Essence’s Beauty And Style Editor Leaves To Lead Beauty VC Firm
In a recent TikTok video, former Beauty and Style Editor at Essence magazine, Blake Newby, opened up about her journey into venture capital after spending many years working within the editorial and digital realm.
After one year as Beauty and Style Editor at Essence magazine, Newby has set her sights on a new journey: helping small Black beauty brands excel to new heights.
“So, as of Friday, I am no longer a Beauty and Style Editor. I know that I have detailed the volatility of the editorial industry – I’m someone who sees the writing on the wall, and it’s been months of me figuring out what I want to do,” Newby said in a TikTok video.
“I want to figure out ways to bridge the gap between culture and capital – so I’m putting my money where my mouth is. In a nutshell, my day job will be that I will be leading community in a venture capital firm, giving small Black beauty brands a chance and giving them equity and leveling the playing field.”
Newby’s decision comes after research by McKinsey & Company revealed that Black brands in the beauty industry raise a median of $13 million in venture capital, which is 64% less than early-stage non-Black beauty companies.
Although the US beauty industry is worth approximately $60 billion, not enough is being done to help Black-owned businesses in this sector scale and grow.
Newby has not disclosed further details on her role and the VC firm’s name. Still, her commitment to revolutionizing the beauty industry is set to create new and promising opportunities for Black-owned beauty brands across the US.