Source: Variety / Getty / Diddy
Diddy is putting his money where his mouth is and is helping Black-owned businesses get the shine they deserve.
Spotted on HuffPost via the AP, Sean “Diddy” Combs is on a mission to strengthen the Black dollar by taking the lead on a new online marketplace called Empower Global that will specifically shine a spotlight on Black-owned businesses.
Speaking with the Associated Press, the mogul said, “I want to create our own Black Wall Street,” hoping to recapture the same energy from the Greenwood community from Tulsa, Oklahoma, which was the home of the Black-owned business district that saw substantial wealth being created among its Black residents before devastating two-day attacking from a mob of hating white men.
Combs invested $20 million into the online marketplace, allowing users to find and buy products like clothing, shoes, beauty accessories, skincare products, fragrances, and art made by Black-owned brands. However, he says he is not looking to benefit from it financially.
The website, designed by two Black-owned companies, TechSparq and ChatDesk, will launch with 70 brands and introduce users to Black businesses monthly, with Combs hoping to feature 200 brands by the end of the year.
“This is about building our own infrastructure and ecosystem. I’m not doing this for profit. This is about us,” Combs told the Associated Press.
Diddy Is Excited About Empower Global
He further expressed his excitement for Empower Global, noting that he was more excited about launching the platform than starting his label, Bad Boy Records.
“I’m going into these areas to diversify things and fight for our inclusion. This is a platform about sharing power and empowering each other,” Combs said. “This is something that is for my people. It’s a tipping point for us to wake up, start paying attention, and supporting each other while taking responsibility and accountability.”
He adds, “It benefits the community to empower and take care of itself. Right now, our dollar in the Black community doesn’t even last an hour. Most other communities and ethnic groups, they understand the power of unity. Their dollars stay in their communities for days and get passed on to other people that are like them and from their same community.”
Diddy Is Currently Embroiled In Some Business Drama
While helping his people out, Diddy has some business drama with his alcohol brands, Ciroc and DeLeón Tequila.
Spirits giant Diageo cut ties with him after he alleged the company was using racist practices and was falling short when promoting Ciroc and DeLeón. According to the spirits company, Diageo and Diddy each own 50% of DeLeon and worked together to grow the Crioc brand.
In a statement Diageo said:
“This is a business dispute and should not be recast as anything other than that.
We have exercised our contractual rights to terminate the marketing services agreement in place for Cîroc and begin the wind down of the DeLeón joint venture. Our actions are consistent with our desire to protect the significant investment we have made in both brands and their future growth.
Mr. Combs’ longstanding bad faith actions, false accusations, and breaches of contract overwhelmingly support Diageo’s justified decision to sever ties.”
Diddy slapped Diageo with a lawsuit with the New York Supreme Court.
Still, salute to Diddy for launching Empower Global. It’s an essential tool to help Black-owned brands and businesses grow.
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Photo: Variety / Getty
*Story was updated to include a statement from Diageo.*
