Monday, September 27, 2010

The Black Dollar is a RELIABLE Dollar

An article in Friday's Philadelphia Business Journal, Focus: Black Buying Power gets to the heart of the issue that I have with Kellwood Comopany and their unceremonious and disrespectful (to both her and the Black and urban customer base) dismissal of Kimora Lee Simmons from Phat Fashions several weeks ago. In the article, Athena Merritt writes:

The nation’s 1 million black-owned businesses account for more than $100 billion in annual sales. Black buying power is estimated at $913 billion this year nationwide, meaning only 10 percent of dollars spent by blacks are supporting the enterprises, said Nicole Giles, acting executive director of the African American Chamber of Pennsylvania, New Jersey and Delaware.

Nearly a TRILLION dollars. That's massive. Merritt's article discusses the attempts by Black business owners in the Philadelphia area to get more of those dollars in their hands. Especially with the holiday shopping season coming hard and fast.

This is something that Kellwood Company obviously didn't consider--this powerful Black dollar--when they dismissed Kimora in the fashion that they did--disrespecting her loyal fan base. There was a proper way to go about cutting ties if that's what Kellwood felt needed to happen, but this wasn't it.

It is absolutely amazing to read people's reactions on Twitter and elsewhere on the internet when they finally learn that she is no longer with Phat Fashions. Instantly, they say they will not buy anything related to Baby Phat anymore. As we get closer to the holidays, I will work to make sure that many, many more individuals are aware of this. Buying nothing from them. No respect? No dollars. --Sugar

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