, and members of the cast and community. family structures with diverse abilities, as well as a commitment that 25% of production team members will be women, BIPOC, LGBTQIA + and of diverse abilities by 2023.

Best Buy will help support the growth of BIPOC’s businesses by providing access to its retail capabilities such as supply chain, sourcing and product development. Some examples might include:

Provide product advice and feedback to emerging BIPOC companies, similar to the advice and feedback we share with some of our larger strategic partners.

Help BIPOC companies deal with sourcing issues, alternative supplies for key components and in some cases establish links with suppliers.

Use our distribution network to help fill products or home inventory for BIPOC businesses if, for example, that was what a business needed to speed up sales.

To help BIPOC companies and entrepreneurs access financing, Best Buy will invest both financially and its expertise in partner organizations, such as venture capital firms, who share the vision of accelerating BIPOC’s representation in technology industry. More information on these partnerships will be announced shortly.

In addition, to increase the number of diverse companies and suppliers, especially in the areas of technological innovation and product development, Best Buy will continue to create and partner with traditionally black and diverse colleges and universities. community organizations. This includes our previous engagement to provide $ 44 million to expand college preparation and career opportunities for BIPOC students, which includes scholarships for HBCU students and increased funding for the Teen Tech Center Youth Scholarship. These innovative partnerships and mentoring opportunities will help create a pipeline of BIPOC professionals and entrepreneurs.

Last June, the company announced that it do better and created a racial equity task force to drive company-wide change. In December, Best Buy shared actions there is a need to better tackle under-representation, technological inequalities and educational and career opportunities for those who need them most. These commitments focused on hiring BIPOC employees and women, as well as creating more post-secondary opportunities and support for young people and emerging talent.


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